Resource Management Software: Introduction
- Resource management software is used to manage companies’ resources such as equipment, money, time, and employees to increase their operational efficiencies. It is also used to address project management tasks such as tracking, planning, and optimizing the utilization of resources for successful project completion.
- Resource management software offers an organization’s project progress reports, real-time customizable KPI dashboard, pre-set templates for quoting and invoicing, time tracking and billing for work, contact management, etc.
- The global resource management software market is projected to expand at a rapid pace during the forecast period, due to the increase in adoption of these solutions among end-users across the globe
Global Resource Management Software Market: Dynamics
Global Resource Management Software Market: Key Drivers and Restraints
- Increase in demand to improve efficiency, reduce risks, and enhance business operations among end-users is expected to boost the global resource management software market during the forecast period
- Rise in need to make the allocation task easier for project planners, create predictive project scenarios, and analyze resource demand and capacity is anticipated to fuel the resource management software market during the forecast period
- Growth in technological advancements and changing working culture have encouraged business organizations to adopt advanced software. Thus, demand for resource management software is likely to increase during the forecast period to cater to the fast-changing market needs.
- Resource management software helps provide access of information in real-time environments. This is also expected to boost its demand across the globe.
- Rise in need to reduce downtime and increase utilization are driving the demand for resource management software
- High cost of resource management software restricts its adoption among small-sized end-users. This is anticipated to hamper the resource management software market during the forecast period.
Impact of COVID-19 on Global Resource Management Software Market
- The COVID-19 pandemic is expected to adversely impact the global resource management software market in the short term. Investment in resource management software among organizations has reduced significantly due to the lockdowns enforced by various governments to curb the spread of the COVID-19 pandemic. However, businesses and people are completely dependent on online solutions or services for their essential needs. This coupled with an increase in work-from-home concept is projected to positively impact the global resource management software market during the forecast period. Organizations need to transform or reform their business processes as per new working environments or norms in the COVID-19 scenario.
North America to Hold Major Share of Global Resource Management Software Market
- In terms of region, the global resource management software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global resource management software market in 2020, due to the significant adoption of resource management software in the region. Employee turnover is high in North America. This is anticipated to negatively impact the organizational performance and profits. Thus, adoption of resource management software is expected to increase in the region during the forecast period.
- The resource management software market in Asia Pacific is projected to expand at a rapid pace during the forecast period. The region is experiencing new technological developments in the service sector with increasing usage of IoT and Artificial Intelligence technology in China, Japan, and India. Growth in number of small and medium enterprises is also likely to create lucrative opportunities for the resource management software market in Asia Pacific in the next few years.
Global Resource Management Software Market: Competition Landscape
Several local, regional, and international players are active and have strong presence in the resource management software market. Rapid technological advancements have led to opportunities in the global resource management software market. Solution vendors of digital operations are focusing on inorganic growth strategies such as strategic collaborations and merger and acquisition activities with technology partners to develop innovative and advanced solutions to improve their offerings and market reach.
Key Players Operating in the Global Resource Management Software Market:
- eResource Scheduler
- Forecast ApS
- Hub Planner AB
- Mavenlink, Inc.
- monday.com Ltd.
- MS Projects
- ProjectManager.com, Inc.
- Resource Guru Limited
- Runn Fast Limited
- Saviom Software Pty. Ltd.
- Silverbucket Ltd.
- Smartsheet Inc.
Global Resource Management Software Market: Research Scope
Global Resource Management Software Market, by Component
- Solution/ Platform
- Support and Maintenance
Global Resource Management Software Market, by Deployment
Global Resource Management Software Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Global Resource Management Software Market, by End-user
- IT & Telecom
- Retail & E-commerce
Global Resource Management Software Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Assets financial management tools
- Risk management software
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.