Project management software is a computer program that enables project managers and other team members to commence, plan, implement, track, and deliver projects of all sizes and kinds. Project management software has been created to plan and store project responsibilities and events, arrange agendas and deadlines, address project problems, allocate and manage project-related expenses, set up association and support among project members, manage quality, bring together project teams, and manage human resources as well as project updates. The best project management software allows businesses to manage their projects through all the phases of the project lifecycle, right from project ideation and commencement to project implementation and conclusion.
CATEGORIZATION OF PROJECT MANAGEMENT SOFTWARE PROVIDERS
360Quadrants evaluated 45 companies in the best Project Management Software market, out of which 18 were categorized as Visionary Leaders, Innovators, Dynamic Differentiators, and Emerging Companies
Asana, Smartsheet, Wrike, Airtable, Zoho Projects, Trello, Basecamp, MeisterTask, ClickUp, Teamwork, WorkFront, Aha! and Monday.com have been identified as Visionary Leaders, as they have established product portfolios and a robust market presence & business strategy.
Proofhub, and Teamleader have been identified as Innovators, as they have focused product portfolios and innovative business strategies.
Redmine has been identified as Emerging Companies, as they have niche product offerings and decent business strategies.
Flow, Freedcamp, EasyProjects and Thrive have been recognized as Dynamic Differentiators, as they are largely dependent on their competitive R&D activities.
360Quadrants has released a quadrant on best project management software to help businesses make quicker and more informed decisions. Ranking quadrants are generated post analysis of companies (product portfolios and business strategies) and will be updated every three months based on market and regional analyses and developments in the project management industry. 360Quadrants conducts an in-depth SWOT analysis that helps service providers learn about new opportunities and areas where they lag behind their peers. It also helps clients choose the most appropriate vendor for their requirements.
360QUADRANTS COMPANY EVALUATION METHODOLOGY
The top companies in the Project Management Software market will be rated using the following methodology:
- A highly experienced team of researchers and senior analysts conducts extensive research to generate a list of vendors (competitors).
- A patent-pending algorithm is used to collect inputs from key stakeholders—industry experts, buyers, vendors, and 360Quadrants analysts—based on criteria for Product Maturity and Company Maturity.
- Criteria under Product Maturity include breadth and depth of product/service offering, product features and functionalities, product differentiation, and their impact on customer value.
- Criteria under Company Maturity include geographical footprint, partner ecosystem, financial stability, and client coverage or sector footprint.
- Approximately 20+ in-depth parameters will be considered for research into the Project Management Software market. These parameters will be updated every six months to ensure the latest developments are taken into consideration.
- A weight is assigned to each stakeholder based on information gathered pertaining to the above criteria as well as inputs from stakeholders. These inputs follow the order of priority given below:
- Industry Experts
- 360Quadrants Analysts
- Vendors (Competitors)
- The inputs are analysed, and a final rating is assigned to each vendor (competitor)
- After the finalization of ratings, each vendor is placed in the most relevant quadrant based on their score.