The Latest Product Management Software Industry Statistics Explained
The global product management software market is expected to grow at a CAGR of 13.4% from 2020-2027.
The statistic indicates that the global product management software market is projected to experience a compound annual growth rate (CAGR) of 13.4% from the year 2020 to 2027. This implies that the market for product management software is expected to expand significantly over the specified period, with a consistent annual growth rate of 13.4%. This growth rate suggests a strong and sustained demand for product management software solutions globally, likely driven by factors such as increasing adoption of technology in businesses, a focus on enhancing product development processes, and a growing emphasis on optimizing product lifecycle management. Overall, the forecast indicates a positive outlook for the product management software market in the coming years.
In 2020, North America held the largest share (approximately 42%) of the global product management software market.
The statistic indicates that in 2020, North America represented the region with the largest market share in the global product management software market, capturing approximately 42% of the total market. This suggests that a significant portion of product management software sales and adoption occurred in North America compared to other regions around the world. Factors contributing to this market dominance could include the presence of tech-savvy companies, a strong emphasis on innovation and technology in the business landscape, and a culture that values investment in software solutions for product development and management. This statistic highlights the importance of the North American market in the product management software industry and its significance in driving overall market growth and trends.
Approximately 34% of companies reported using some sort of product management software in 2020.
The statistic ‘Approximately 34% of companies reported using some sort of product management software in 2020’ indicates that a significant portion of companies have adopted product management software as a tool to assist in organizing and optimizing their product development processes. This suggests that there is a growing trend towards implementing technology solutions to streamline product management activities, potentially leading to increased efficiency and effectiveness in bringing products to market. The data point highlights the importance of technology in modern business practices and the recognition by companies of the benefits that product management software can offer in helping them achieve their objectives.
Nearly 45% of product managers utilize software for backlog management.
The statistic indicates that approximately 45% of product managers use software specifically designed for managing backlogs, which are lists of tasks or items that need to be accomplished within a project or product development process. This suggests that a considerable portion of product managers recognize the importance of utilizing specialized tools to effectively organize, prioritize, and track the progress of tasks in their projects. By using backlog management software, product managers can potentially streamline their workflow, improve team collaboration, and enhance overall project efficiency and productivity.
A majority of organizations (approximately 53 percent) spend under $5000 per year on product management software.
The statistic suggests that more than half of organizations, constituting approximately 53 percent, allocate less than $5000 annually towards their investment in product management software. This indicates that a significant portion of organizations operate with relatively limited budgets for product management tools. These findings could possibly reflect the cost considerations, priorities, or financial constraints within the business landscape. This statistic highlights the prevalence of cost-conscious decisions when it comes to investing in technology solutions for product management, potentially influencing the choice of software platforms and functionalities that organizations adopt in this domain.
By 2026, Mobile-based product management software segment is expected to grow with a CAGR of 19%.
The statement indicates that the mobile-based product management software segment is projected to experience significant growth over the next few years, with a Compound Annual Growth Rate (CAGR) of 19% by the year 2026. This suggests that the demand for mobile-based product management solutions is expected to substantially increase, likely driven by factors such as the rising adoption of mobile technologies in business operations, the trend towards remote and flexible work environments, and the need for seamless and efficient product development and management processes. The projected CAGR of 19% implies a steady and consistent growth rate over the specified period, indicating a positive outlook for the mobile-based product management software industry in the coming years.
Over 65% of product managers reported that they use multiple tools in their product management workflow.
The statistic “Over 65% of product managers reported that they use multiple tools in their product management workflow” indicates that a significant majority of product managers rely on more than one tool to support their work processes. This suggests that product managers are utilizing a diverse set of software and resources to effectively manage their products through various stages, such as ideation, development, testing, and launch. By using multiple tools, product managers may be seeking to streamline their workflow, enhance collaboration, collect and analyze data efficiently, and ultimately deliver successful products to the market. The statistic highlights the complexity and demands of the product management role in today’s fast-paced and competitive business environment.
The data analytics function is a top priority for 67% of product managers.
The statistic implies that a significant majority, specifically 67%, of product managers consider the data analytics function to be of utmost importance in their roles. This suggests a growing recognition within the product management community of the value and impact that data analytics can have in driving decision-making, enhancing product development processes, and ultimately improving overall business performance. The high priority placed on data analytics signifies a shift towards a more data-driven approach to product management, emphasizing the importance of leveraging data insights to gain a competitive edge in today’s dynamic and rapidly evolving market landscape.
The average salary for a product manager using product management software is $105,899 per year.
The statistic that the average salary for a product manager using product management software is $105,899 per year suggests that individuals in this role who utilize such software earn this mean annual income. Product managers are responsible for guiding the development and marketing of a product throughout its lifecycle, and utilizing product management software can enhance their efficiency and effectiveness in this role. This average salary figure provides insight into the earning potential of product managers who leverage specialized tools in their work, reflecting the value placed on their skills and knowledge in the competitive job market within the product management industry.
Over 75% of organizations that use product management software plan to increase their usage in the future.
The statistic “Over 75% of organizations that use product management software plan to increase their usage in the future” indicates a strong trend towards the growth and adoption of product management software among businesses. This high percentage suggests that organizations recognize the value and benefits of using such software in their operations, leading them to prioritize expanding its usage further. The statistic highlights the positive experiences and outcomes that companies have had with product management software, prompting them to invest more in its implementation to enhance productivity, streamline processes, and improve overall performance in managing their products. This trend signifies a growing reliance on technology and digital tools to drive innovation and competitiveness in the marketplace.
More than 60% of product managers said they spend the majority of their time in product management software collaborating with stakeholders.
The statistic indicates that a substantial majority of product managers, specifically over 60%, reported that they primarily engage with stakeholders through product management software. This finding suggests that the digital tools and platforms focused on product management play a critical role in facilitating communication and collaboration with various stakeholders for product managers. By relying heavily on such software, product managers can efficiently engage with internal teams, customers, and other key stakeholders to gather feedback, share information, make decisions, and drive product development strategies. This statistic underscores the importance of technology-enabled collaboration in the product management domain and highlights the significance of software tools in streamlining communication processes for product managers.
In 2020, the demand for product management software in Asia-Pacific is projected to grow at a CAGR of 15.4%.
This statistic states that in the year 2020, the demand for product management software in the Asia-Pacific region is expected to increase at a Compound Annual Growth Rate (CAGR) of 15.4%. This projection suggests a strong and consistent growth trajectory for the demand of product management software in this region over the specified period. The CAGR of 15.4% indicates that the demand for this software is anticipated to grow steadily, with an average annual increase of 15.4% over the designated time frame. This growth trend may be influenced by factors such as increased adoption of digital technologies, rising demand for more efficient and streamlined business processes, and evolving consumer preferences towards digital solutions for product management.
More than 45% of companies that use product management software have reported increased productivity.
The statistic suggests that a significant portion, more than 45%, of companies utilizing product management software have experienced a boost in productivity. This finding implies that the implementation of product management software could potentially lead to improved efficiency and effectiveness within organizations. The reported increase in productivity indicates that such software tools may help streamline processes, enhance collaboration, and aid in prioritizing tasks to drive better outcomes for businesses. Companies that have witnessed this positive impact may be encouraged to further invest in and leverage product management software to support their operations and achieve higher levels of productivity.
SaaS/cloud-based deployment type is expected to hold a larger market share (around 65%) of the product management software market by 2025.
The statistic suggests that by the year 2025, the Software as a Service (SaaS) and cloud-based deployment type is anticipated to dominate the product management software market with a market share estimated to be around 65%. This forecast reflects the increasing adoption of cloud-based solutions by businesses due to their flexibility, scalability, and cost-effectiveness. Organizations are recognizing the benefits of SaaS and cloud-based platforms for managing their products, as these solutions offer easier access to data, streamlined collaboration, and seamless updates, ultimately driving operational efficiencies and innovation. This trend indicates a significant shift in the software market towards cloud-based technologies, positioning SaaS as the preferred deployment model for product management software in the coming years.
Agile development is the most popular method among all product management approaches of companies, used by about 81% of all respondents.
The statistic implies that Agile development is the favored method among companies for managing their products, as reported by 81% of respondents. This suggests that a significant majority of organizations prefer the Agile approach over other product management methods. Agile methodology is known for its iterative and incremental process that allows for flexibility and adaptability in software development projects. The high adoption rate of Agile by companies may indicate its perceived effectiveness in delivering successful product outcomes, meeting customer needs, and managing project complexities efficiently. This statistic underscores the widespread recognition and application of Agile principles in contemporary product management practices.
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