5 Project Management Software Picks for 2024

Good project management software can streamline a team's tasks, projects, and goals and improve transparency, planning, and efficiency. The demand for project management software is steadily rising due to its many benefits.

The global market for project management software was valued at 6.59 billion USD in 2022 [1]. It is projected to expand at a compound annual growth rate (CAGR) of 15.7 percent from 2023 to 2030, potentially reaching 17.75 billion USD by 2030 [1].

To pick the right software, you should consider which one offers the features and cost that align with your company's needs.   Read on to discover five of the leading project management software options in 2024 and gain insights into selecting the ideal platform for your business needs.

What is project management software?

Project management software helps a company plan, facilitate, and execute projects collaboratively while remaining organised. It is a tool that allows project managers and team leads to assign tasks, set deadlines, provide direction, track budgets, and keep project documents and conversations in one place. 

A project management tool may have advanced features, such as custom dashboards, that can be used for complex projects. Many software options are available on the market, so you'll want to consider your needs before investing time and money.

Benefits of project management software

Project management software lets stakeholders see every project, know its process, and quickly identify obstacles through a centralised dashboard. These are some of the many benefits of using project management software:

Project planning: Plan projects and manage all your assets in one software. While Google Drive can store all your documents, it cannot visualise your workflow and enable collaborative planning. With software, managers can instantly see who can take on a new project, assign it, and establish essential deadlines visible to everyone. 

Collaboration and file sharing: Project management software typically has file-sharing tools that give multiple people access to documents. The software updates changes in real time so everyone can see them. It can also be set up to notify employees when a task is ready through custom workflows and control permissions for editing and viewing. Collaboration is possible even if teammates are in different departments or time zones.

Budget management: You can track costs in real-time using project management software. Managers can instantly see if a project’s costs are increasing too quickly and take action before the project goes over budget. Some project management software includes budget forecasting that can predict expenses as you go.

Communication: Many kinds of project management software have communication tools built into them, eliminating the need for lengthy, siloed email threads or meetings. Many tools function like a messaging system, where you can leave notes and direct questions to specific people. As a result, every piece of communication regarding a project is in one unified location.  

Customisable reports: Project management software often features customisable reports that give managers an overview of important metrics. The reports can provide graphs and statistics to close productivity gaps, improve processes, or manage a budget.

Take a class in project management to learn all the basics:

How to choose the best project management software for your business needs

With dozens of software choices on the market, weighing your options is essential. You'll need to decide what features you want and how much you will pay for a web-based solution. More specifically, consider:

Team needs: How many team members need access? What kinds of projects do you manage? Write down how you plan to integrate the software into your current workflow and keep this in mind as you research different software tools.

Available features: Jot down which features are a priority and which others are nice to have. If, for example, managing a budget is a priority, investigate each software’s finance and forecasting tools. Narrow your search by removing solutions that lack the features you need. 

Cost: Note that the cost depends on various factors, including, but not limited to, the number of available features, the number of users, and file storage. Platforms often charge a certain amount per user per month. 

Top 5 project management software options

Dozens of software options are on the market. The five software solutions below offer a glimpse of what features and costs to expect. Many of these have a free trial option, so you can test the software before paying a monthly fee.

1. Trello

Best for freelancers or companies with one to two employees, Trello offers a simple, drag-and-drop platform with boards, cards, and lists. The software usually lists individual projects on a card, with instructions, due dates, and the ability to attach files as needed. Users can move the cards from list to list through the company’s workflow. Trello does not have reporting or budgeting tools.

Features:

• Project planning through boards, cards, and lists

• Collaboration tools

• Integrations or “Power-Ups” with Google Docs and other office platforms

Price: 5 USD per user/month and up

Best for: Freelancers

2. Wrike

Great for small businesses, Wrike provides access for an unlimited number of users, is highly customisable, and is user-friendly. Users can set up projects, create workflows, collaborate, and review reports. The software is scalable, so it can evolve as the business grows. 

Features:

• Project planning with calendar and chart views 

• Time and budget tracking

• Collaboration tools

• Custom reports

• Integration with Slack and Salesforce, extension for Adobe Creative Cloud 

Pricing: 9.80 USD per user/month and up  

Best for: Small businesses 

3. ClickUp

ClickUp is ideal for large teams because it offers unlimited users and storage space. The software comes with planning, scheduling, and collaboration tools. It's also visual-friendly, meaning you can create charts, graphs, calendars, or lists. ClickUp includes basic reporting.

Features:

• Project planning

• Bulk scheduling

• Goal setting

• Time tracker and estimates

• Reporting

Pricing: 7 USD per user/month and up

Best for: Large teams 

4. Monday.com

Monday.com offers a diverse, robust set of tools, making it the go-to project management software for big-name companies like Hulu, BBC Studios, and Adobe. With multiple project views, time tracking, integrations with top business tools and apps like Shopify, Zoom, Slack, and Dropbox, customised workflows, collaboration tools, and solid reporting, it’s easy to see why large organisations use this software. 

Features:

• Project management and assignment tools

• Multiple views and permission settings

• Budget and resource allocation

• Collaboration tools

• Automated workflows and triggers

Price: 9 USD per user/month and up

Best for: Large companies looking for customisable solutions

5. Forecast

The Forecast is a good fit for companies focusing on project management and budget forecasts. The app uses artificial intelligence (AI) and machine learning (ML) to forecast the time and money needed for each job. Scheduling, project assignment, and private invoicing are also unique features. 

Features:

• Project management

• Project accounting

• Work automation 

• Team collaboration

• Advanced analytics 

Pricing: Contact Forecast for details 

Best for: Teams looking for budget forecasts and AI-based planning features

Learn project management with Google.

You can use project management software as a tool to help with the planning and execution of projects. This technology facilitates collaboration and communication and often provides customisable reports and budget management. Continue learning about the tools available to you and prepare for a new career in the high-growth field of project management on Coursera. Google's Project Management Professional Certificate provides professional training designed by Google that helps you transition from a beginner or someone new to the field to someone with robust knowledge and skills.