BANGALORE, India, March 23, 2021 /PRNewswire/ -- The Project Portfolio Management Market is Segmented by Component (Software and Service), Deployment Type (On-Premise and Cloud), Organization Size (Large Enterprise and Small & Medium Enterprise), and Industry Vertical (BFSI, IT & Telecom, Retail, Healthcare, Manufacturing, Government & Defense, and Others). This report covers Global Opportunity Analysis and Industry Forecast from 2020 to 2027. This report is published on Valuates Reports in the Software Category.
The global Project Portfolio Management (PPM) Market size was valued at USD 4,336.20 million in 2019 and is projected to reach USD 9,161.95 million by 2027, growing at a CAGR of 9.90% from 2020 to 2027.
PPM helps in increasing the level of efficiency and productivity, driving down the cost by bringing greater transparency and execution predictability. Major factors driving the growth of Project Portfolio Management (PPM) Market size are rise in need for maximizing the value of project investments, increase in complexity of enterprise projects, and rise in need for collaboration and monitoring tools. Embracing agile methodologies and cloud computing is also helping the market.
TRENDS INFLUENCING THE PROJECT PORTFOLIO MANAGEMENT MARKET SIZE
Reducing project failure rate by embracing agile methods is expected to drive the project portfolio management market size. Project portfolio management tools such as Microsoft Project have begun to build in extra time for feedback loops for projects right from the planning phase, making it easier for project managers to plan projects using agile methods. The agile method breaks a project into smaller increments that can be tested after each phase, and any modifications or enhancements can be addressed in the next phase rather than having to restart the entire project, saving the organisation time and money.
Growth in the adoption of cloud-based PPM integrated applications is expected to fuel the project portfolio management market size. Remote access and tracking, real-time data analytics, and automated scheduling are some of the main practical enterprise applications that cloud and project portfolio management tools can provide. Furthermore, advances in the field of cloud and cloud-based applications, as well as the increasing reliance of modern business and business operations on cloud technology, have paved the way for the project portfolio management solutions market to expand at a steady rate over the forecast period. Furthermore, due to the widespread use of PPM solutions in data analytics to provide convenient services to customers at low costs in the BFSI, IT, and telecom sectors, the project portfolio management market size is expected to witness growth.
However, the growth of project portfolio management market size is might be hampered due to concerns regarding data privacy and security, as well as a steep learning curve for PPM software.
By deployment type, the on-premise segment is expected to dominate the project portfolio management market share during the forecast period. On the other hand, due to features like direct IT control, remote accessibility, efficient resource utilization, cost-effectiveness and zero maintenance cloud-based PPM solutions are expected to expand at the fastest rate during the forecast period.
Based on the industry vertical, the BFSI segment dominated the global project portfolio management market share in 2019. This dominance is attributed to its transparency control and advanced financial assessment features. However, due to the fact that project portfolio management in healthcare facilities improves decision-making skills and operational efficiencies, the healthcare sector is expected to expand at the fastest rate in the future.
Based on the component, the project portfolio management software segment is projected as one of the most lucrative segments during the forecast period.
Based on the region, North America is expected to hold the largest project portfolio management market share. At the same time, Asia-Pacific is predicted to exhibit the highest CAGR of 12.6% during 2020-2027.
- Project Portfolio Management Systems Market is segmented By Type - Software, Services, by Application - BFSI, Government, Engineering & Construction, Healthcare, IT & Telecom, Others, by key players , by Regions: North America, Europe, China and Japan, etc.
- Project portfolio management (PPM) Solutions empowers managers to execute even advanced projects without complications and complete them on time. Key players - HPE, SAP SE, Upland Software, Workfront, Microsoft Corporation, Mavenlink, ORACLE CORPORATION, Lanisware, Others.
- Project Portfolio Management Platform Market helps With industry-standard accuracy in analysis and high data integrity, the report makes a brilliant attempt to unveil key opportunities available in the global Project Portfolio Management Platform market to help players in achieving a strong market position.
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