Worldwide Project Portfolio Management Market to 2027: BYOD Policies and Faster ROI Expectations Will Drive Market Growth

News provided by

Oct 20, 2021, 11:15 ET

DUBLIN, Oct. 20, 2021 /PRNewswire/ -- The "Global Project Portfolio Management Market (2021-2027) by Component, Organization Size, Deployment Mode, Vertical,and Geography, Competitive Analysis, Impact of Covid-19, Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.

The Global Project Portfolio Management Market is estimated to be USD 5.4 Bn in 2021 and is expected to reach USD 10.95 Bn by 2027, growing at a CAGR of 12.5%.

Significant factors driving the Global Project Portfolio Management market are the increasing rate of project complexities, rising demand for cloud-based PPM solutions, and the need to gain a 360-degree view into project operations and resource management.

Additionally, an increase in the trend of bringing your own device (BYOD) coupled with the growing concern of organizations on getting the faster Return on Investment (ROI) and the need for timely and efficient management are expected to drive the market growth over the forecast period. It also improves productivity and offers certain capabilities such as cost management, time tracking, and data analytics, which help drive market growth.

However, cost issues and project complexities, and data security & privacy issues, especially in the case of cloud deployment, are some of the factors that adversely impact the execution of PPM solutions and thus, restraining the market growth.

Market Dynamics

Drivers

Gaining a 360-Degree View into Project Operations and Resource Management
Rising Demand for Cloud-Based PPM Solutions

Restraints

Concerns of Organizations Related to Data Confidentiality
The Pressure to Meet The Revenue as per The Demands

Opportunities

Reducing Project Costs and Project Failure Rate by Embracing Agile Methods
New Sales Opportunities by Technicians and CRM

Challenges

Selecting Right Solution that Aligns with Organization's Business Need
Blending Modern PPM Solutions with Legacy Systems

Segments Covered

By Component, the Services segment is anticipated to expand at a rapid growth in the Global Project Portfolio Management Market during the forecast period owing to the increasing demand of the innovative services offered by the market players such as process improvement, process assessment, reporting, and analysis. Service Segment is further classified as consulting and implementation & training, support, and maintenance. Out of which, the training, support, and maintenance service segment is expected to grow at a faster rate during the forecast period due to the growing acceptance by Small and Medium Enterprises (SMEs) for support and maintenance services. These services also help in planning, project scoping, etc. that makes the business operations in SMEs more efficient and has promoted the growth of this segment.

By Organization Size, the Small and Medium-Sized enterprise segment is expected to exhibit the highest CAGR over the forecast period due to the growing foreign investments toward SMEs in emerging economies such as India and China and increased penetration of information technology services. These solutions help small enterprises control and monitor business functions and help in business optimization and decision-making. The large enterprise is also expected to grow as these enterprises are highly investing in today's competitive industry and get indulged in undertaking several projects for improving the existing processes/products.

By Deployment Mode, Cloud is projected to hold the largest market share in the Global Project Portfolio Management Market during the forecast period. A large number of small and medium scale enterprises are adopting cloud-based PPM solutions. Also, most of the vendors offer cloud-based solutions in the project portfolio management market to gain maximum profits. Cloud-based systems provide better use of technology, offer a greater level of scalability, reduce the ongoing cost of implementation, and enable the sharing of infrastructure among multiple users and offices. It also stimulates easy delivery of services that helps the organizations in accessing the data whenever required across the connected devices. All these benefits are expected to drive the adoption rate of cloud PPM solutions across various verticals.

By Vertical, the Healthcare And Life Science segment is expected to hold the highest market share during the forecast period. This is because of the alarming demands that occur due to the COVID-19 pandemic and inconsistent data quality due to various complicated projects. PPM solutions help reduce the equipment installation time, reduce the waiting time, and improve patient care and quality. It also helps in providing visibility across the various work departments by minimizing the communication gaps. PPM solutions accelerate the Electronic Medical Records (EMR) automation, thereby optimizing revenue cycles. All these factors help in driving the growth of this segment.

By Geography, North America is estimated to hold the highest market share in the Global Project Portfolio Management Market. There are significant developments in the PPM market in this region as a large number of organizations are highly investing in projects every year. Technological advancements such as cloud computing and BYOD (Bring Your Own Device) have forced users to adopt more PPM solutions with evolving integration platforms. In countries such as the US and Canada, there is a wide requirement of MCAD (Mechanical Computer-Aided Design), and ECAD (Electronic Computer-Aided Design) in designing the project software is also fueling the development of the market. APAC countries are also expected to grow at the highest CAGR as these regions are becoming a new hotspot for the PPM market.

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

The report offers a comprehensive evaluation of the Global Project Portfolio Management Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.

The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
The report includes in-depth market analysis using Porter's 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.

The report also contains the competitive analysis using Competitive Quadrant, Infogence's proprietary competitive positioning tool.

Report Highlights:

A complete analysis of the market including parent industry
Important market dynamics and trends
Market segmentation
Historical, current, and projected size of the market based on value and volume
Market shares and strategies of key players
Recommendations to companies for strengthening their foothold in the market

Key Topics Covered:

1 Report Description

2 Research Methodology

3 Executive Summary

4 Market Overview

5 Market Analysis

6 Global Project Portfolio Management Market, By Component

7 Global Project Portfolio Management Market, By Organization Size

8 Global Project Portfolio Management Market, By Deployment Mode

9 Global Project Portfolio Management Market, By Vertical

10 Global Project Portfolio Management Market, By Geography

11 Competitive Landscape

12 Company Profiles

13 Appendix

Companies Mentioned

Oracle Corporation
Microsoft Corporation
Planview Corporation
Broadcom Inc.
SAP SE
Workfront Inc.
Micro Focus International PLC
Planisware
Bestoutcome Limited
ONEPOINT Projects GmbH
Wrike Inc.
WorkOtter Inc.
Intelit

For more information about this report visit https://www.researchandmarkets.com/r/eo3cm6

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets