Chicago, Sept. 07, 2022 (GLOBE NEWSWIRE) — The size of the Project Portfolio Management Market is expected to grow from USD 4.7 billion in 2022 to USD 6.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period, according to a new report by MarketsandMarkets ™.
Browse in-depth TOC at “Project Portfolio Management Market”
420 – Tables
56 – Figures
284 – Pages
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Report Scope:
| Report Metrics | Details |
| Market size available for years | 2017-2027 |
| Considering the base year | 2022 |
| Forecast period | 2022-2027 |
| Forecast units | Amount (USD Million) |
| Segments covered | Component, organization size, deployment mode, vertical and Region |
| Regions covered | North America, Europe, APAC, MEA and Latin America |
| Companies covered | Oracle (US), Planview (US), Broadcom (US), SAP (Germany), Microsoft (US), Workfront (US), Hexagon (Sweden), ServiceNow (US), Upland Software (US), Micro Focus (UK ), Planisware (France), Sciforma (US), Sopheon (US), Cerri (Switzerland), Keyedin Projects (US), One2Team (US), One point Projects (Austria), Miesterplan (Germany), Intelit Smart Group (Brazil ), Bestoutcome (UK), Project Objects (Ireland), Workotter (US), Smartsheet (US), Celoxis (India), Wrike (US), Asana (US), Monday.com (Israel), and Cherwell (US) . |
On-premises solutions require large infrastructure and a personal data center. Only those organizations that can afford these costs, often deploy on-premise PPM solutions. The dominant trend in the software industry over the past few years has been the shift from traditional on-premises licensed software to cloud-based software as a service. However, large enterprises prefer the on-premises deployment mode, due to availability of sufficient capital and good infrastructure. Furthermore, large enterprises can expand their IT resources for managing on-premises PPM solutions. The on-premises deployment mode helps organizations secure their sensitive data and provides real-time access to project-related documents. However, SMEs, in general, do not opt for the on-premises deployment mode, due to their budget constraints and insufficient resources.
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There are several types of PPM software available, such as Microsoft Project and PPM, Celoxis, SAP PPM, HP PPM, Jira Portfolio, Planisware, and VersionOne. This software enables teams to achieve the best possible results from their projects. It combines project management, workflow automation, and real-time collaboration. Users can easily customize their dashboards and user interface and integrate them with task management and team communication apps to ensure PPM software is tailored to their needs. It has customizable components, such as dashboards, workflows, and automation, to provide flexibility to different teams. Real-time collaboration through commenting, notifications, live editing, and dynamic reports enables easy sharing of information at any time. PPM is the centralized management of processes, methods, and technologies used by project managers and PMOs to evaluate and manage current or proposed projects based on various key characteristics. The objectives of PPM are to determine the optimal resource mix for delivering and scheduling activities to best achieve an organization’s operational and financial objectives while respecting constraints imposed by customers, strategic objective, or external factors in the real world. Portfolio management standards include the Project Management Institute’s framework for project portfolio management and the Office of Government Commerce’s Managing Portfolios. Organizations and their stakeholders implement PPM software and related services to manage multiple projects. They also maximize the impact of each project by making the best use of business resources. The PPM solution offers features, such as workflow management, task management, collaboration, resource management (skill management, capacity planning, and forecasting), time tracking, portfolio management, management of demand/Ideas, budgeting, and risk management. PPM gives program and project managers in large, program/project-driven organizations the tools to manage the time, resources, skills, and budget required to complete all interrelated tasks. It provides a framework for problem solving and risk mitigation. This helps centralize visibility to help teams plan and schedule.
The Project Portfolio Management Market, by verticals, is segmented into energy and utilities, government and defense, IT and telecom, banking, financial services and insurance, manufacturing, healthcare and life sciences, consumer products and retail and others yet. Other verticals include, transportation, and logistics, and marine and shipbuilding. The energy and utilities vertical is known for its large capital and turnaround projects. The vertical includes oil and gas, power, metals, and mining companies that are currently undergoing a major digital transformation, triggered by the changing role of consumers. From project to project, issues can be inconsistent and often difficult to predict. For example, demobilization of the workforce and disruptions in the supply chain of components involved in Renewable Energy (RE) projects with an increase in COVID-19 lockdowns in geographies have led to delays in project completion and cost overruns that caused severe financial losses. The global IT and telecom market is increasing rapidly with increasing software development and dependency worldwide. Moreover, global IT spending has also increased significantly in the last two decades. The manufacturing sector has witnessed a huge demand for PPM solutions, as there is an important need to streamline and automate manufacturing processes. It ensures the correct allocation of budget and resources, use of devices and equipment, project hierarchy, and promotes efficient decision-making at every stage of the manufacturing process. It lowers the risk of projects or cost overruns and takes into account the necessary project contingencies. The PPM solution helps meet the demand of the increasing trend of workforce mobility by providing them with effective collaboration and communication for effective manufacturing functions.
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The Project Portfolio Management Market across North America, Europe, APAC, MEA, and Latin America. The presence of major players, such as Oracle, SAP, Microsoft, Planview is contributing to the growth of the market. North America constitutes the largest market for PPM as this solution has penetrated the region. In this healthy economy, PPM systems have a good deployment base. Therefore, technology adoption and subscription renewal are the current revenue streams in this region. The region’s high PPM market share is complemented by large spending (approximately USD 2 trillion) on projects each year, which accounts for a quarter of all regions. Moreover, the emergence of technologies, such as cloud computing and BYOD, have forced end users to adopt more sophisticated PPMs with emerging integration platforms. Europe is expected to hold the second highest market share of the PPM market after North America, as businesses are juggling between several projects and need a more efficient and organized way of working on these projects and monitoring theirs. In particular, countries such as the UK, Germany, and France are the major contributors from this region. The increasing need for integration in the virtualized environment and the introduction of cost-effectiveness. APAC as an emerging economy is witnessing the ever-increasing adoption of new technologies, with mandatory regulations imposed by government regulatory entities to adopt best-in-class technology and standards. China and India in APAC as major exporters and biggest hotspots for North American and European enterprise investments have also suffered project delays due to the COVID-19 lockdown. Therefore, in order to efficiently utilize remaining workers and monitor project deadlines while prioritizing critical projects, the Project Portfolio Management Market is expected to gain significant traction in emerging APAC economies. Growth in this region is driven by a mix of innovative government projects and the adoption of high-speed internet connectivity. The PPM market in the region is one of the fast growing markets with regard to the consistent continuous deployment of SMEs. Latin America is growing at a slow but steady pace when it comes to technological advancements. The need for training health workers and employees on new COVID-19 standards and protocols for safe and productive work and project management is driving the need for robust technology in the region. The World Bank has also deployed USD 2 billion in the Latin America and Caribbean region to enable partners and the private sector to work together to address supply chain and delivery issues.
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