New York, Sept. 16, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Cloud Project Portfolio Management Global Market Report 2022” report – https://www.reportlinker.com/p06319904/?utm_source=GNW
The global cloud project portfolio management market is expected to grow from $5.50 billion in 2021 to $6.50 billion in 2022 at a compound annual growth rate (CAGR) of 18.23%. The cloud project portfolio management market is expected to grow to $11.49 billion by 2026 at a compound annual growth rate (CAGR) of 15.32%.
The cloud project portfolio management market consists of sales of cloud project portfolio management solutions by entities (organizations, sole traders, and partnerships) that define a complete aggregate solution that improves the efficiency of organizations in projects. and processes selected and managed to offer a better return on project investments.
The portfolio is selected to fulfill organizational goals, and also allows the project team to manage the overall project risk.
The core offering in project portfolio management in the cloud includes solutions and services. Cloud project portfolio management solutions refer to cloud computing platforms, which provide portfolio management solutions for everything from applications to data centers on a pay-for-use basis .
They are deployed in small and medium enterprises and large enterprises through private cloud, public cloud and hybrid cloud. These solutions are used by industries ranging from BFSI, healthcare and life sciences, IT and telecommunications, manufacturing, government and public sector, and other industry verticals.
North America is the largest region in the cloud project portfolio management market in 2021. Asia Pacific is expected to be the fastest growing region during the forecast period.
The regions covered in the cloud project portfolio management report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The cloud project portfolio management market research report is one of a series of new reports providing cloud project portfolio management market statistics, including the cloud project portfolio management industry on global market size, regional shares, competitors with cloud project portfolio management market share, detailed cloud project portfolio management market segments, market trends and opportunities, and any additional data you may need to develop in the cloud project portfolio management industry. This cloud project portfolio management market research report delivers a complete view of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The high adoption of cloud analytics is expected to drive the growth of the cloud project portfolio management market. Cloud analytics refers to the application of analytic algorithms in the cloud against data in private or public clouds.
This cloud analytics includes scalable cloud computing with analytics software to identify data in patterns and gain new insights. Cloud services offer the easiest way for organizations to participate in the cloud.
According to Gartner, a US-based consulting firm, global spending on public cloud services is forecast to increase from $332.3 billion in 2021 to $397.5 billion in 2022. Cloud application services are forecast to reach $145.3 billion by the end of 2022. Spending on cloud services is expected to boost demand for cloud project portfolio management solutions during the forecast period.
Strategic partnerships are a major trend gaining popularity in the cloud project portfolio management market. Major companies operating in cloud project portfolio management are entering into partnerships to strengthen their new product development activities and their market position.
For example, in April 2020, Planview, a US-based provider of dashboards for portfolio management, resource management, project management, and request management, partnered with Cherwell, a UK-based service provider and cloud-based which is an IT service management solution that helps organizations’ IT teams implement, automate, and upgrade service and support processes. The partnership demonstrates the capacity of Cherwell ITSM and Planview Portfolio Management to support shared clients in achieving strategic and operational business objectives.
Additionally, in 2019, the US-based Upland Software firm pushed its corporate vision on PPM software and partnered with the US-based Microsoft software company. As a result of this collaboration, project team members can now communicate, communicate, exchange documents, and organize meetings directly from their PPM solution using the Microsoft Teams and Upland interface.
Integrating Upland PowerSteering with Microsoft Teams reduces the risk of ineffective project communications and increases business productivity.
In March 2021, Symphony Technology Group, a US-based company focused on innovative software, data, and analytics, acquired Sciforma for an undisclosed amount. Through this acquisition, Symphony Technology Group is focused on improving its core cloud service, while Sciforma’s laser focus is on providing the best possible customer service combined with additional financial support to further accelerate change.
Sciforma is a US-based software company that provides project and portfolio management.
The countries covered in the cloud project portfolio management report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06319904/?utm_source=GNW
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