CHICAGO, April 21, 2022 / PRNewswire/ – According to the research report “Project Portfolio Management COVID -19 Impact Market by Component, Deployment Mode, Organization Size (SME and Large Enterprises), Vertical (Energy & Utility, Government & Defense, and IT & Telecom) and Region – Global Forecast to 2027 “, published by MarketsandMarkets ™, the size of the Project Portfolio Management Market is expected to grow from USD 4.7 billion in 2022 in USD 6.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period.
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420 – Tables
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284 – Pages
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Project portfolio management is a senior leadership discipline that drives strategic execution and maximizes the delivery of business value by selecting, optimizing, and managing project investments consistent with the objectives and strategies. business. It is the centralized management of one or more portfolios that enables executive management to meet the goals and objectives of the organization through efficient portfolio, project, programmer, and operational decisions. Portfolio management is the strategy -based, prioritized collection of all projects and programmers in an organization that balances against the resources available to complete them.
The solution segment is estimated to have the largest market size during the forecast period
The basics of managing a project from start to finish require a team of individuals with different talents and skills. For organizations with multiple simultaneous projects, PPM software is used to ensure that all projects have the right manpower to execute by the agreed deadline, while staying within budget. There are capabilities such as resource management; schedule management; demand management; project planning and management; project collaboration; portfolio management; financial management; and request management, the PPM solution helps organizations meet their business optimization needs. PPM can be used to bring about changes in an organization and create a flexible structure within the organization in terms of project implementation. This way, change will not be a threat to the organization. PPM vendors are actively investing in advanced technologies to improve their solution capabilities and serve the needs of their clients from a variety of verticals.
The large business segment is using project portfolio management at a higher rate
Organizations with 1,000 or more employees are categorized as large enterprises. The use of PPM solution is said to be high in large enterprises compared to SMEs. This is due to the availability of advanced infrastructure facilities and high economy that allows organizations to utilize the PPM solution. In today’s highly competitive world, large businesses in particular are not leaving a stone unturned to capture higher market share. They are constantly undertaking many projects to add new product lines or improve and replace existing products/processes. To achieve economies of scale and scope, companies may want to use their resources for new technologies, processes, and products. In addition, due to increasingly intense international competition, the perspective of multiple project management has become a critical issue for competition.
The consumer goods and retail vertical is expected to have a higher market share
The consumer goods and retail industry is gaining traction with the use of PPM solutions and services to enhance profit margins and increase the company’s RoI. Retailers are on the surge of using all new innovative technologies, such as location -based marketing and localization of interior work from one floor to another, to attract customers and fully maximize opportunities. online business, which is easily affected by various business complexities. Consumer goods companies face an almost unique challenge of managing size and speed in their project portfolios. Furthermore, with disruptions in the supply chain of retail products during the COVID-19 lockdown, the need for a robust solution to monitor and manage products and resources, such as finance and available workforce, also increases. . According to Avasant’s 2020 study on the coronavirus impact index, the COVID-19 pandemic had a severe impact on personnel and supply chains in the retail industry.
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North America to dominate the Project Portfolio Management Market in 2022
Technological advances in cloud and mobile technologies are expected to stimulate demand for PPM solutions and services among key businesses in North America. Having a large IT industry in this region is the main driver of PPM solution in this region. Countries like the US and Canada are the main contributors of growth in this region. Companies in this mature market are open to various partnerships, collaborations, mergers, and acquisitions to enrich their product line. All the leading players in this market have their headquarters in this region. Oracle, Microsoft, Planview, and Broadcom are the major market players in this segment. The PPM market in North America is currently the largest revenue generator compared to other regions.
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Market Players
Ang Project Portfolio Management Market is dominated by companies such as, 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).
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