The increasing complexity associated with business projects and increasing demand for tracking tools are stimulating the growth of global project portfolio management market. On the other hand, issues related to data privacy and steep learning curves for PPM software hinder growth to some extent.
However, the reduction in the project failure rate through the adoption of agile methods and the adoption of cloud-based PPM integrated applications presents lucrative opportunities in the industry.
Impact of Covid-19 on PPM Market:
- Due to the lockdown imposed in many countries and the adoption of the “work from home” culture by most organizations, the demand for project portfolio management services and software has increased significantly for efficient monitoring and implementation of projects. Special PPM tools helped in the strategy and implementation of projects.
- During the post-pandemic period, the demand for cloud-based PPM solutions will increase as it provides a high level of scalability, reduced implementation cost, and continued availability.
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In part, the software segment accounted for nearly two-thirds of the global project portfolio management market in 2019, and is expected to maintain its leading position during the forecast period.
This is due to resource management, change control, pipeline management, change control, financial management, and most importantly the risk analysis and management features provided by the software.
However, the services segment is projected to grow at the highest CAGR of 11.6% from 2020 to 2027, due to increasing demand for employee training and maintenance services for organizations.
Based on the industry vertical, the BFSI segment contributed the highest market share in 2019, accounting for more than a quarter of the global project portfolio management market in 2019, and is expected to maintain leadership status its in 2027.
This is due to increased multi-regional operations as well as outsourcing activities to financial institutions. However, the healthcare segment is expected to describe the largest CAGR of 16.4% from 2020 to 2027.
This is due to the need to combine different delivery systems to share information and report to agencies along with providing certain aspects of health services to their patients.
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Based on region, North America held the highest market share in 2019, accounting for nearly two-fifths of the global project portfolio management market, and is expected to maintain its dominance in terms of revenue by 2027.
This is due to the presence of a large number of solution and service vendors in this region. However, the global project portfolio management market in Singapore (Asia-Pacific) is expected to witness the fastest CAGR of 12.6% from 2020 to 2027, due to the dynamic increase in internet adoption by businesses and rapid technology development.
Major market players analyzed in the global project portfolio management report include Microsoft Corporation; Planview, Inc .; Sciforma; front of work; ServiceNow, Inc .; Upland Software, Inc .; Oracle Corporation; Micro Focus; Planisware; at Broadcom Inc. Players in this market have incorporated several strategies including partnership, expansion, collaboration, joint ventures, etc. to solidify their stance in the industry.
Key Benefits For Stakeholders
- This study includes the analytical description of the global PPM market forecast and trends to determine the upcoming investment pockets.
- The report presents information related to the key drivers, constraints, and market opportunities of project portfolio management.
- The current market size was analyzed quantitatively from 2019 to 2027 to highlight the financial capability of the PPM industry.
- Porter’s five forces analysis describes the potential of buyers and suppliers in the market.
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