Project Portfolio Management Industry
Concerns about data privacy and data security and the steep learning curve for PPM software are hindering the growth of the market.
PORTLAND , PORTLAND, OR, UNITED STATE, September 7, 2022 /EINPresswire.com/ — The need to optimize the value of project investments, increasing complexity of enterprise projects, and need for collaboration and monitoring tools are driving the growth of the global PPM market.
However, issues related to data privacy and steep learning curves for PPM software are hindering the growth of the market. On the other hand, reducing the project failure rate by adopting agile methods and adopting cloud-based PPM integrated applications presents new opportunities in the coming years.
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Based on segment, 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 the resource management, change control, pipeline management, change control, financial management, and most importantly the risk assessment and management features provided by the software.
However, the services segment is estimated 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 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 2019, and is expected to maintain its leadership status in 2027. This is due to the increase in multi-regional operations as well as outsourcing activities among financial institutions.
However, the healthcare segment is expected to depict the largest CAGR of 16.4% from 2020 to 2027. This is due to the need to integrate various delivery systems to share information and report to agencies including providing some 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 estimated to maintain its dominance in terms of revenue through 2027.
This is due to the presence of a large number of solution and service vendors in this region. However, Asia-Pacific is expected to witness the fastest CAGR of 12.6% from 2020 to 2027, owing to the steady increase in internet adoption by businesses and rapid technological development.
Major market players analyzed in the global project portfolio management (PPM) market report include Microsoft Corporation; Planview, Inc.; Sciforma; front of work; ServiceNow, Inc.; Upland Software, Inc.; Oracle Corporation; Micro Focus; Planiware; and Broadcom Inc. Players in this market have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their position in the industry.
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