during the forecast period. The Project Portfolio Management market is fast gaining worldwide acceptance by businesses and corporations. PPM solutions and related services are implemented by organizations and their stakeholders to manage multiple projects and maximize the impact of each project by making the best use of business resources.
New York, April 28, 2022 (GLOBE NEWSWIRE) -Reportlinker.com announced the release of the report “Project Portfolio Management Market with COVID -19 Impact by Component, Deployment Mode, Organization Size, Vertical and Region – Global Forecast to 2027 ” – https://www.reportlinker.com/p03629286/?utm_source=GNW
The services segment is expected to grow at a higher CAGR during the forecast period
Technological advances have helped organizations improve their service operations in many fields. Organizational change occurs whenever a business introduces new technology.
Some organizations put up blinders and focus only on technology, while there are organizations that respond to people and also process issues. projects, reduce resource overload, and improve team communication.
On a service basis, the PPM market is categorized into two segments: consulting and implementation services, and training, support, and maintenance services. Vendors that offer PPM solutions help their clients through a wide range of services to deploy solutions according to their requirements and the existing IT infrastructure.
The training, support and retention share is expected to grow at a higher rate
Training, support, and maintenance services are given high priority in regulated industries due to the hazardous nature of project operations. Growing government regulations regarding ensuring the safety of workers are leading to the need for improving the knowledge of employees.
Various vendors offer training, support, and maintenance services, along with their bundled software, to better train employees. With the help of systemic training and live assistance, employees can better use solutions and ensure seamless operation for organizations.
The last but not least benefit of the services is from a financial standpoint. Support and maintenance services allow users to maintain control over their spending by deploying PPM solutions and services.
The maintenance fee will also be borne by the users and is usually included in the monthly bill for PPM -related services.
The energy and utilities vertical is expected to witness huge opportunities due to the need to comply with government regulations.
With many contractors, schedule integration challenges, and risks associated with claims about project delays, cost can be difficult to control. Therefore, organizations operating in this vertical are rethinking their business strategies more closely to find new ways to improve operations, automate business processes, and implement guidelines. amidst unexpected crises.
To expand their market share and remain competitive, organizations are selecting innovative PPM solutions to increase collaboration, gain deeper insights into ongoing and critical projects, and consequently, take action to improve their processes.
North America to dominate the project portfolio management market in 2022
The emergence of technologies, such as cloud computing and BYOD, has forced end users to use more sophisticated PPM with emerging integration platforms. Moreover, COVID-19 has a large impact on North America with high morbidity, mortality, and economic crisis. has led to a decrease in the demands of new projects and cessation of existing projects.
As a result, the need for PPM solutions to manage critical projects while complying with new regulations is also increasing.
The growing demand for an agile-based solution with rising work from home culture, project pile-ups due to COVID-19 lockdowns, and large IT infrastructure is expected to drive the use of PPM solutions and services in the region.
The massive impact of Covid-19 in the region, combined with high morbidity and mortality rates and economic collapse, has resulted in a drop in new projects and a halt to existing projects.
In the process of determining and verifying the market size for certain segments and subsegment gathered through the secondary research, extensive primary interviews were conducted with key people.
The breakdown of the profiles of the main participants is as follows:
• By Company Type: Tier I: 38%, Tier II: 42%, and Tier III: 20%
• By Assignment: C-Level: 40%, D-Level: 35%, and Other: 25%
• By Region: North America: 35%, Europe: 40%, APAC: 15%, Row: 10%
The report profiles the following major vendors:
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), at Cherwell (US) .
Scope of Research
The project portfolio management market is segmented by segment, organizational size, development mode, vertical, and region. In part, the project portfolio management market is sub-segmented into solutions and services.
According to the size of the organization, the market is sub-segmented into large enterprises and SMEs. By type of deployment, the market is split into cloud and on-premises.
By vertical, the market is sub-segmented into energy and equipment, government and defense, IT and telecom, banking, financial services and insurance, manufacturing, healthcare and life sciences, commodities and retail and so on. Others include transportation and logistics, and sea. and shipbuilding.
• By region the market is split into North America, Europe, APAC, MEA and Latin America.
Key Benefits of Buying a Report
The report will help market leaders/new participants in the project portfolio management market with information about the closest estimate of revenue figures for the overall project portfolio management market and its subsegments. to better position their businesses and plan appropriate strategies for going to market.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, constraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p03629286/?utm_source=GNW
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