Project Portfolio Management (PPM) Market Size, Share & COVID-19 Impact Analysis, By Component (Software and Services), By Deployment (On-Premise, Cloud-Based, at Hosted), By Enterprise Size (Large Enterprises and SMEs), By Application (Project Management, Portfolio Management, Demand Management, etc.), By Vertical (BFSI, IT and Telecommunications, Government, etc.), and Regional Forecast, 2020-2027
The global size of the “Project Portfolio Management Market 2022” is expected to reach USD 5.74 Billion in 2027, from 2.49 Billion in 2019, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period. Project portfolio management is a function of the business lifecycle in an organization that deals with the planning, forecasting, and manufacture of a product or products at all stages of the product lifecycle. It brings together people, data, processes, and business systems.
PPM software helps businesses/organizations improve their strategic business planning and execution. PPM software helps business organizations accelerate the pace of innovation, improve productivity, and more effectively adapt to rapidly changing economic conditions and competitive dynamics.
Project Portfolio Management Market Size Overview:
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PPM Marketplace: Competitive Landscape and Key Developments
Planview, Inc. (Texas, United States), Integrated Project Management Company, Inc (Illinois, United States), Changepoint Corporation (Washington, United States), Wrike, Inc (California, United States), Hexagon AB (Sweden), Logic Software Inc (Toronto , Canada), ProductDossier Solution (India) Pvt. Ltd (Maharashtra, India), ServiceNow, Inc (California, United States), UMT 360 LLC (Washington, United States), Microsoft Corporation (Washington, United States), Micro Focus International plc (Newbury, United Kingdom), SAP SE ( Walldorf, Germany), ProjectManager.com, Inc (Texas, United States), MAVENLINK, INC (Irvine, United States), ProjectObjects srl (Monza (MB); Italy), Triskell Software LLC (Florida, United States), Planisware SAS (California, United States), Oracle Corporation (California, United States) were among the major players profiled during the global Project Management Market study. In addition, many other important market players have been studied and analyzed to gain a holistic view of the market and its ecosystem.
The global project portfolio management market is split on the basis of component, deployment, methodology, industry vertical, and region. Based in part, it is split into solution and service.
According to deployment, the market is classified into cloud and on-premise segments.
Moreover, based on the size of the organization, the market is divided into large enterprises and small and medium enterprises.
According to the industry vertical, it is classified into BFSI, IT and telecom, retail, healthcare, manufacturing, government and defense, and so on. Regionally savvy, analyzes markets across North America, Europe, Asia-Pacific, and LAMEAs.
Project Portfolio ManagementMarket Report Highlights
- With evolving business requirements, customers are looking for innovative solutions and services to manage their IT infrastructure, leading companies to use a variety of support services. Therefore, the service segment is expected to grow faster in 2027
- The cloud management segment is expected to witness high usage during the forecast period, as the deployment of cloud-based solutions stimulates easy service delivery due to their virtual presence that helps organizations access data at any time, on connected devices
- The Small and Medium Enterprise (SME) segment is expected to witness a high growth rate during the forecast period due to the rapid growth of SMEs in emerging economies such as India and China and increasing proliferation of IT services.
- The BFSI segment is expected to grow at a rapid rate during the forecast period due to increasing complexity in banking operations due to increasing multi-regional operations and outsourcing activities
- The demand in the project portfolio management market in the Asia Pacific region is expected to grow dramatically in 2027, due to emerging SMEs and increasing use of BYOD culture in the region.
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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 major 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 PPM 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.
The training, support and retention share is expected to grow at a higher rate
Training, support, and maintenance services are given high priority in controlled 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 the solutions and ensure uninterrupted operation for the 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.
Vertical energy and utilities are 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 rules in the midst of unexpected crises.
To expand their share in the PPM Market and remain competitive, organizations are selecting innovative PPM solutions to increase collaboration, gain deeper insights into ongoing and critical projects, and consequently, create steps to improve their processes.
Project Portfolio Management Market Segments:
- On Premises
According to Enterprise Size
- Big Business
- Small and Medium Enterprises (SMEs)
- Project management
- Portfolio management
- Demand management
- Resource management
- Financial management
- Other (Time and Risk Management)
- IT and Telecommunications
- Engineering and Construction
- Taking care of your health
- Other (Working, etc.,)
Quick Buy – Project Portfolio Management Market Report:
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