Project Portfolio Management (PPM) Market Size, Share & COVID-19 Impact Analysis, By Component (Software and Services), By Deployment (On-Premise, Cloud-Based, and Hosted), By Enterprise Size (Large Enterprises and SMEs), By Application (Project Management, Portfolio Management, Demand Management, and Others), By Vertical (BFSI, IT and Telecommunication, Government, and Others), and Regional Forecast, 2020-2027
The global “Project Portfolio Management Market 2022” size is projected to reach USD 5.74 Billion by 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 business lifecycle function in an organization that deals with the planning, forecasting, and production of a product or products at all stages of product lifecycle. It integrates people, data, process, and business systems.
PPM software helps enterprises/organization to improve their strategic planning and business execution. PPM software assists business organizations to 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:
- USD 5.74 Billion in 2027
- USD 2.49 Billion in 2019
- CAGR: (2020-2027) 6.5%
- Base Year: 2019
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PPM Market Market: 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 s.r.l. (Monza (MB); Italy), Triskell Software LLC (Florida, United States), Planisware S.A.S. (California, United States), Oracle Corporation (California, United States)are among the key players profiled during the study of the global Project Management Market. In addition, several other essential market players were studied and analyzed to get a holistic view of the market and its ecosystem.
The global project portfolio management market is segmented on the basis of component, deployment, technique, industry vertical, and region. Based on component, it is bifurcated into solution and service.
According to deployment, the market is classified into cloud and on-premise segments.
Further, based on organization size, the market is divided into large enterprise and small and medium enterprise.
By industry vertical, it is classified into BFSI, IT and telecom, retail, healthcare, manufacturing, government and defense, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEAs.
Project Portfolio ManagementMarket Report Highlights
- With the evolving business requirements, customers are looking for innovative solutions and services to manage their IT infrastructure, leading to companies adopting various support services. Hence, the service segment is anticipated to grow at a faster pace by 2027
- The cloud management segment is anticipated to witness high adoption over the forecast period, as the deployment of cloud-based solutions stimulates easy service delivery owing to their virtual presence that aids organizations in accessing data anytime, across connected devices
- The Small and Medium Enterprise (SME) segment is expected to witness a high growth rate over the forecast period owing to 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 over the forecast period due to increasing complexity in banking operations owing to increased multi-regional operations and outsourcing activities
- The project portfolio management market demand in Asia Pacific region is anticipated to grow remarkably by 2027, due to emerging SMEs and increasing adoption of BYOD culture in the region
North Americato dominate the Project Portfolio Management Market in 2022
Technological advancements in cloud and mobile technologies are expected to fuel the demand for PPM solution and services among key enterprises inNorth America. The presence of huge IT industry in this region is the key driver of PPM solution in this region. Countries such as the US andCanadaare the major contributors of growth in this region. Companies in this mature market are open for various partnerships, collaborations, mergers, and acquisitions to enrich their product line. All the top players in this PPM Market have their headquarters in this region. Oracle, Microsoft, Planview, and Broadcom are the key market players in this segment. The PPM market inNorth Americais presently the largest revenue generator as compared to the other regions.
The training, support and maintenance segment is expected to grow at a higher rate
Training, support, and maintenance services are accorded a high priority in the regulated industries because of the inherently hazardous nature of project operations. Growing government regulations regarding ensuring workers’ safety lead to the need for improving the knowledge of employees.
Various vendors are offering 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 leverage the solutions and ensure uninterrupted operations for organizations.
The last but not least benefit of the services is from the financial point of view. Support and maintenance services enable users to maintain control over their expenditure by deploying PPM solution and services.
The maintenance fee is also borne by the users and is usually included in the monthly charges for PPM related services.
The energy and utilities vertical is expected to witness huge opportunities due to the need comply with government regulations.
With multiple contractors, challenges with schedule integration, and risks associated with claims regarding project delays, it can be difficult to control cost. Hence, 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 unforeseen crises.
To expand their PPM Market share and remain competitive, organizations are choosing innovative PPM solutions to increase collaboration, gain deeper insights into ongoing and critical projects, and consequently, take measures to improve their processes.
Project Portfolio Management Market Segments:
By Enterprise Size
- Large Enterprises
- Small and Medium Enterprises(SMEs)
- Project management
- Portfolio management
- Demand management
- Resource management
- Financial management
- Others (Time and Risk Management)
- IT and Telecommunication
- Engineering and Construction
- Others (Manufacturing, etc.,)
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