Project Portfolio Management Market Worth $6.5 Billion By
Chicago, Sept. 07, 2022 (GLOBE NEWSWIRE) — The project portfolio management market size is expected to grow from USD 4.7 billion in 2022 to USD 6.5 billion by 2027, at a compound annual growth rate (CAGR) of 6.7% during the forecast period, according to a new report from MarketsandMarkets™.
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|Market size available for years||2017-2027|
|Base year considered||2022|
|Forecast units||Value (USD million)|
|Segments Covered||Component, Organization Size, Deployment Mode, Vertical, and Region|
|Regions covered||North America, Europe, APAC, MEA and Latin America|
|Companies covered||Oracle (US), Planview (US), Broadcom (US), SAP (Germany), Microsoft (US), Workfront (US), Hexagon (Sweden), ServiceNow (US) ), Upland Software (USA), Micro Focus (UK), Planisware (France), Sciforma (USA), Sopheon (USA), Cerri (Switzerland), Keyedin Projects (USA), One2Team (US), One point Projects (Austria), Miesterplan (Germany), Intelit Smart Group (Brazil), Bestoutcome (UK), Project Objects (Ireland), Workotter (US), Smartsheet (US) United States), Celoxis (India), Wrike (United States), Asana (United States), Monday.com (Israel) and Cherwell (United States).|
On-premises solutions require large infrastructure and a personal data center. Only organizations that can afford these costs typically deploy on-premises PPM solutions. The dominant trend in the software industry over the past few years has been the shift from traditional on-premises licensed software to cloud-based software as a service. However, large enterprises prefer the on-premise mode of deployment, due to the availability of adequate capital and good infrastructure. Additionally, larger enterprises can extend their IT resources to manage on-premises PPM solutions. On-premises deployment mode helps organizations secure their sensitive data and provides real-time access to project-related documents. However, SMBs, in general, do not opt for the on-premise mode of deployment, due to their budget limitations and insufficient resources.
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There are several types of PPM software available, such as Microsoft Project and PPM, Celoxis, SAP PPM, HP PPM, Portfolio of Jira, Planisware, and VersionOne. This software allows teams to get the best possible results from their projects. It combines project management, workflow automation and real-time collaboration. Users can easily customize their dashboards and user interface and integrate with task management and team communication applications to ensure PPM software is right for their needs. It features customizable components, such as dashboards, workflows, and automation, to provide flexibility for different teams. Real-time collaboration via comments, notifications, live editing, and dynamic reports allow easy sharing of information at any time. PPM is the centralized management of processes, methods, and technologies used by project managers and PMOs to analyze and manage current or proposed projects based on a variety of key characteristics. The objectives of PPM are to determine the optimal mix of resources for delivery and to plan activities to best achieve an organization’s operational and financial objectives while respecting the constraints imposed by customers, strategic objectives or external factors. real. Portfolio management standards include the Project Management Institute’s framework for project portfolio management and the Office of Government Commerce’s portfolio management. Organizations and their stakeholders implement PPM software and related services to manage multiple projects. They also maximize the impact of each project by making the best use of company resources. The PPM solution offers features such as workflow management, task management, collaboration, resource management (skills management, capacity planning and forecasting), time tracking, portfolio management, demand/idea management, budgeting and risk management. PPM gives program and project managers in large program/project-focused organizations the tools to manage the time, resources, skills, and budgets needed to accomplish all interrelated tasks. It provides a framework for problem solving and risk mitigation. It helps centralize visibility to help planning and scheduling teams.
The Project Portfolio Management Market, by verticals, has been segmented into Energy & Utilities, Government & Defense, IT & Telecom, Banking, Financial Services & Insurance, Manufacturing, Healthcare & Life Sciences, Consumer Goods & Retail and Others. Other verticals include transportation and logistics, and marine and shipbuilding. The energy and utilities sector is known for its large investment and turnaround projects. The vertical includes oil and gas, power, metals and mining companies that are currently undergoing a major digital transformation, triggered by the changing role of consumers. From project to project, issues can be inconsistent and often difficult to predict. For example, labor demobilization and supply chain disruptions of components involved in renewable energy (RE) projects with increasing COVID-19 related lockdowns in all geographies resulted in delays in project completion and cost overruns leading to heavy financial losses. The global IT and telecommunications market is growing by leaps and bounds with increasing software development and dependence on a global scale. Additionally, global IT spending has also increased significantly over the past two decades. The manufacturing industry has seen a huge demand for PPM solutions as there is a critical need to streamline and automate manufacturing processes. It ensures proper budget and resource allocation, device and equipment utilization, project hierarchy, and enhances decision-making efficiency at every stage of the manufacturing process. It mitigates the risk of projects or cost overruns and takes into account contingencies required in the project. The PPM solution helps meet the need of the growing trend of workforce mobility by providing them with effective collaboration and communication for efficient manufacturing functions.
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The Project Portfolio Management Market in North America, Europe, APAC, MEA and Latin America. The presence of key players, such as Oracle, SAP, Microsoft, Planview helps in the growth of the market. North America is the largest market for PPM as this solution has already penetrated the region. In this well-knit economy, PPM systems have a solid deployment base. Therefore, technology adoption and subscription renewal are the existing revenue streams in this region. The high market share of PPM in the region is complemented by huge spending (around USD 2 trillion) on projects every year, which accounts for a quarter of all regions. Additionally, the emergence of technologies such as cloud computing and BYOD has forced end users to adopt much more sophisticated PPMs with ever-evolving integration platforms. Europe is expected to hold the second highest market share of the PPM market after North America as companies juggle multiple projects and need a more skilled and organized way to work on and track these projects. . Specifically, countries like the UK, Germany, and France are the major contributors to this region. The increasing need for integration in the virtualized environment and the introduction of profitability. As APAC is an emerging economy, there is a dynamic adoption of new technologies, as well as mandatory regulations imposed by government regulatory entities to adopt the best technologies and standards. China and India in Asia-Pacific, which are top exporters and the biggest investment hotspots for North American and European companies, have also suffered from project delays due to COVID-19 shutdowns. Therefore, to effectively utilize remaining manpower and keep up with project timelines while prioritizing critical projects, the Project Portfolio Management Market is expected to gain traction in emerging APAC economies. Growth in this region is driven by a mix of transformational government projects and adoption of high-speed internet connectivity. The PPM market in the region is one of the fastest growing markets on consistent continuous deployments by SMBs. Latin America is growing at a slow but steady pace when it comes to technological advancements. The need to train health workers and employees on new COVID-19 standards and protocols for safe and productive task and project management is driving the demand for robust technologies in the region. The World Bank has also deployed $2 billion in the Latin America and Caribbean region to enable partners and the private sector to work together to address supply chain and delivery challenges.
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