Global Project Portfolio Management (PPM) Market is projected to reach USD 8.85 billion by 2025 owing to the rising trend of BYOD (bring your own device) among organizations, which helps employees’ to improve productivity and real-time project monitoring. This makes it feasible to implement project and portfolio management solutions. Project portfolio management is a set of business practices that brings the different components of projects into tight integration along with other business operations. Over the years, the absence of integration has caused huge disconnect between function of projects and other operations of the enterprise. With the absence of this connectivity, lot of efforts is required in executing projects correctly, even if they are not right.
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The increasing need for cost management is expected to drive the project portfolio management industry in near future. Businesses are more likely to encounter mistakes while execution by over utilizing their resources. To overcome this probability, business are now increasingly adopting project portfolio management software that not only reduces the probable errors but also improves the organization efficiency. The major factors responsible for the growth of the market is the advantages of implementing PPM software like its capability to verify the use of resources, analyze the type & number of projects undertaken by an organization, precise billing, time tracking and integration with traditional systems of labor costs. Moreover, the reduced cost of project portfolio management software is expected to drive the market and contribute significantly.
Other factors driving the project portfolio management market include the broad penetration of strong and proficient mobile devices used largely in organizations, ever-increasing business optimization needs within projects and the increasing popularity of cloud-based software. Businesses are constantly looking for project portfolio management software solutions and services that can offer real-time and reliable project updates for efficient completion of different projects. Moreover, the introduction of cost-efficient cloud-based project portfolio management software is accelerating the growth of project portfolio management (PPM) industry among the SMEs (small and medium enterprises) who are unable to install the expensive software solutions.
The major forces driving the project portfolio management market include the widespread penetration of robust computing mobile devices among enterprises, escalating business optimization needs, increasing complexities within projects, and the growing popularity of cloud-based software. Enterprises are looking for PPM software solutions and services that can provide them real-time and dependable project updates for efficient accomplishment of various projects. Furthermore, the emergence of cost-efficient cloud-based PPM software is projected to boost the market growth among Small and Medium Enterprises (SMEs) that have constraints in adopting expensive solutions.
The IT solution segment of the project portfolio management industry is expected to hold the larger market share owing to the widespread need for enterprise software products to meet the dynamic needs of businesses due to technological shifts. In case of New Product Development (NPD) solution segment is expected to play a key role in changing the market landscape during the forecast period. The market is highly competitive and widespread since it is witnessing large number of players across globe.
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Project portfolio management market is categorized on the basis of deployment, end-user, and geography. On the basis of deployment, the market is divided into SaaS-based and on premises. SaaS-based segment is predicted to hold larger share of the market due to several benefits like low maintenance cost, flexible pricing, reduced cost, and software upgradation.
On the basis of end-user, the market is divided into construction and infrastructure, information and technology, BFSI, Healthcare. BFSI is predicted to hold larger share in the forecast period due to modernizations and adoption in the banking sector. The key vendors in project portfolio management industry include Hewlett Packard Enterprise, Microsoft, Oracle, and SAP.
Project Portfolio Management Solution Scope (Revenue, USD Million; 2014 - 2025)
• Information Technology
• New Product Development
Project Portfolio Management Platform Scope (Revenue, USD Million; 2014 - 2025)
• Integration and Deployment
• Support and Consulting
• Training and Education
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