Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Project Portfolio Management market.
Trusted Business Insights presents an updated and Latest Study on Project Portfolio Management Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Project Portfolio Management market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Project Portfolio Management Market
The global project portfolio management market size was valued at USD 3.1 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 12.3% from 2021 to 2027. The growing adoption of cloud-based services for the remote monitoring of assignments is an essential factor that is expected to contribute significantly to market expansion. Surge in activities such as automation and digitalization across industries including healthcare, government, BFSI, telecom, and engineering and construction has stimulated the need for monitoring and analytical solutions to increase productivity and business efficiency. This is significantly encouraging the implementation of project portfolio management (PPM) solutions.
The growing complexities in projects and the need for timely and efficient management are expected to drive the market growth over the forecast period 2021-2027. Furthermore, the need to gain a 360-degree view of project operations and resource management is driving the demand for PPM solutions. The software helps in collaborative scheduling, planning, and faster and efficient decision-making. Additionally, a surge in the trend of bring your own device (BYOD) coupled with the growing focus of organizations on attaining faster Return on Investment (ROI) are the key factors driving the market growth.
The project portfolio management software assists businesses to improve productivity, increase the pace of innovation, and adapt to the rapidly shifting economic scenario and competitive dynamics. Additionally, the PPM software offers capabilities such as time tracking, data analytics, and cost management. Increasing penetration of connected devices in emerging economies such as Brazil, China, and India is expected to keep the industrys growth prospects upbeat. Increasing investments in research and development activities have encouraged the development of innovative solutions such as mobile application-based project portfolio management solutions, enabling access to an extensive consumer base. All these factors are propelling the growth of the PPM market.
Project portfolio management is a useful solution as it improves the organizations adaptability toward change and makes it easy to introduce new projects. Additionally, review and monitoring techniques are introduced to track projects for anomalies and delays and invoke necessary steps to streamline them and subsequently achieve higher returns. Furthermore, with the help of PPM solutions, the companies can emphasize more on achieving targets by focusing on strategies instead of the project operations itself. Additionally, it provides techniques such as scoring techniques, heuristic model, visual, or mapping techniques for assessment of different projects.
Growing competition worldwide is pushing companies to lessen the project cost, which in turn is boosting the use of project portfolio management. However, security and privacy issues especially in case of cloud deployment are the major challenges faced by companies while executing PPM solutions. Furthermore, complexity and cost issues involved with project portfolio management solutions are also among the major hurdles to its widespread adoption. These factors are anticipated to adversely impact the adoption of PPM solutions.
Offering Insights: Project Portfolio Management Market
The service segment comprises integration and deployment, support and maintenance, and training and consulting services. The service segment is anticipated to witness rapid growth over the forecast period. The surging demand can be attributed to the innovative services offered by the market players such as process assessment, process improvement, and reporting and analysis. Developments in project portfolio management services such as on-the-job communication facility, assignment governing policies, and program facilitation services help organizations in comparing macro-environmental factors that lead to increased productivity and ROI.
The support and maintenance service segment are expected to exhibit the fastest growth during the forecast period. The growing trend of the implementation of project portfolio management solutions across Small and Medium Enterprises (SMEs) has favorably impacted the need for support and maintenance services. These services facilitate project scoping, planning, and change administration practices that make business operations in SMEs more efficient. Furthermore, the growing trend of organizations adopting cloud-based operation services has promoted the growth of this segment.
Deployment Insights: Project Portfolio Management Market
The on-premise segment lead the project portfolio management market in 2019 as it has been a classical approach that has existed since the beginning of the computer age. On-premise solution offers total control over the software as all sensitive data is stored internally and there is no risk of exposing it to a third-party. On-premise deployment further enables more options for customizations. However, the companies are increasingly shifting toward the usage of cloud-based solutions as on-premise solutions have higher operational costs. The other factor is the high maintenance requirements as it becomes the organizations responsibility to upgrade and scale the
solution when required.
The cloud segment is expected to witness phenomenal growth over the forecast period. Cloud-based solutions offer cost efficiency and flexibility, due to which the user preference for the adoption of these solutions is higher. Cloud systems offer a greater level of scalability, reduced cost of implementation, and continual development. The deployment of cloud-based solution stimulates the ease of service delivery due to its virtual presence that makes organizations access data across connected devices at any point in time. Moreover, cloud-based PPM solutions facilitate higher control over operations across multiple business channels. These benefits are expected to drive the adoption of cloud PPM solutions across verticals.
Enterprise Size Insights: Project Portfolio Management Market
The small and medium enterprise segment is expected to expand at the highest CAGR over the forecast period. The growth in foreign investments toward SMEs is expected to drive the growth of the segment. The growing SMEs in emerging economies and increasing penetration of information technology services is further contributing to the segment growth. These solutions offer effective monitoring and control of business functions and help in business optimization and decision making for SMEs.
The large enterprise segment is expected to dominate the market over the forecast period. This can be attributed to the availability of high capital and affordability, allowing large organizations to adopt PPM solutions. Large enterprises are investing heavily in participating in todays competitive industry and are continually undertaking several projects to add innovative product lines or replace and improve existing processes/products. Thus, in a bid to gain a competitive edge, a large enterprise segment is expected to drive the adoption of project portfolio management solutions over the forecast period.
End-Use Insights: Project Portfolio Management Market
Project portfolio management solutions facilitate the BFSI industry in managing customer transaction data due to its complex multi-regional operation. Technological proliferation in the BFSI industry, such as mobile banking and e-banking, have encouraged the implementation of project portfolio management solutions. Furthermore, the usage of other services by banks such as debit, credit, and centralized fund managing system has led to the usage of these solutions for database monitoring. These solutions facilitate in monitoring transactional data, customer information, and subsequently help in providing high transparency.
The healthcare segment is expected to witness significant growth over the forecast period. The healthcare industry faces many issues, such as the unreliable quality of data owing to various complicated projects. Hence, vendors are offering PPM solutions to this sector for reducing the costs and improving patient care and quality, reducing the equipment installation time, decreasing readmission rates, accelerating automation of electronic medical records (EMR), and minimizing waiting time to optimize revenue cycles. Owing to these factors, the healthcare segment is witnessing a surge in the adoption of PPM solutions for meeting market demand, delivering uninterrupted patient care, and sustaining costs.
Regional Insights: Project Portfolio Management Market
North America lead the market in 2019 and is deemed as the most advanced region in terms of adopting the latest technologies and cloud-based solutions. The regions financial positioning enables it to invest substantially in leading technologies and tools for efficient project operations. Additionally, the presence of several prominent PPM solution providers such as Microsoft, Oracle, and Workfront in North America is expected to significantly drive the market growth in the region.
The Asia Pacific regional market is expected to maintain rapid growth in the future owing to the presence of emerging economies such as China and India. The growth of PPM market in this region is characterized by the increasing adoption of wireless devices such as mobile phones, laptops, and tablets. The surging complexity in business functions due to multiregional operations and outsourcing activities is further expected to accelerate the adoption of project portfolio management solutions in the region. Moreover, growing SMEs in this region is predicted to stimulate the implementation of these solutions as it offers data analytics and effective resource managing capabilities, which help SMEs allocate financial resources optimally.
Key Companies & Market Share Insights: Project Portfolio Management Market
The market is characterized by the presence of several big players that hold a significant market share. The market is highly competitive in nature. Major players are emphasizing on either acquiring or forming collaborations with small players to share business intelligence and expertise. For instance, in March 2018, Planisware acquired software publisher NQI to expand its cloud solutions portfolio and increase its customer base in the market. With NQIs Orchestra PPM solution, Planisware is now capable to cover a wider range of needs. Orchestra PPMs business model aims at cloud delivery and its adoption. Planiswares Orchestra team is aiming on its product advancement efforts by improving UI/UX, hybrid PPM use cases, and work management. Some of the prominent players in the project portfolio management market include:
Key companies Profiled: Project Portfolio Management Market Report
- Celoxis Technologies Pvt. Ltd.
- Changepoint Corporation
- HP Development Company, L.P.
- Planview, Inc.
- Workfront, Inc.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global project portfolio management market report based on offering, deployment, enterprise size, end use, and region.
Offering Outlook (Revenue, USD Million, 2016 – 2027)
- Integration & Deployment
- Support & Maintenance
- Training & Consulting
Deployment Outlook (Revenue, USD Million, 2016 – 2027)
Enterprise Size Outlook (Revenue, USD Million, 2016 – 2027)
- Large Enterprise
- Small & Medium Enterprise
End-Use Outlook (Revenue, USD Million, 2016 – 2027)
- Engineering & Construction
- IT & Telecom
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