Market
Analysis
The global project portfolio management software market will touch 5.9 billion at
a 6.3% CAGR in the forecast period (2020- 2027), states the latest Market Research
Future (MRFR) report.
Drivers
Growing
Adoption of Cloud-Based Services to Boost Market Growth
The growing
adoption of cloud-based services for the remote monitoring of assignments may
boost the market growth over the forecast period.
Opportunities
Increasing
Need for Monitoring and Collaboration Tools to offer Robust Opportunities
The
increasing need for monitoring and collaboration tools will offer robust
opportunities for the market over the forecast period.
Restraints
Privacy and
Security Issues to act as Market Restraint
Privacy and
security issues in case of cloud deployment are the key challenges that
companies face while executing PPM solutions. This may act as a market
restraint over the forecast period.
Challenges
Cost and
Complexity Issues to act as Market Challenges
Cost and
complexity issues involved with PPM solutions may act as market challenges over
the forecast period.
Market
Segmentation
The project
portfolio management software market is segmented based on component, deployment,
organization size, and vertical.
By component,
the solution segment will lead the market over the forecast period as large
number of verticals is deploying these solutions across the globe.
By
deployment, the on-premise segment will dominate the market over the forecast
period while the cloud-based solution is likely to grow at a higher CAGR.
By
organization size, the small and medium enterprise segment will grow at a high
CAGR in the forecast period.
By vertical,
the healthcare segment will have the lions share in the market over the
forecast period.
COVID-19
Analysis
Owing to the
lockdown that has been imposed in most countries and the culture of work from
home by most enterprises, the need for PPM software and services has expanded
significantly for effective project tracking and execution. The PPM has
specialized tools that help to strategize and execute projects.
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Regional
Analysis
North America
to Have Lions Share in Project Portfolio Management Software Market
North America
will have lions share in the market over the forecast period. Increasing
adoption of such tools by various verticals such as manufacturing and
healthcare, significant investments by multinational companies in several
high-profile projects, the presence of a large number of vendors that is
offering comprehensive solutions to the enterprises, huge spending on projects
every year, the emergence of technologies like BYOD and cloud computing that
have enforced end users in adopting much more sophisticated PPM solutions with
evolving integration platforms, early adoption of latest technologies and cloud-based
solutions, and good financial positioning of the region, are adding to the
global project portfolio management software market growth in the region.
Key
Players
Eminent
players profiled in the global project portfolio management software market report
include Oracle Corporation (US), Microsoft (US), Planview, Inc. (the US),
HEXAGON (Sweden), SAP (Germany), Broadcom (US), Changepoint Corporation (US),
Micro Focus (UK), Workfront, Inc. (UK), Sopheon (US), Upland Software, Inc.
(the US), Planisware (US), Keyedin Projects (US), One2Team (US), and
MEISTERPLAN (Germany).
The project
portfolio management software market is fragmented and also competitive for the
presence of different international & domestic key players. These players
have incorporated innovative strategies to remain at the vanguard and also
suffice the burgeoning demand of the customers including collaborations,
contracts, partnerships, joint ventures, geographic expansions, & new
product launches, and more.
Industry
Updates
Aavenir has
extended ServiceNow project portfolio management functionality for tracking
actual project cost vs. budget cost in real-time for taking necessary
preventive or corrective measures.
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