Increasing implementation of cloud-based solutions for the remote monitoring of projects drives the demand for project portfolio management market
The key factors such as its ability to survey and evaluate the number and king of projects undertaken by the enterprise, as well as precise time tracking, billing services, and integration with traditional systems of manual labor expenses are driving the growth of project portfolio management (PPM) market. Hence the global project portfolio management market size is anticipated to reach USD 7 billion by 2025.
The PPM solutions facilitate examining project performance based on the resource allocation within the financial limits and time frame while observing the associated risks. The software is helpful to monitor the risk-reward share of each project, tenure of the project, as well as the projected results. PPM helps in the effective management of the equipment, processes, as well as techniques that are utilized by the project managers and stakeholders. It enables planning, performing, monitoring, managing, and analyzing current and forecasted projects according to the association’s premeditated objectives.
The global project portfolio management market contains both solutions and services segments. The solutions segment of the project portfolio management component has a maximum revenue share within the Project Portfolio Management Market in 2019. The growing focus on innovation within the organizations is creating a huge prospective for new product development solutions. However, the services segment is expected to grow at a considerable CAGR over the forecast period.
The global project portfolio management market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
North America holds the title of one of the leading Project Portfolio Management Market share region due to the expansion of demand in data centers that projects the process in positioning and designing as per the business needs. Resulting in the high demand and maximum numbers of market share. Taking Europe into the loop, the market is efficiently experiencing a high growth rate due to increasing demand for project management solutions among the businesses to lessen the cost. The surging intricacy in the business functions owing to the multiregional outsourcing activities and operations further fuel the growth of the PPM industry.
The major players of the global project portfolio management market are Microsoft, SAP SE, Oracle, Broadcom, Hexagon, Planview, Workfront, ServiceNow, Upland Software, Micro Focus, Planisware, Sciforma, and more. The project portfolio management market is fragmented with the existence of well-known global and domestic players across the globe.
Segment Overview of Global Project Portfolio Management Market
Component Overview, 2018-2025 (USD Billion)
Organization Size Overview, 2018-2025 (USD Billion)
- Small & Medium Enterprise
- Large Enterprise
Vertical Overview, 2018-2025 (USD Billion)
- IT & Telecom
- Engineering & Construction
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America