Dublin, Oct. 22, 2021 (GLOBE NEWSWIRE) -- The "Global Project Portfolio Management Market (2021-2026) by Component, Organization Size, Deployment Mode, Vertical, Geography, Competitive Analysis and the Impact of COVID-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Project Portfolio Management Market is estimated to be USD 5.4 Bn in 2021 and is expected to reach USD 9.45 Bn by 2026, growing at a CAGR of 12%.
Significant factors driving the Global Project Portfolio Management market are the increasing rate of project complexities, rising demand for cloud-based PPM solutions, and the need to gain a 360-degree view into project operations and resource management. Additionally, an increase in the trend of bringing your own device (BYOD) coupled with the growing concern of organizations on getting the faster Return on Investment (ROI) and the need for timely and efficient management are expected to drive the market growth over the forecast period. It also improves productivity and offers certain capabilities such as cost management, time tracking, and data analytics, which help drive market growth.
However, cost issues and project complexities, and data security & privacy issues, especially in the case of cloud deployment, are some of the factors that adversely impact the execution of PPM solutions and thus, restraining the market growth.
Market Dynamics
Drivers
- Gaining a 360-Degree View into Project Operations and Resource Management
- Rising Demand for Cloud-Based PPM Solutions
Restraints
- Concerns of Organizations Related to Data Confidentiality
- The Pressure to Meet The Revenue as per The Demands
Opportunities
- Reducing Project Costs and Project Failure Rate by Embracing Agile Methods
- New Sales Opportunities by Technicians and CRM
Challenges
- Selecting Right Solution that Aligns with Organization's Business Need
- Blending Modern PPM Solutions with Legacy Systems
Segments Covered
By Component, the Services segment is anticipated to expand at a rapid growth in the Global Project Portfolio Management Market during the forecast period owing to the increasing demand of the innovative services offered by the market players such as process improvement, process assessment, reporting, and analysis. Service Segment is further classified as consulting and implementation & training, support, and maintenance. Out of which, the training, support, and maintenance service segment is expected to grow at a faster rate during the forecast period due to the growing acceptance by Small and Medium Enterprises (SMEs) for support and maintenance services. These services also help in planning, project scoping, etc. that makes the business operations in SMEs more efficient and has promoted the growth of this segment.
By Organization Size, the Small and Medium-Sized enterprise segment is expected to exhibit the highest CAGR over the forecast period due to the growing foreign investments toward SMEs in emerging economies such as India and China and increased penetration of information technology services. These solutions help small enterprises control and monitor business functions and help in business optimization and decision-making. The large enterprise is also expected to grow as these enterprises are highly investing in today's competitive industry and get indulged in undertaking several projects for improving the existing processes/products.
By Deployment Mode, Cloud is projected to hold the largest market share in the Global Project Portfolio Management Market during the forecast period. A large number of small and medium scale enterprises are adopting cloud-based PPM solutions. Also, most of the vendors offer cloud-based solutions in the project portfolio management market to gain maximum profits. Cloud-based systems provide better use of technology, offer a greater level of scalability, reduce the ongoing cost of implementation, and enable the sharing of infrastructure among multiple users and offices. It also stimulates easy delivery of services that helps the organizations in accessing the data whenever required across the connected devices. All these benefits are expected to drive the adoption rate of cloud PPM solutions across various verticals.
By Vertical, the Healthcare And Life Science segment is expected to hold the highest market share during the forecast period. This is because of the alarming demands that occur due to the COVID-19 pandemic and inconsistent data quality due to various complicated projects. PPM solutions help reduce the equipment installation time, reduce the waiting time, and improve patient care and quality. It also helps in providing visibility across the various work departments by minimizing the communication gaps. PPM solutions accelerate the Electronic Medical Records (EMR) automation, thereby optimizing revenue cycles. All these factors help in driving the growth of this segment.
By Geography, North America is estimated to hold the highest market share in the Global Project Portfolio Management Market. There are significant developments in the PPM market in this region as a large number of organizations are highly investing in projects every year. Technological advancements such as cloud computing and BYOD (Bring Your Own Device) have forced users to adopt more PPM solutions with evolving integration platforms. In countries such as the US and Canada, there is a wide requirement of MCAD (Mechanical Computer-Aided Design), and ECAD (Electronic Computer-Aided Design) in designing the project software is also fueling the development of the market. APAC countries are also expected to grow at the highest CAGR as these regions are becoming a new hotspot for the PPM market.
Company Profiles
Some of the companies covered in this report are Oracle Corporation, Microsoft Corporation, SAP SE, Planview Corporation, Broadcom Inc., Workfront Inc., Micro Focus International PLC, Planisware, Bestoutcome Limited, ONEPOINT Projects GmbH, Wrike Inc., WorkOtter Inc., Intelit Smart Group Participacoes SA, KeyedIn Inc., Cerri.com AG, Upland Software Inc., Sopheon Corporation, Changepoint Corporation, Sciforma Corporation, and Celoxis Technologies Pvt. Ltd.
Competitive Quadrant
The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Why buy this report?
- The report offers a comprehensive evaluation of the Global Project Portfolio Management Market.
- The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes in-depth market analysis using Porter's 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
- The report also contains the competitive analysis using Competitive Quadrant, Infogence's proprietary competitive positioning tool.
Report Highlights:
- A complete analysis of the market including parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current, and projected size of the market based on value and volume
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Key Topics Covered:
1 Report Description
2 Research Methodology
3 Executive Summary
4 Market Overview
4.1 Introduction
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Challenges
4.3 Trends
5 Market Analysis
5.1 Porter's Five Forces Analysis
5.2 Impact of COVID-19
5.3 Ansoff Matrix Analysis
6 Global Project Portfolio Management Market, By Component
6.1 Introduction
6.2 Solution
6.3 Services
6.3.1 Consulting and Implementation
6.3.2 Training, Support, and Maintenance
7 Global Project Portfolio Management Market, By Organization Size
7.1 Introduction
7.2 Large Enterprises
7.3 Small and Medium-Sized Enterprises
8 Global Project Portfolio Management Market, By Deployment Mode
8.1 Introduction
8.2 Cloud
8.3 On-Premises
9 Global Project Portfolio Management Market, By Vertical
9.1 Introduction
9.2 Healthcare and Life Sciences
9.3 IT and Telecom
9.4 Energy and Utilities
9.5 Government and Defence
9.6 Banking, Financial Services, and Insurance
9.7 Manufacturing
9.8 Consumer Goods and Retail
9.9 Other (Transportation and Logistics, and Marine and Shipbuilding)
10 Global Project Portfolio Management Market, By Geography
11 Competitive Landscape
11.1 Competitive Quadrant
11.2 Market Share Analysis
11.3 Competitive Scenario
11.3.1 Mergers & Acquisitions
11.3.2 Agreements, Collaborations, & Partnerships
11.3.3 New Product Launches & Enhancements
11.3.4 Investments & Fundings
12 Company Profiles
12.1 Oracle Corporation
12.2 Microsoft Corporation
12.3 Planview Corporation
12.4 Broadcom Inc.
12.5 SAP SE
12.6 Workfront Inc.
12.7 Micro Focus International PLC
12.8 Planisware
12.9 Bestoutcome Limited
12.10 ONEPOINT Projects GmbH
12.11 Wrike Inc.
12.12 WorkOtter Inc.
12.13 Intelit Smart Group Participacoes SA
12.14 KeyedIn Inc.
12.15 Cerri.com AG
12.16 Upland Software Inc.
12.17 Sopheon Corporation
12.18 Changepoint Corporation
12.19 Sciforma Corporation
12.20 Celoxis Technologies Pvt. Ltd.
13 Appendix
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