Global Project Portfolio Management Market Expands with Software Segment at a robust CAGR of 5.42%
The increasing global
project portfolio management market is driven by increasing complexity of
projects, focus on strategic alignment during the forecast period 2024-2028
According to TechSci
Research report, “Global Project
Portfolio Management Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast 2018-2028, The Global Project Portfolio
Management (PPM) market is experiencing significant growth and evolution,
driven by the increasing need for organizations to effectively manage and
prioritize their projects to achieve strategic objectives. PPM solutions have
become essential tools for businesses across various industries, enabling them
to optimize resource allocation, enhance collaboration, and deliver successful
project outcomes. One of the primary drivers
of the global PPM market's growth is the rising complexity of projects
undertaken by organizations. Businesses are expanding their operations and
taking on multifaceted initiatives, which require advanced project management
capabilities. PPM software provides the necessary tools to handle intricate
project portfolios, offering advanced analytics and reporting to ensure better
decision-making. The adoption of cloud-based PPM solutions is another
significant trend shaping the market. Cloud-based PPM offers scalability,
flexibility, and accessibility advantages over traditional on-premises systems.
This shift allows organizations to streamline project management processes,
facilitate real-time collaboration among teams, and adapt to changing project
requirements, regardless of geographical locations. Several industries are
contributing to the increased demand for PPM solutions. Information technology,
healthcare, manufacturing, and construction are some of the sectors recognizing
the critical role of efficient project management in maintaining competitiveness
and delivering value to stakeholders. However, the market also
faces challenges. Concerns related to data security, the complexity of
integrating PPM systems with existing enterprise infrastructure, and the need
for effective change management are some of the obstacles to widespread
adoption. PPM solution providers are actively addressing these challenges by
enhancing security features, offering seamless integrations, and providing
comprehensive support services to ensure a smoother transition for
organizations.
Browse over XX market
data Figures spread through XX Pages and an in-depth TOC on the "Global Project Portfolio Management Market."
The global project portfolio
management market is segmented into component, deployment, enterprise type, application,
vertical, and region. Based on component, the market is segmented into software,
services. Based on deployment, the market is segmented into on premise, cloud-based,
hosted. Based on enterprise type, the market is segmented into large
enterprises and small and medium enterprises. Based on application, the market
is segmented into project & portfolio governance, portfolio dashboards
& analytics, visibility & reporting, resource management, financial
planning & management, others. Based on vertical, the market is segmented
into IT & telecommunications, BFSI, government, engineering & construction,
healthcare, others. Based on region, the market is further bifurcated into
North America, Asia-Pacific, Europe, South America, Middle East & Africa.
Based on enterprise type, large
enterprises dominated in the global project portfolio management market in
2022. Large enterprises often manage complex and extensive project portfolios
that encompass multiple departments, teams, and geographies. These projects can
range from large-scale infrastructure developments to global product launches.
Given the intricacies involved, large enterprises have a greater need for
comprehensive PPM solutions to effectively plan, execute, and monitor their
projects.
Managing resources and
budgets efficiently is critical for large enterprises with substantial
financial resources at stake. PPM solutions provide advanced resource
allocation and budget tracking capabilities, enabling large enterprises to
optimize their investments, allocate resources strategically, and ensure
projects stay on budget.
Many large enterprises
operate on a global scale, which introduces complexities related to time zones,
languages, and regulatory compliance. PPM solutions equipped with
multi-language support, global collaboration tools, and compliance features are
essential for managing projects across borders, making them an attractive
choice for large enterprises.
Large enterprises often
undertake a higher volume of projects simultaneously, which necessitates robust
PPM tools capable of handling this scale. These tools enable large
organizations to prioritize projects, manage interdependencies, and align
project portfolios with strategic objectives.
Key market players in the
global project portfolio management market are: -
- Oracle Corporation
- Planview, Inc.
- Broadcom, Inc.
- SAP SE
- Microsoft Corporation
- Adobe Inc.
- Hexagon AB
- ServiceNow, Inc.
- Upland Software
- Atlassian Corporation
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“The Global Project
Portfolio Management (PPM) market is experiencing rapid growth due to the
increasing complexity of projects undertaken by organizations. PPM solutions
enable efficient project management, resource allocation, and strategic
alignment. Cloud-based PPM systems are gaining traction for their scalability
and accessibility benefits. Various industries, including IT, healthcare,
manufacturing, and construction, are driving market demand. Challenges include
data security concerns and integration complexities, but providers are
addressing these issues. As businesses strive for competitiveness and value
delivery, PPM solutions play a crucial role in optimizing project portfolios.
The market's future will focus on innovation and user-friendly interfaces.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Project Portfolio
Management Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Component (Software, Services), By Deployment (On
Premise, Cloud-based, Hosted), By Enterprise Type (Large Enterprises and Small
and Medium Enterprises), By Application (Project & Portfolio Governance,
Portfolio Dashboards & Analytics, Visibility & Reporting, Resource
Management, Financial Planning & Management, Others), By Vertical (IT &
Telecommunications, BFSI, Government, Engineering & Construction,
Healthcare, Others), By Region, and By Competition, 2018-2028,” has evaluated the future growth
potential of Global Project Portfolio Management Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Project Portfolio Management Market.
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