Global Project Portfolio Management Market by Deployment (Cloud, On-premise), by Offering (Software, Service) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global project portfolio management market was worth USD 4.2 billion in 2019. It is projected to grow at a compound annual rate (CAGR of 13.4%) between 2020 and 2027. Market expansion is likely to be influenced by the increasing use of cloud-based services that allow remote monitoring of assignments. The rise in automation and digitalization activities across all industries, including healthcare, government and telecom, has prompted the demand for monitoring and analysis solutions to improve productivity and business efficiency. This has greatly encouraged the use of project portfolio management (PPM).

Market growth is expected to be driven by the increasing complexity of projects and the need to manage them efficiently and timely over the forecast period. PPM solutions are also needed to provide a 360-degree view on project operations and resource management. Software allows for collaborative planning and scheduling. It also speeds up decision making. The market is also driven by a rise in the popularity of bring-your-own device (BYOD), and the increasing focus on ROI (return on investment) for organizations.

Project portfolio management software helps businesses improve productivity, innovate faster, and adapt to changing economic and competitive conditions. The PPM software also offers time tracking, data analysis, and cost management capabilities. The industry's future growth prospects are expected to be buoyed by the increasing penetration of connected devices within emerging economies like Brazil, China, India, and other Asian countries. Innovations such as mobile-based portfolio management solutions have been encouraged by increased investments in research and development. This has allowed access to a large consumer base. These factors have contributed to the rapid growth of the PPM market.

Portfolio management is an effective solution because it increases the organization's ability to adapt to change and makes it easier for new projects to be introduced. Review and monitoring techniques are used to monitor projects for delays or anomalies, and to take necessary steps to reduce them and achieve higher returns. With the help of PPM solutions, companies can focus more on the strategies and less on the actual project operations. It also provides tools such as scoring techniques and heuristic models, visual or mapping techniques to assess different projects.

Companies are being forced to reduce project costs due to global competition. This is driving companies to use project portfolio management more often. Companies face major problems when implementing PPM solutions, especially with cloud deployment. Complexity and cost of project portfolio management solutions is another major obstacle to widespread adoption. These factors will likely impact the adoption rate of PPM solutions.

Offering Insights

This service segment includes integration and deployment, support, maintenance, training, and consulting services. This service segment is expected to experience rapid growth during the forecast period. Market players offer innovative services such as process analysis, process improvement, reporting and analysis, which have helped to drive the demand. Organizations can compare macro-environmental factors to increase productivity and ROI by using new services in project portfolio management such as the on-the job communication facility, assignment governance policies and program facilitation.

The fastest growing segment in the forecast is the support and maintenance services. Support and maintenance services are becoming more important due to the increasing use of project portfolio management solutions in Small and Medium Enterprises (SMEs). These services make it easier to plan, scope, and manage projects. This makes business operations more efficient in SMEs. This segment has seen a rise in cloud-based operations services adoption.

Information on Deployment

In 2019, the on-premise segment dominated project portfolio management markets. This is because it is a classic approach that has been around since the dawn of the computer age. Because all sensitive data is stored within the company, there is no chance of it being exposed to third parties. On-premise solutions offer total control over the software. Further customization options are available with on-premise deployment. Cloud-based solutions are becoming more popular as companies shift to them because of the higher operational costs associated with on-premise solutions. Another factor is the need for high maintenance. It's the responsibility of the company to update and scale the solution as needed.

Over the forecast period, cloud segments are expected to experience phenomenal growth. Cloud-based solutions are more popular because they offer flexibility and cost efficiency. Cloud-based systems are more flexible, cost-effective, and allow for continuous development. Cloud-based solutions facilitate service delivery because they are virtual and can be accessed from any device. Cloud-based PPM software allows for greater control over operations across multiple business channels. These benefits will drive adoption of cloud-based PPM solutions across verticals.

Enterprise Size Insights

Over the forecast period, the CAGR for the small and medium enterprises segment will be the highest. This segment is expected to grow due to the increase in foreign investment towards SMEs. Segment growth is also being driven by the growing number of SMEs in emerging countries and increased penetration of information technology services. These solutions allow for effective monitoring and control of business operations, as well as business optimization and decision-making for SMEs.

Over the forecast period, the market will be dominated by large enterprises. Large organizations can adopt PPM solutions because they have access to high-quality capital and are able to do so easily. Large companies are actively investing in the competitive market and are constantly undertaking projects to improve and add new product lines. A large enterprise segment will drive the adoption of project portfolio management software in order to compete over the forecast period.

End-Use Information

Because of its multi-regional operations, project portfolio management solutions can help the BFSI industry manage customer transaction data. The implementation of project portfolio management solutions has been encouraged by technological advancements in the BFSI sector, such as mobile banking, e-banking and e-banking. These solutions can also be used to monitor the database due to the use of other services such as credit and debit cards. These solutions allow for the monitoring of transactional data and customer information. They also provide high transparency.

Over the forecast period, healthcare is expected to experience significant growth. Healthcare faces many challenges, including the inability to reliably access data due to complex projects. Vendors are now offering PPM solutions for this sector to reduce costs, improve patient care and quality, decrease equipment installation times, decrease readmission rates, accelerate automation of electronic medical records, and minimize waiting time to optimize revenue cycle. These factors are driving a rise in healthcare sector adoption of PPM solutions to meet market demand, provide uninterrupted patient care, and reduce costs.

Regional Insights

North America was the dominant market in 2019, and it is considered the most advanced region for cloud-based technologies. Because of its financial position, the region can invest heavily in cutting-edge technologies and tools to ensure efficient project operations. The region is expected to see significant market growth due to the presence of prominent PPM solutions providers like Microsoft, Oracle, Workfront, and Workfront in North America.

Due to the presence emerging economies like India and China, the Asia Pacific region market will continue to grow rapidly in the future. This region's PPM market is experiencing rapid growth due to the growing use of wireless devices like mobile phones, tablets, and laptops. Multiregional business operations and outsourced activities are expected to increase the demand for project portfolio management solutions. These solutions are expected to be more popular in the region due to their data analytics and resource management capabilities. This allows SMEs to allocate financial resources efficiently.

Market Share Insights & Key Companies

There are many large players who hold significant market shares in the market. This market is very competitive. To share their business intelligence and expertise, major players are focusing on acquiring small players or creating partnerships with them. Planisware, for example, acquired NQI software publisher in March 2018 to increase its cloud solutions portfolio. Planisware now has Orchestra PPM from NQI, allowing it to meet a wider range needs. Orchestra PPM's business model is geared towards cloud delivery and adoption. Planisware's Orchestra team focuses on product development by improving UI/UX and hybrid PPM use case use cases as well as work management. The market leader in project portfolio management is:

• Broadcom

• Celoxis Technologies Pvt. Ltd.

• Changepoint Corporation

• HP Development Company L.P.

• ServiceNow

• Planview, Inc.

• Planisware

• Microsoft

• Oracle

• Workfront, Inc.

Up Market Research published a new report titled “Project Portfolio Management Market research report which is segmented by Deployment (Cloud, On-premise), by Offering (Software, Service), By Players/Companies Changepoint Corporation, Planisware, Planview Inc, Workfront Inc, Celoxis Technologies Pvt Ltd, HP Development Company LP, ServiceNow, Broadcom, Oracle, Microsoft”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Project Portfolio Management Market Report Segments:

The market is segmented by Deployment (Cloud, On-premise), by Offering (Software, Service).

Project Portfolio Management Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Project Portfolio Management Market

Overview of the regional outlook of the Project Portfolio Management Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Project Portfolio Management Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Project Portfolio Management Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Cloud

                2. On-premise

                1. Software

                2. Service

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Project Portfolio Management Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Project Portfolio Management Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.