Increase in complexities associated with enterprise projects and rise in need for monitoring tools fuel the growth of the global project portfolio management market. On the other hand, issues related to data privacy and steep learning curves for PPM software impede the growth to some extent.
However, reduction in project failure rate by embracing agile methods and adoption of cloud-based PPM integrated applications present lucrative opportunities in the industry.
Impact of Covid-19 on PPM Market:
- Owing to lockdown imposed in many countries and adoption of “work from home” culture by most of the organizations, the need for project portfolio management services and software increased considerably for efficient tracking and execution of projects. The specialized tools of PPM helped in strategizing and executing projects.
- During the post-pandemic period, the demand for cloud-based PPM solutions would rise as it provides high level of scalability, reduction in the cost of implementation, and continual availability.
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Based on component, the software segment accounted for nearly two-thirds of the global project portfolio management market in 2019, and is projected to maintain its lead position during the forecast period.
This is due to resource management, change control, pipeline management, change control, financial management, and most importantly risk assessment and management features provided by software.
However, the services segment is estimated to grow at the highest CAGR of 11.6% from 2020 to 2027, owing to the increase in demand for training of employees and maintenance services for organizations.
Based on industry vertical, the BFSI segment contributed to the highest market share in 2019, accounting for more than one-fourth of the global project portfolio management market in 2019, and is expected to maintain its leadership status by 2027.
This is due to increased multi-regional operations as well as outsourcing activities in the financial institutions. However, the healthcare segment is projected to portray the largest CAGR of 16.4% from 2020 to 2027.
This is due to need to integrate various delivery systems to share information and report to agencies along with providing certain aspects of the health services to their patients.
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Based on region, North America held the highest market share in 2019, accounting for nearly two-fifths of the global project portfolio management market, and is estimated to maintain its dominance in terms of revenue by 2027.
This is due to the presence of a large number of solution and service vendors in this region. However, the global project portfolio management market in Singapore (Asia-Pacific) is expected to witness the fastest CAGR of 12.6% from 2020 to 2027, owing to dynamic increase in the adoption of the internet by enterprises and rapid technological advancements.
The key market players analyzed in the global project portfolio management market report include Microsoft Corporation; Planview, Inc.; Sciforma; Workfront; ServiceNow, Inc.; Upland Software, Inc.; Oracle Corporation; Micro Focus; Planisware; and Broadcom Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
Key Benefits For Stakeholders
- This study includes the analytical depiction of the global PPM market forecast and trends to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and project portfolio management market opportunity.
- The current market size is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the PPM industry.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
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