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Project Portfolio Management (PPM) Market Worth USD 5.74 Billion at 6.5% CAGR by 2027 Backed by Presence of Established Players in North America

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Pune, Nov. 12, 2020 (GLOBE NEWSWIRE) — The global project portfolio management (PPM) market is expected to reach USD 5.74 billion by 2027 while exhibiting a CAGR of 6.5% between 2020 and 2027. This is attributable to the increasing adoption of agile practices in businesses and the growing incorporation of advanced technologies such as artificial intelligence (AI). Fortune Business Insights, published this information in its latest report, titled, “Project Portfolio Management (PPM) Market Size, Share & COVID-19 Impact Analysis, By Component (Software and Services), By Deployment (On-Premise, Cloud-Based, and Hosted), By Enterprise Size (Large Enterprises and Small and Medium Enterprises (SMEs)), By Application (Project Management, Portfolio Management, Demand Management, Resource Management, Financial Management, and Others), By Vertical (BFSI, IT and Telecommunication, Government, Engineering and Construction, Healthcare, and Others), and Regional Forecast, 2020-2027.” The report mentions that the market stood at USD 3.49 billion in 2019.To get to know more about the short-term and long-term impacts of COVID-19 on this market,
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Increasing Adoption for Remote Working amid COVID-19 to Surge DemandThe global pandemic has led to the surging demand for remote working across the globe. The concept of work from home has gained significance owing to the shutdown of offices and major companies. The companies are bracing up for the new normal and strategically planning to improve their productivity from remote working of their workforce. For instance, in April 2020, Tata Consultancy Services (TCS) announced permanent work from home provision for 75% of its employees. This is expected to drive the adoption of advanced project portfolio management (PPM) solutions.Project portfolio management (PPM) is a type of software solution that enables businesses to organize several projects into a single portfolio. It accurately provides reports based on several parameters such as project costs, resources, objectives, and risks, among others. The growing adoption of PPM solutions reduces drastic operational costs and requires minimal IT infrastructure.
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What does the Report Include?The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.DRIVING FACTORSIncreasing Adoption of Artificial Intelligence in Business Processes to Aid GrowthThe increasing adoption of artificial intelligence by the companies is propelling the demand for automation in project management processes. This is enabling the businesses to speed up their delivery process and reduce operational costs drastically. Additionally, the companies are developing advanced project portfolio management (PPM) software enabled with AI technology. For instance, in 2019, Planisware S.A.S announced the launch of AI-enabled PPM solution to provide effective project management services. The surging adoption of agile business practices is further expected to favor the adoption of PPM solutions that is expected to bode well for the growth of the global PPM market in the forthcoming years.
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SEGMENTATIONBFSI Segment Held 24.8% Market Share in 2019The BFSI segment, based on vertical, held a market share of about 24.8% in 2019 and is projected to gain momentum during the forecast period. This is ascribable to factors such as the increasing complexities in banking operations that propel the adoption of advanced project operations and resource management solutions across the globe.REGIONAL INSIGHTSNorth America to Remain Dominant; Presence of Established Players to Augment DemandAmong all the regions, North America is expected to hold the highest position in the global project portfolio management (PPM) market in the forthcoming years. This is attributable to the presence of established players such as Planview, Inc., Changepoint Corporation, and Wrike, Inc., among others that is likely to propel the demand for advanced project portfolio management (PPM) software in the region. The region stood at USD 1.55 billion in 2019.The market in Europe is expected to experience considerable growth owing to the increasing adoption of portable devices and the growing adoption of cloud-based services amongst enterprises in the region between 2020 and 2027.COMPETITIVE LANDSCAPEKey Players Focus on Developing Advanced PPM Solutions to Brighten Their Market ProspectsThe global PPM market is consolidated by the presence of key players that are focusing on evolving their existing project portfolio management (PPM) solutions by developing advanced PPM solutions. They are further adopting advanced technologies such as artificial intelligence (AI) to automate their management process that will contribute to the growth of the market during the forecast period.Industry DevelopmentOctober 2020 – ABUS AUGUST BREMICKER SÖHNE KG, the German-based company, announced the implementation of advanced project portfolio management (PPM) solution developed by Wrike, Inc. The solution is expected to simplify and secure its project management process.List of the Companies Profiled in the Global Market for Project Portfolio Management (PPM):Planview, Inc. (Texas, United States)Integrated Project Management Company, Inc (Illinois, United States)Changepoint Corporation (Washington, United States)Wrike, Inc (California, United States)Hexagon AB (Sweden)Logic Software Inc (Toronto, Canada)ProductDossier Solution (India) Pvt. Ltd (Maharashtra, India)ServiceNow, Inc (California, United States)UMT 360 LLC (Washington, United States)Microsoft Corporation (Washington, United States)Micro Focus International plc (Newbury, United Kingdom)SAP SE (Walldorf, Germany)ProjectManager.com, Inc (Texas, United States)MAVENLINK, INC (Irvine, United States)ProjectObjects s.r.l. (Monza (MB); Italy)Triskell Software LLC (Florida, United States)Planisware S.A.S. (California, United States)Oracle Corporation (California, United States)
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Detailed Table of Content:IntroductionDefinition, By SegmentResearch Methodology/ApproachData SourcesKey TakeawaysMarket DynamicsMacro and Micro Economic IndicatorsDrivers, Restraints, Opportunities and TrendsImpact of COVID-19Short-term ImpactLong-term ImpactCompetition LandscapeBusiness Strategies Adopted by Key PlayersConsolidated SWOT Analysis of Key PlayersPESTLE AnalysisPorter’s Five Force AnalysisEcosystem Analysis Global Market Share Analysis and Matrix, 2019Key Market Insights and Strategic RecommendationsCompanies Profiled (Provided for 10 players only)OverviewKey ManagementHeadquarters etcOfferings/Business SegmentsKey Details (Key details are subjected to data availability in public domain and/or on paid databases)Employee SizeKey FinancialsPast and Current RevenueGross MarginGeographical ShareBusiness Segment ShareRecent DevelopmentsPrimary Interview ResponsesAnnexure / AppendixGlobal Project Portfolio Management (PPM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027By Component (Value)SoftwareServicesIntegration and DeploymentTraining and ConsultingSupport and MaintenanceBy Deployment (Value)On-PremiseCloud-BasedHosted By Enterprise-Size (Value)Large EnterprisesSmall and Medium Enterprises (SMEs)By Application (Value)Project managementPortfolio managementDemand managementResource managementFinancial managementOthers (Time and Risk Management)By Vertical (Value)BFSIIT & TelecommunicationGovernmentEngineering & ConstructionHealthcareOthers (Manufacturing, etc.)By Region (Value)North AmericaSouth AmericaEuropeMiddle East & AfricaAsia Pacific
TOC Continued..
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