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(IT-NEWSWIRE.COM, January 05, 2023 ) According to a research report "Project Portfolio Management Market with COVID-19 Impact by Component, Deployment Mode, Organization Size (SMEs and Large Enterprises), Vertical (Energy & Utilities, Government & Defense, and IT & Telecom) and Region - Global Forecast to 2027" published by MarketsandMarkets, the project portfolio management market size is expected to grow from USD 4.7 billion in 2022 to USD 6.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period.
Browse 420 market data Tables and 56 Figures spread through 284 Pages and in-depth TOC on "Project Portfolio Management Market"
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The project portfolio management market is dominated by companies such as, Oracle (US), Planview (US), Broadcom (US), SAP (Germany), Microsoft (US), Workfront (US), Hexagon (Sweden), ServiceNow (US), Upland Software (US), Micro Focus (UK), Planisware (France), Sciforma (US), Sopheon (US), Cerri (Switzerland), Keyedin Projects (US), One2Team (US), One point Projects (Austria), Miesterplan (Germany), Intelit Smart Group (Brazil), Bestoutcome (UK), Project Objects (Ireland), Workotter (US), Smartsheet (US), Celoxis (India), Wrike (US), Asana (US), Monday.com (Israel), and Cherwell (US).
Project portfolio management is a senior leadership discipline that drives strategic execution and maximizes business value delivery by selecting, optimizing, and overseeing project investments that are aligned with business goals and strategies. It is the centralised management of one or more portfolios that enables executive management to meet organisational goals and objectives through efficient portfolio, project, programme, and operations decision making. Portfolio management is the strategy-based, prioritised collection of all projects and programmes in an organisation that are balanced against the resources available to complete them.
The solution segment is estimated to have the largest market size during the forecast period
The fundamentals of managing a project from start to finish requiring a team of individuals with different talents and skills. For organizations with many simultaneous projects, PPM software is used to ensure all projects have the right manpower to be accomplished by the agreed upon deadline, while staying within budget. With capabilities such as resource management; schedule management; demand management; project planning and management; project collaboration; portfolio management; financial management; and request management, the PPM solution helps organizations satisfy their business optimization needs. PPM can be used to bring out changes in an organization and create a flexible structure within the organization in terms of project execution. In this manner, the change will not be a threat to the organization. PPM vendors are actively investing in advanced technologies to improve their solution capabilities and serve the needs of their clients from different verticals.
The large enterprises segment is adopting project portfolio management at a higher rate
Organizations with 1,000 or more employees are categorized as large enterprises. The adoption of PPM solution in large enterprises is said to be high as compared to SMEs. This is due to the availability of advanced infrastructure facilities and high economies of scale that enable organizations to leverage the PPM solution. In today’s highly competitive world, large enterprises particularly leave no stone unturned to capture a higher market share. They are constantly undertaking multiple projects to add new product lines or improve and replace existing products/processes. To achieve economies of scale and scope, firms may want to leverage their resources for new technologies, processes, and products. In addition, because of the increasingly intense international competition, the perspective of multiple project management has become a critical issue for competition.
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The consumer goods & retail vertical is expected to hold a higher market share
The consumer goods & retail industry is gaining traction in the adoption of PPM solution and services in order to improve revenue margin and increase the RoI of the company. Retailers are in the surge of adopting all new innovative technologies, such as location-based marketing and internal work localization from one floor to another, to attract customers and take full advantage of online business opportunities, which are vulnerable to various business complexities. Consumer goods companies face an almost unique challenge of managing scale and speed in their project portfolios. Moreover, with disruptions in the supply chain of retail goods during COVID-19 lockdowns, the demand for a robust solution to track and manage goods and resources, such as finances and available workforce, is also rising. According to Avasant’s 2020 study on coronavirus impact index, the COVID-19 pandemic had a severe impact on personnel and supply chains in the retail industry.
North America to dominate the project portfolio management market in 2022
Technological advancements in cloud and mobile technologies are expected to fuel the demand for PPM solution and services among key enterprises in North America. The presence of huge IT industry in this region is the key driver of PPM solution in this region. Countries such as the US and Canada are the major contributors of growth in this region. Companies in this mature market are open for various partnerships, collaborations, mergers, and acquisitions to enrich their product line. All the top players in this market have their headquarters in this region. Oracle, Microsoft, Planview, and Broadcom are the key market players in this segment. The PPM market in North America is presently the largest revenue generator as compared to the other regions.
APAC has the largest CAGR of project portfolio management market in the forecast period
APAC being an emerging economy is witnessing dynamic adoption of new technologies, along with mandatory regulations imposed by government regulatory entities to adopt the best-in-class technology and standards. China and India in APAC being the major exporters and biggest hotspots for investments by the North American and European enterprises also suffered from project delays due to COVID-19 lockdowns. Hence, to utilize remaining workforce efficiently and track project deadlines whilst prioritizing critical projects, the PPM market is expected to gain significant traction in the emerging economies of APAC. The growth in this region is primarily driven by the rising project delays, shortage of workforce, many first-time users, and the growing awareness among the enterprises, especially those from BFSI and government sectors. In addition to this, other verticals such as manufacturing, engineering and construction, and oil and gas have also made a large contribution to the growth of this market.
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