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(IT-NEWSWIRE.COM, September 03, 2024 ) The Project Portfolio Management market is experiencing significant growth, with its size expected to increase from USD 4.8 billion in 2023 to USD 6.3 billion by 2028, representing a Compound Annual Growth Rate (CAGR) of 5.5%, according to a research report by MarketsandMarkets. This growth reflects the rising demand for tools and techniques that facilitate effective project management within organizations.
Understanding Project Portfolio Management (PPM)
Project management involves the use of specific tactics, tools, and methods to achieve project goals. These projects are typically temporary, with defined timelines and deliverables. However, Project Portfolio Management (PPM) takes this a step further by linking individual projects to the broader organizational strategy. PPM software allows organizations to plan, evaluate, and manage portfolios of related projects, helping them to choose projects that align with their overall objectives and maximize business value.
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Key Benefits of PPM Software
PPM software offers several advantages, including:
Resource Management: It helps in managing expenses, allocating resources, and distributing tasks efficiently.
Decision-Making: By providing reliable information and scoring models, PPM software assists in making informed decisions about which projects to prioritize.
Stakeholder Reporting: It facilitates clear communication and reporting to stakeholders, project managers, and project management offices (PMOs).
Project Evaluation: Projects that are not contributing to business goals can be quickly identified and removed from the portfolio, ensuring that resources are focused on the most impactful initiatives.
Market Segmentation Insights
By Component: Services Segment Leads with Highest CAGR
The PPM market is divided into solutions and services. The services segment, which includes consulting, implementation, training, support, and maintenance, is expected to witness the highest CAGR during the forecast period. As organizations seek to understand their unique requirements before implementing PPM solutions, the demand for professional consulting services is projected to rise. These services help organizations select the best solutions to manage projects effectively, reduce resource overload, and enhance teamwork.
By Deployment Mode: On-Premises Segment Dominates Market Share
The market is also segmented by deployment mode into cloud and on-premises. The on-premises segment is expected to account for the largest market share during the forecast period. Organizations deploying PPM software on-premises benefit from enhanced security, which is particularly important for large enterprises handling sensitive data. However, small and medium-sized enterprises (SMEs) often opt for cloud-based solutions due to budget constraints, which is expected to drive growth in the cloud/SaaS segment.
Regional Analysis: North America Leads the Market
North America is projected to hold the largest market share during the forecast period, driven by a competitive business environment and the high adoption of PPM solutions. The region is home to major market players like Oracle, Microsoft, Planview, and Broadcom, who are at the forefront of innovation in PPM solutions. The strong focus on strategic alignment and project management excellence in North America is expected to continue driving demand for PPM solutions.
Key Players in the PPM Market
Leading companies in the PPM market include:
Oracle Corporation (US)
Planview (US)
Broadcom (US)
SAP (Germany)
Microsoft Corporation (US)
Adobe Inc. (US)
Hexagon (Sweden)
ServiceNow (US)
Upland Software (US)
Atlassian Corporation (US)
GFT Technologies (Germany)
Micro Focus (UK)
Planisware (US)
Sciforma (US)
Sopheon (US)
These companies are expected to play a crucial role in shaping the future of the PPM market through continuous innovation and strategic partnerships.
MarketsandMarkets™
Mr. Rohan Salgarkar
1-888-600-6441
sales@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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