Project Portfolio Management Market worth $6.5 billion by 2027 - Report by MarketsandMarkets™

Chicago, Sept. 07, 2022 (GLOBE NEWSWIRE) -- 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, according to a new report by MarketsandMarkets™.

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Scope of the Report:

On-premises solutions require large infrastructure and a personal data center. Only those organizations that can afford these costs, usually deploy on-premises PPM solutions. The dominant trend in the software industry for the past several years has been the move from traditional on-premises licensed software to cloud-based software as a service. However, large enterprises prefer the on-premises deployment mode, due to the availability of adequate capital and good infrastructure. Furthermore, large enterprises can expand their IT resources for managing the on-premises PPM solutions. The on-premises deployment mode helps organizations in securing their sensitive data and provides real-time access to documents related to the projects. However, SMEs, generally, do not opt for the on-premises deployment mode, owing to their budget limitations and inadequate resources.

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There are several types of PPM software available, such as Microsoft Project and PPM, Celoxis, SAP PPM, HP PPM, Portfolio of Jira, Planisware, and VersionOne. This software enables teams to achieve the best possible results from their projects. It combines project management, workflow automation, and real-time collaboration. Users can easily customize their dashboards and user interface and integrate them with task management and team communication apps to ensure that the PPM software is tailored to their needs. It has customizable components, such as dashboards, workflows, and automation, to provide flexibility to different teams. Real-time collaboration via commenting, notifications, live editing, and dynamic reports enables easy information sharing at any time. PPM is the centralized management of the processes, methods, and technologies used by project managers and PMOs to analyze and manage current or proposed projects based on a variety of key characteristics. PPM's goals are to determine the optimal resource mix for delivery and to schedule activities to best achieve an organization's operational and financial goals while respecting constraints imposed by customers, strategic objectives, or external real-world factors. Portfolio management standards include the Project Management Institute's framework for project portfolio management and the Office of Government Commerce's Management of Portfolios. Organizations and their stakeholders implement PPM software and associated services to manage multiple projects. They also maximize the impact of each project by making the best utilization of business resources. PPM solution offers features, such as workflow management, task management, collaboration, resource management (skill management, capacity planning, and forecasting), time tracking, portfolio management, demand/Idea management, budgeting, and risk management. PPM gives program and project managers in large, program/project-driven organizations the tools to manage the time, resources, skills, and budgets required to complete all interrelated tasks. It provides a framework for problem resolution and risk mitigation. It helps centralize the visibility to assist planning and scheduling teams.

The Project Portfolio Management Market, by verticals, has been segmented into energy & utilities, government & defense, IT & telecom, banking, financial services and insurance, manufacturing, healthcare & lifesciences, consumer goods & retail and others. Other vertical includes, transportation, and logistics, and marine and shipbuilding. Energy & utilities vertical is known for its large capital and turnaround projects. The vertical includes oil and gas, power, metal, and mining companies who at present are undergoing a major digital transformation, triggered by the changing role of the consumers. From project to project, issues can be inconsistent and often difficult to predict. For instance, demobilization of workforce and disruptions in supply chain of components involved in Renewable Energy (RE) projects with the increase in COVID-19 lockdowns across geographies led to delays in project completion and cost overruns causing heavy financial losses. The global IT & telecom market is increasing in leaps and bounds with the increasing software development and dependency globally. Moreover, the global IT spending has also increased considerably in the last two decades. The manufacturing sector witnessed a huge demand for PPM solutions, as there is a crucial need to streamline and automate manufacturing processes. It ensures the correct allocation of budget and resources, utilization of devices and equipment, project hierarchy, and strengthens efficient decision-making at every stage of the manufacturing process. It mitigates the risk of projects or cost overruns and takes into account the required contingencies in the project. The PPM solution helps meet the need of the increasing workforce mobility trend by providing them with effective collaboration and communication for effective manufacturing functions.

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The Project Portfolio Management Market across North America, Europe, APAC, MEA, and Latin America. The presence of key players, such as Oracle, SAP, Microsoft, Planview contributes to the growth of the market. North America constitutes the largest market for PPM because this solution has already penetrated the region. In this well-knitted economy, PPM systems have sound deployment base. Hence, technology adoption and subscription renewal are the existing revenue streams in this region. The high market share of PPM in the region is supplemented by huge spending (approximately USD 2 trillion) on projects every year, which accounts for one-fourth of all the regions. Moreover, the emergence of technologies, such as cloud computing and BYOD, has enforced the end users to adopt much more sophisticated PPM with evolving integration platforms. Europe is expected to hold the second highest market share of the PPM market after North America, as enterprises are juggling between several projects and require more skilled and organized way of working on these projects and tracking them. Specifically, countries such as the UK, Germany, and France are the major contributors from this region. The increasing need for integration into virtualized environment and the introduction of cost-effective. 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 Project Portfolio Management Market is expected to gain significant traction in the emerging economies of APAC. The growth in this region is driven by a mixture of transformational government projects and the adoption of high-speed internet connectivity. The PPM market in the region is one of the fast-growing markets about consistent ongoing deployments by SMEs. Latin America is growing at a slow but steady pace when it comes to technological advancements. Need for training health workers and employees on new COVID-19 standards and protocols for safe and productive task and project management is driving the demand of robust technologies in the region. World Bank has also deployed USD 2 billion in Latin American and Caribbean region to enable partners and the private sector to work together to address supply chain issues and delivery.

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