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.
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Increasing Adoption for Remote Working amid COVID-19 to Surge Demand
The 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 FACTORS
Increasing Adoption of Artificial Intelligence in Business Processes to Aid Growth
The 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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SEGMENTATION
BFSI Segment Held 24.8% Market Share in 2019
The 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 INSIGHTS
North America to Remain Dominant; Presence of Established Players to Augment Demand
Among 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 LANDSCAPE
Key Players Focus on Developing Advanced PPM Solutions to Brighten Their Market Prospects
The 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 Development
- October 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:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTLE Analysis
- Porter’s Five Force Analysis
- Ecosystem Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Provided for 10 players only)
- Overview
- Key Management
- Headquarters etc
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
- Global Project Portfolio Management (PPM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Software
- Services
- Integration and Deployment
- Training and Consulting
- Support and Maintenance
- By Deployment (Value)
- On-Premise
- Cloud-Based
- Hosted
- By Enterprise-Size (Value)
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- By Application (Value)
- Project management
- Portfolio management
- Demand management
- Resource management
- Financial management
- Others (Time and Risk Management)
- By Vertical (Value)
- BFSI
- IT & Telecommunication
- Government
- Engineering & Construction
- Healthcare
- Others (Manufacturing, etc.)
- By Region (Value)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (Value)
- Global Project Portfolio Management (PPM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
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