New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cloud Project Portfolio Management Global Market Report 2023" - https://www.reportlinker.com/p06319904/?utm_source=GNW
, Hexagon, Micro Focus, ONEPOINT Projects, and KeyedIn Projects.
The global cloud project portfolio management market grew from $6.31 billion in 2022 to $7.24 billion in 2023 at a compound annual growth rate (CAGR) of 14.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cloud project portfolio management market is expected to grow to $11.1 billion in 2027 at a CAGR of 11.3%.
The cloud project portfolio management market includes revenues earned by entities by providing solutions for monitoring projects’ progress in real-time and assisting organizations in making data-driven decisions for better outcomes.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Cloud project portfolio management refers to a complete integrated solution that improves organizations’ efficiency on projects.It is employed to handle the organization’s group of projects and processes that are selected and managed to offer better returns on project investments.
The portfolio is selected to fulfil the organization’s goals, and also allows the project team to manage the project’s overall risk.
North America was the largest region in the cloud project portfolio management market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the cloud project portfolio management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main component offered in cloud project portfolio management include solutions and services.Cloud project portfolio management solutions refer to cloud computing platforms, which provide portfolio management solutions for everything from applications to data centers on a pay-for-use basis.
They are deployed in small and medium enterprises and large enterprises through a private cloud, public cloud and hybrid cloud. These solutions are used by industries ranging from BFSI, healthcare & life sciences, it & telecommunication, manufacturing, government & public sectors, and other industry verticals.
High adoption of cloud analytics is expected to propel the growth of the cloud project portfolio management market.Cloud analytics refers to the application of analytic algorithms in the cloud against data in a private or public cloud.
These cloud analytics involves scalable cloud computing with analytics software to identify data in patterns and extract new insights.Cloud services offer the easiest ways for organizations to get involved in the cloud.
According to Gartner, a US-based consulting firm, the worldwide spending on public cloud services is estimated to increase from $332.3 billion in 2021 to $397.5 billion in 2022. Cloud application services are forecasted to reach $145.3 billion by the end of 2022. The spending on cloud services is expected to boost demand for cloud project portfolio management solutions during the forecast period.
Strategic partnerships are a key trend gaining popularity in the cloud project portfolio management market.Major companies operating in cloud project portfolio management are undergoing partnerships to strengthen their new product development activities and their position in the market.
For instance, in April 2020, Planview, a US-based provider of dashboards for portfolio management, resource management, project management, and request management, partnered with Cherwell, a UK-based provider of service and cloud-based IT service management solutions that help organizations’ IT teams to implement, automate, and upgrade service and support processes.The partnership demonstrates Cherwell ITSM and Planview Portfolio Management’s capacity to support shared clients in achieving business strategic and operational goals.
Additionally, the a US-based Upland Software firm pushed its corporate vision with PPM software and has already teamed up with the a US-based Microsoft software company.As a result of this collaboration, project team members can now interact, communicate, exchange documents, and arrange meetings straight from their PPM solution using Microsoft Teams and Upland’s interface.
Upland PowerSteering’s integration with Microsoft Teams reduces the risk of ineffective project communications and increases business productivity.
In March 2021, Symphony Technology Group, a US-based company focused on innovative software, data, and analytics, acquired Sciforma for an undisclosed amount.Through this acquisition, Symphony Technology Group is focused on improving its premier cloud service, while Sciforma’s laser will focus on providing the finest possible customer service combined with the extra financial support to speed up innovation even further.
Sciforma is a US-based software company that provides project and portfolio management.
The countries covered in the cloud project portfolio management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cloud project portfolio management market research report is one of a series of new reports that provides cloud project portfolio management market statistics, including cloud project portfolio management industry global market size, regional shares, competitors with a cloud project portfolio management market share, detailed cloud project portfolio management market segments, market trends and opportunities, and any further data you may need to thrive in the cloud project portfolio management industry. This cloud project portfolio management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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