Pune, India, January 2019, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Project Portfolio Management Software Market.
Global Project Portfolio Management Software Market is expected to reach USD 10.8 Billion by 2032, registering a CAGR of 6.50% during the forecast period. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the coming years.
The growing demand for cloud-based project portfolio management (PPM) solutions and the need for comprehensive insights into project operations and resource management are leading to the growth of the global project portfolio management software market. Enterprises across the globe are finding it challenging to manage complicated projects. The challenges are largely related to resource allocation, time management, risk management, and cost management. In several countries, specifically in the US, China, Germany and even in developing countries like India, enterprises are spending significantly on various long-term projects and other challenges related to project management including project monitoring, budget allocation, resource allocation and time management. Therefore, these enterprises are shifting toward advanced project management software tools. Due to the growth in the demand for these solutions, a number of mid-size as well as large enterprises have started offering varied PPM tools and associated services to the enterprises across industry verticals. These providers offer solutions that can be deployed on-premise or on the cloud. Additionally, few vendors offer solutions with data analytics, helping project managers to make informed decisions over the lifecycle of the project.
The adoption of project portfolio management software is specifically increasing across industry verticals such as healthcare, manufacturing, and energy & utilities. Also, with the entry of various project portfolio management software providers in the market, end users have various vendors to choose from before selecting the suitable one. This is leading to a high degree of competition in the market. Furthermore, with the introduction of more affordable and comprehensive solutions, the popularity of PPM tools is increasing. All these developments in the market are expected to drive the market forward during the forecast period.
The Global Project Portfolio Management Software Market has been segmented on the basis of Component, Deployment, Organization Size, Vertical, and Region.
Based on component, the project portfolio management software market has been segmented into solution and services. The services segment includes professional services such as training, consulting, and maintenance services. The solution segment accounted for the larger share in 2018, in the global project portfolio management software market, due to their continuous adoption, by both large enterprises and SMEs. Also, due to the presence cloud-based PPM tools, the implementation of these solutions is expected to be high in the forecast period.
Based on deployment, the project portfolio management software market is categorized into on-premise and cloud. The on-premise PPM solution segment accounted for the larger share in 2018. However, in the coming years, a cloud-based PPM solution is expected to register a higher CAGR, and it is expected to gain a higher share at the end of the forecast period, surpassing the market share of on-premise solutions. The reason for the same is the high implementation of cloud-based solutions due to its several advantages such as flexibility, affordability, scalability and minimum maintenance among enterprises of all sizes.
Based on organization size, the project portfolio management market has been segmented into small and medium enterprises and large enterprise. The small and medium enterprises segment is expected to register a higher CAGR during the forecast period. The reason for the same is the high investments by small and medium enterprises in digitization and automation.
Based on vertical, the project portfolio management software market has been segmented into retail and consumer goods, energy & utilities, media and entertainment, healthcare, it and telecommunication, transportation and logistics, manufacturing and others. The healthcare segment is expected to register the highest CAGR during the forecast period, 2023-2032.
The Key Players of the Global Project Portfolio Management Software Market are Oracle Corporation (US), Microsoft (US), Planview, Inc. (US), SAP (Germany), Broadcom (US), Changepoint Corporation (US), Micro Focus (UK), Workfront, Inc. (UK), Sopheon (US), HEXAGON (Sweden), Upland Software, Inc. (US), Planisware (US), Keyedin Projects (US), One2Team (US), and MEISTERPLAN (Germany)
The regional analysis for the global project portfolio management software has been conducted for North America, Europe, Asia-Pacific, and the Middle East & Africa, and South America.
The market in North America accounted for the largest market share in 2018, and it is expected to register high growth during the forecast period. The key driving factors for the growth of the project portfolio management software market in the region include the growing demand for such solutions among enterprises operating in the US, Canada, and Mexico.
The market in Asia-Pacific is expected to register the highest CAGR during the forecast period. For the purpose of analysis, Asia-Pacific has been divided into China, Japan, India, and the rest of Asia-Pacific. This growth can be attributed to the growing adoption of PPM tools and solutions, primarily by the manufacturing and healthcare sectors in the region.