|Oracle Corporation (US)|
|Planview Inc. (the US)|
|Changepoint Corporation (US)|
|Micro Focus (UK)|
|Workfront Inc. (UK)|
|Upland Software Inc. (the US)|
|Keyedin Projects (US)|
|Market Driving Forces|
|A large number of verticals are deploying such solutions across the globe|
|which is driving the market.|
Project Portfolio Management Software Market Scope:The global Project Portfolio Management Software Market is expected to grow at a 6.4% CAGR to USD 5.10 Billion by 2030.
With the growing complexity of projects and the need to effectively manage them, the demand for project portfolio management software is significantly increasing. A project portfolio manager is responsible for managing the entire project. A project manager foresees the project in order to confirm that the resources for the project are allocated optimally as well as the project is running under the specified budget. With large projects, it becomes highly complicated to manage each element of the project manually and hence the need for automation. Project portfolio management (PPM) software offers features for managing the project throughout its lifecycle. Project portfolio management software helps project managers to effectively manage the entire project lifecycle. Project portfolio management software and tools track the project’s schedule, provide executive-level business insights, help the managers to allocate resources efficiently, resolves performance issues, and efficiently access risks. The software provides data and transparency into the projects for identifying risks, and also for quantifying them. An effective PPM tool helps in tracking the project’s health indicators (such as return on investment) and identify any discrepancies.
The vendors operating in this market offer integrated software suite, toolkits, and services to manage the project lifecycle in terms of resource, budget, and time allocation. For instance, monday.com is an Israel-based software development company that offers project portfolio software, at an affordable cost and can be effectively deployed by small and medium enterprises. The company allows project managers to allocate and prioritize tasks, and track multiple projects using dashboards that provide high-level insights in a graphical format. The platform is completely customizable, so the project manager is able to adjust it in accordance with the workflow. Similarly, Celoxis offers a PPM tool which is a comprehensive software solution and work collaboration platform used by a number of brands such as HBO, Rolex, Virgin Care, Adobe, Staples, LG, and Deloitte. It is an easy-to-use solution and is therefore adopted by enterprises of all sizes.
Project Portfolio Management Software Market Synopsis:
The Global Project Portfolio Management Software Market has been segmented on the basis of Component, Deployment, Organization Size, Vertical, and Region.
|Market Size||USD 5.9 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, Deployment|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Oracle Corporation (US), Microsoft (US), Planview, Inc. (the US), SAP (Germany), Broadcom (US), Changepoint Corporation (US), Micro Focus (UK), Workfront, Inc. (UK), Sopheon (US), HEXAGON (Sweden), Upland Software, Inc. (the US), Planisware (US), Keyedin Projects (US), One2Team (US), and MEISTERPLAN (Germany).|
|Key Market Opportunities||The presence of a number of vendors in North America, offering comprehensive solutions to the enterprises, thereby driving the overall market in the region.|
|Key Market Drivers||A large number of verticals are deploying such solutions across the globe, which is driving the market.|
The global Project Portfolio Management Software is expected to record a substantial market valuation of USD 5.9 billion over the review period.
The global Project Portfolio Management Software is projected to register a moderate 6.3% CAGR in the forecast period.
The solution segment is slated to expand as the fastest-growing segment.
The APAC region is expected to witness the highest growth over the review period.
A few major market players operating in the global Project Portfolio Management Software are Oracle Corporation (US), SAP (Germany), Microsoft (US), Planview, Inc. (the US), among others.
The software provides data and transparency into the projects for identifying risks, and also for quantifying them. An effective PPM tool helps in tracking the project’s health indicators (such as return on investment) and identify any discrepancies.
North America occupies the largest share in the project portfolio management software market.
During the forecast period, the Project Portfolio Management Software Market is expected to grow at a 6.3% CAGR.