CHICAGO, April 21, 2022 /PRNewswire/ — According to a research report “Project portfolio management Market with Impact of COVID-19 by Component, Mode of Deployment, Organization Size (SMB & Large Enterprise), Vertical (Energy & Utilities, Government & Defense, and IT & Telecom) & Region – Global Forecast to 2027″, released by MarketsandMarkets™, Project Portfolio Management market size is expected to grow from $4.7 billion in 2022 at $6.5 billion by 2027, at a compound annual growth rate (CAGR) of 6.7% over the forecast period.
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Project Portfolio Management is a senior management discipline that drives strategic execution and maximizes business value creation by selecting, optimizing, and overseeing project investments that are aligned with business objectives and strategies. It is the centralized management of one or more portfolios that enables senior management to achieve organizational goals and objectives through effective portfolio, project, programmer, and operational decision-making. Portfolio management is the prioritized and strategy-based collection of all of an organization’s projects and programmers that are balanced against the resources available to complete them.
Solutions segment is estimated to have the largest market size during the forecast period
The fundamentals of managing a project from start to finish requiring a team of individuals with different talents and skills. For organizations with many concurrent projects, PPM software is used to ensure that all projects have the right manpower to complete on time, while staying on budget. With capabilities such as resource management; schedule management; demand management; project planning and management; project collaboration; Portfolio Management; Financial direction; and demand management, the PPM solution helps organizations meet their business optimization needs. PPM can be used to bring about changes in an organization and create a flexible structure within the organization in terms of project execution. In this way, the change will not be a threat to the organization. PPM vendors actively invest in advanced technologies to enhance their solution capabilities and meet the needs of their customers across different verticals.
The large enterprise segment is adopting project portfolio management at a higher rate
Organizations with 1,000 or more employees are classified as large enterprises. The adoption of PPM solution in large enterprises would be high compared to SMBs. This is due to the availability of advanced infrastructure facilities and high economies of scale that allow organizations to take advantage of the PPM solution. In today’s highly competitive world, large companies are working hard to capture more market share. They constantly undertake multiple projects to add new product lines or improve and replace existing products/processes. To achieve economies of scale and scope, companies may want to leverage their resources for new technologies, processes, and products. In addition, due to increasingly intense international competition, the prospect of managing multiple projects has become a critical competitive issue.
Consumer Goods and Retail Vertical Expected to Hold Higher Market Share
The consumer goods and retail industry is gaining momentum in adopting PPM solution and services to improve revenue margin and increase business ROI. Retailers are embracing all new innovative technologies, such as location-based marketing and localization of internal work from floor to floor, to attract customers and take full advantage of online business opportunities. , which are vulnerable to various business complexities. Consumer goods companies face the almost unique challenge of managing the scale and speed of their project portfolios. Additionally, with retail asset supply chain disruptions during COVID-19 shutdowns, the demand for a robust solution to track and manage assets and resources, such as finance and labor. available work also increases. According to Avasant’s 2020 Coronavirus Impact Index study, the COVID-19 pandemic has had a severe impact on workforces and supply chains in the retail industry.
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North America Dominate the Project Portfolio Management Market in 2022
Technological advancements in cloud and mobile technologies are expected to fuel the demand for PPM solutions and services among key enterprises in the world. North America. The presence of a huge IT industry in this region is the main driver for the PPM solution in this region. Countries like the United States and Canada are the main contributors to the growth of this region. Companies in this mature market are open to various partnerships, collaborations, mergers and acquisitions to enrich their product range. All the major players in this market are headquartered in this region. Oracle, Microsoft, Planview and Broadcom are the major market players in this segment. The PPM market in North America is currently the largest revenue generator compared to other regions.
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the Project Portfolio Management Market is dominated by companies such as Oracle (US), Planview (US), Broadcom (US), SAP (Germany), Microsoft (US), Workfront (US), Hexagon (Sweden), ServiceNow (US), Upland Software (US), Micro Focus (UK), Planisware (France), Sciforma (US), Sopheon (US), Cerri (Swiss), Keyedin Projects (USA), One2Team (USA), Onepoint Projects (Austria), Miesterplan (Germany), Intelit Smart Group (Brazil), Bestoutcome (UK), Project Objects (Ireland), Workotter (US), Smartsheet (US), Celoxis (India), Wrike (US), Asana (US), Monday.com (Israel) and Cherwell (USA).
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