The global Project Portfolio Management market (hereafter referred to as the researched market) was valued at USD 4,908. 4 million in 2021, and it is expected to reach 6,284 USD. 3 million by 2027, registering a CAGR of 4.
New York, May 03, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Global Project Portfolio Management Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https:/ /www .reportlinker.com/p06272916/?utm_source=GNW
1% during the period 2022-2027 (hereinafter referred to as the forecast period).
Project Portfolio Management (PPM) is the centralized management of the organization’s projects. While these projects may or may not be related to each other, they are centrally managed, known as a portfolio, having the key benefit of overseeing and managing all competing resources. Project portfolio management is a strategy that evaluates potential projects based on their potential successes and risks, then designates resources, personnel, and timelines in an approach that maximizes organizational performance. It also includes high-level controls and monitoring to ensure a direct relationship between ongoing projects and overall business strategies and goals.
The implementation of project portfolio management solutions offers various advantages to companies. It ensures alignment between the objectives of the organization and the projects; eliminates personal biases from project planning; facilitates decision making around project conflicts; assists the project management office in declining projects that are not aligned with business priorities; emphasizes the importance of focusing on a long-term vision; helps integrate governance and oversight into project management.
Vendors in the market offer different types of project portfolio management tools and solutions with a variety of features. Proper fit of tools is crucial to business requirements. These tools offer features like easy-to-access dashboards, project planning, requirements management, collaboration, task management, budget and issue management, and status tracking.
Implementing project portfolio management can be a complex and challenging process. Portfolio managers must overcome many challenges, from hiring new employees to training the team on new procedures as well as organizing and prioritizing existing projects and data.
Amid the COVID-19 pandemic, the reliance on digital solutions has increased dramatically and is unlikely to decline even in the post-pandemic era. It is evident that companies intend to exploit digital channels that could complement and further strengthen their relationships with their customers.
Project portfolio management solutions have helped achieve organizational goals by managing a variety of projects remotely during the COVID-19 pandemic. Project collaborations such as virtual meetings and video conferences, file sharing and synchronization, project status tracking and reporting were the essential elements provided by PPM solutions for effective project management.
Main market trends
Recent changes in work culture and move towards remote teams to drive the market
The future of work and work culture embraces change, and the idea of the office has gradually diminished. While startups and new businesses have generally supported the concept of constant change, large corporations around the world are also forced to grapple with this same concept.
The office model has evolved, as evidenced by companies such as Twitter, Facebook, Square, Shopify and others announcing permanent work-from-home policies. Many other companies are likely to offer hybrid models. Communication has changed; even in the office, the ways of working with colleagues have evolved considerably over the past few years and have accelerated further towards a largely digital approach due to COVID-19. This includes email, Slack, work-sharing project management tools such as Workday, etc.
Virtual teamwork is becoming increasingly popular. For example, Harvard Business Review cited that in the survey of 1,700 knowledge workers, 79% said they always or frequently work in dispersed teams. As the popularity of virtual and distributed teams grows, several types of virtual teams have developed.
The new trend of empowerment across industries affects multiple roles in the organization and typically requires collaboration and communication across geographically distributed offices and teams. Resources are limited and managers are held accountable for their judicious use.
Furthermore, organizations’ stakeholders are increasingly demanding visibility on the value of their major projects and their service and support work. Business units that once only approved a project charter and budget now require updates to plans and to see metrics that prove actual performance.
North America will account for the largest share
North America is expected to have a large revenue share compared to other regional markets. Due to the region’s financial situation, significant investments in advanced technologies and resources for efficient project execution can be undertaken. Furthermore, the strong presence of several well-known project portfolio management solution vendors in North America such as Microsoft Corporation, Oracle Corporation, and Workfront is expected to significantly boost the market growth in this area.
North America is a hugely developed market, with several companies working on project portfolio management tools. Bulk data integration techniques and tools are most effectively implemented to identify data timing patterns in critical end users such as BFSI or government initiatives.
Companies are working on project portfolio management tools. Integration techniques and tools are currently being implemented most effectively to identify data synchronization patterns in critical end users such as BFSI or government initiatives. North America is a considerably developed market.
Growing IT budgets in this region are also one of the major drivers of market growth. According to the research, the Future State of IT indicates that the number of companies planning budget increases will skyrocket in 2022, and expectations for budget growth have increased significantly from previous years. Overall, 53% of businesses in North America. Among companies planning to increase technology spending in 2022, IT budgets are expected to increase by 26% (31% in North America vs. 21% in Europe) on average.
In 2022, the top driver driving companies to increase budgets is a high priority for IT projects (49%), indicating that multi-year modernization efforts accelerated by remote working and a steady shift to services based on the cloud have eroded legacy technology.
The global project portfolio management market is fragmented, with many major players vying for market share. The change in the working environment has also resulted in increased competition among players.
July 2021 – Asana, Inc. announced its Asana app, which hosts over 1400 essential tools to boost productivity and collaboration. The Asana app can dispatch teams, drive meeting workflows, and collaborate effortlessly.
February 2021 – Atlassian acquires Chartio, a cloud-based visualization and analytics solution based in San Francisco and Blacksburg, Virginia. The acquisition will help new data analytics and visualization engines across their products, starting with the Jira family.
The Market Estimate (ME) sheet in Excel format
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