The project portfolio management market size is expected to grow from USD 4.7 billion in 2022 to USD 6.5 billion by 2027, at a compound annual growth rate (CAGR) of 6.7%

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during the forecast period. The project portfolio management market is gaining acceptance worldwide by businesses and enterprises. PPM solutions and related services are implemented by organizations and their stakeholders to manage multiple projects and maximize the impact of each project by making the best use of company resources.

New York, April 28, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Project Portfolio Management Market with COVID-19 Impact by Component, Deployment Mode, Organization Size, Vertical and region – Global Forecast to 2027” – https://www.reportlinker.com/p03629286/?utm_source=GNW

The services segment is expected to grow at a higher CAGR during the forecast period
Technological advancements have helped organizations improve their service operations on multiple fronts. Organizational change occurs whenever a company introduces new technology.

Some organizations put on blinders and focus only on technology, while others also deal with people and process issues. Before implementing a PPM solution, it becomes important for organizations to understand their specific needs and choose the right solution useful to manage projects, reduce resource overload and improve communication within the team.

On the basis of service, the PPM market is categorized into two segments: consulting and implementation services, and training, support and maintenance services. Vendors offering the PPM solution support their customers with a comprehensive set of services to deploy the solutions according to their needs and the existing IT infrastructure.

The training, support and maintenance segment is expected to grow at a higher rate
Training, support and maintenance services are given high priority in regulated industries due to the inherently hazardous nature of project operations. The increase in government regulations regarding worker safety drives the need to improve employee knowledge.

Various vendors offer training, support, and maintenance services along with their bundled software to better train employees. With the help of systemic training and live support, employees can better leverage solutions and ensure uninterrupted operations for organizations.

The last benefit of the services, but not the least, is from a financial point of view. Support and maintenance services allow users to stay in control of their expenses by deploying the PPM solution and services.

Maintenance fees are also the responsibility of users and are usually included in the monthly fees for PPM-related services.

The energy and utilities sector is expected to experience tremendous opportunities due to the need to comply with government regulations.

With multiple contractors, challenges with schedule integration, and risk associated with claims for project delays, it can be difficult to control costs. process and implement guidelines in the midst of unforeseen crises.

To expand their market share and stay competitive, organizations are choosing innovative PPM solutions to increase collaboration, better understand ongoing and critical projects, and as a result, take action to improve their processes.

North America to Dominate the Project Portfolio Management Market in 2022
The emergence of technologies, such as cloud computing and BYOD, has forced end users to adopt much more sophisticated PPMs with scalable integration platforms. Additionally, the huge impact of COVID-19 in North America with high morbidities, mortalities, and economic crisis has resulted in lower requests for new projects and discontinuation of ongoing projects.

With this, the demand for PPM solutions to manage critical projects while complying with new regulations is also increasing.

Growing demand for an agile solution in the growing work-from-home culture, project backlogs due to COVID-19 lockdowns, and huge IT infrastructure are expected to drive the adoption of the PPM solution and services in the region.

The massive impact of Covid-19 in the region, combined with high morbidity and mortality rates and an economic downturn, has led to a decrease in new projects and a halt to ongoing projects.

In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, in-depth primary interviews were conducted with the key people.

The distribution of the profiles of the main participants is as follows:
• By type of business: level I: 38%, level II: 42% and level III: 20%
• By designation: level C: 40%, level D: 35% and others: 25%
• By region: North America: 35%, Europe: 40%, APAC: 15%, Line: 10%

The report profiles the following major vendors:
Oracle (US), Planview (US), Broadcom (US), SAP (Germany), Microsoft (US), Workfront (US), Hexagon (Sweden), ServiceNow (US) ), Upland Software (USA), Micro Focus (UK), Planisware (France), Sciforma (USA), Sopheon (USA), Cerri (Switzerland), Keyedin Projects (USA), One2Team (US), One point Projects (Austria), Miesterplan (Germany), Intelit Smart Group (Brazil), Bestoutcome (UK), Project Objects (Ireland), Workotter (US), Smartsheet (US) United States), Celoxis (India), Wrike (United States), Asana (United States), Monday.com (Israel) and Cherwell (United States).

Research coverage
The Project Portfolio Management market is segmented by component, organization size, development mode, vertical, and region. By component, the project portfolio management market has been sub-segmented into solutions and services.

By organization size, the market has been sub-segmented into large enterprises and SMEs. By deployment type, the market has been segmented into cloud and on-premises.

By vertical, the market has been sub-segmented into energy and utilities, government and defense, IT and telecommunications, banking, financial services and insurance, manufacturing, healthcare and life sciences, consumer goods and retail and others. Other includes transportation and logistics, and marine and shipbuilding.
• By region, the market is segmented into North America, Europe, APAC, MEA and Latin America.

Key Benefits of Purchasing the Report
The report will assist market leaders/new entrants in the Project Portfolio Management market with information on the closest approximations of revenue figures for the overall Project Portfolio Management market and sub-segments. The report will help stakeholders to understand the competitive landscape and acquire more information to better position their businesses and plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides them with insights into key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p03629286/?utm_source=GNW

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