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Project Portfolio Management Software Market expected to Witness a Sustainable Growth

Global Project Portfolio Management Software Market Research Report: By Component (Solution and Services), Deployment (Cloud and On-Premise), Organization Size (SMEs and Large Enterprise), Vertical (Retail and Consumer Goods, Energy & Utilities, Media and Entertainment, Healthcare, IT and Telecommunication, Transportation and Logistics, Manufacturing and others) and Region (North America, Europe, Asia-Pacific, South America, and Middle East and Africa) - Forecast till 2027

Market Analysis 

The global project portfolio management software market will touch 5.9 billion at a 6.3% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.

Drivers 

Growing Adoption of Cloud-Based Services to Boost Market Growth 

The growing adoption of cloud-based services for the remote monitoring of assignments may boost the market growth over the forecast period.

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Opportunities 

Increasing Need for Monitoring and Collaboration Tools to offer Robust Opportunities 

The increasing need for monitoring and collaboration tools will offer robust opportunities for the market over the forecast period.

Restraints 

Privacy and Security Issues to act as Market Restraint 

Privacy and security issues in case of cloud deployment are the key challenges that companies face while executing PPM solutions. This may act as a market restraint over the forecast period.

Challenges 

Cost and Complexity Issues to act as Market Challenges 

Cost and complexity issues involved with PPM solutions may act as market challenges over the forecast period.

Market Segmentation 

The project portfolio management software market is segmented based on component, deployment, organization size, and vertical.

By component, the solution segment will lead the market over the forecast period as large number of verticals is deploying these solutions across the globe.

By deployment, the on-premise segment will dominate the market over the forecast period while the cloud-based solution is likely to grow at a higher CAGR.

By organization size, the small and medium enterprise segment will grow at a high CAGR in the forecast period.

By vertical, the healthcare segment will have the lions share in the market over the forecast period.

COVID-19 Analysis 

Owing to the lockdown that has been imposed in most countries and the culture of work from home by most enterprises, the need for PPM software and services has expanded significantly for effective project tracking and execution. The PPM has specialized tools that help to strategize and execute projects.

 Regional Analysis 

North America to Have Lions Share in Project Portfolio Management Software Market 

North America will have lions share in the market over the forecast period. Increasing adoption of such tools by various verticals such as manufacturing and healthcare, significant investments by multinational companies in several high-profile projects, the presence of a large number of vendors that is offering comprehensive solutions to the enterprises, huge spending on projects every year, the emergence of technologies like BYOD and cloud computing that have enforced end users in adopting much more sophisticated PPM solutions with evolving integration platforms, early adoption of latest technologies and cloud-based solutions, and good financial positioning of the region, are adding to the global project portfolio management software market growth in the region.

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Key Players 

Eminent players profiled in the global project portfolio management software market report include Oracle Corporation (US), Microsoft (US), Planview, Inc. (the US), HEXAGON (Sweden), SAP (Germany), Broadcom (US), Changepoint Corporation (US), Micro Focus (UK), Workfront, Inc. (UK), Sopheon (US), Upland Software, Inc. (the US), Planisware (US), Keyedin Projects (US), One2Team (US), and MEISTERPLAN (Germany).

The project portfolio management software market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.

Industry Updates 

Aavenir has extended ServiceNow project portfolio management functionality for tracking actual project cost vs. budget cost in real-time for taking necessary preventive or corrective measures.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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