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.
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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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.
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.
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.
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.
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.
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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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.
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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