LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global cloud-based project portfolio management market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global cloud-based project portfolio management market will grow at a CAGR of around 14% during the forecast period. Increasing requirements for large-scale project management is a major factor driving the market’s growth.
At present, organizations are concentrating on cultivating and managing the resources necessary for efficient product outputs, which increases the requirements for efficient solutions for large-scale project management. The main purpose of the cloud-based project portfolio management software is to automate processes to ensure maximum outputs by managing resources and maintaining a regular follow-up.
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In this report, Technavio highlights the interlinking of software with project portfolio management as one of the key emerging trends driving the global cloud-based project portfolio management market:
Interlinking of software with project portfolio management
There has been an increase in the demand for project portfolio management software in the market. This has caused the stakeholders in several businesses to demand new features in the software to increase their productivity. One of the major trends identified in the global cloud-based project portfolio management market is the interlinking of multiple software to match the requirements of the business.
At present, cloud-based project portfolio management software is deployed by several enterprises to give people access to documents, data, and reports from multiple devices at multiple locations. With all the dat a accessible centrally by numerous users, the accountability of the system will increase. This will provide enterprises with an instant overview of what everyone is working on.
“Interlinked project portfolio management software will allow the users to update data in real time and will end the complication of sending endless email attachments of the same document. Also, the implementation of cloud-based project portfolio management will enhance the company's assurance for up-to-date data,” says a senior analyst at Technavio for research on enterprise application.
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Global cloud-based project portfolio management market segmentation
This market research report segments the global cloud-based project portfolio management market into the following end-users (manufacturing, ICT, healthcare, BFSI, and others) and key regions (the Americas, APAC, and EMEA).
In 2017, the manufacturing segment dominated the global cloud-based project portfolio management market, with a market share of approximately 34%. It was followed by the ICT segment, the healthcare segment, and the BFSI segment respectively.
In 2017, the Americas dominated the global cloud-based project portfolio management market with a market share of close to 48%. The Americas is expected to dominate the market throughout the forecast period. However, the emerging economies in APAC are expected to become the most significant markets for cloud-based project portfolio management solutions during the forecast period.
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