DUBLIN--(BUSINESS WIRE)--The "Global Project Portfolio Management Market with COVID-19 Impact by Component, Deployment Mode, Organization Size (SMEs and Large Enterprises), Vertical (Energy & Utilities, Government & Defense, and IT & Telecom) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
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% during the forecast period.
Project Portfolio Management market is rapidly gaining acceptance worldwide by enterprises and corporates. PPM solutions and associated services are implemented by organizations and their stakeholders to manage multiple projects and maximize the impact of each project by making the best utilization of business resources.
The services segment is expected to grow at a higher CAGR during the forecast period
Advancements in technology have helped organizations enhance their service operations at multiple fronts. Organizational change occurs each time a business introduces new technology.
Some organizations put on blinders and focus only on the technology, while there are organizations that address people and process issues as well. Before implementing any PPM solution, it becomes important for organizations to understand their business specific requirements and choose the right solution helpful in managing projects, reduce resource overload, and improve team communication.
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 assist their clients through an extensive set of services to deploy the solutions as per their requirements 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 accorded a high priority in the regulated industries because of the inherently hazardous nature of project operations. Growing government regulations regarding ensuring workers' safety lead to the need for improving the knowledge of employees.
Various vendors are offering training, support, and maintenance services, along with their bundled software, to better train employees. With the help of systemic training and live assistance, employees can better leverage the solutions and ensure uninterrupted operations for organizations. The last but not least benefit of the services is from the financial point of view.
Support and maintenance services enable users to maintain control over their expenditure by deploying PPM solution and services. The maintenance fee is also borne by the users and is usually included in the monthly charges for PPM related services.
The energy & utilities vertical is expected to witness huge opportunities due to the need comply with government regulations. With multiple contractors, challenges with schedule integration, and risks associated with claims regarding project delays, it can be difficult to control cost.
Hence, organizations operating in this vertical are rethinking their business strategies more closely to find new ways to improve operations, automate business processes, and implement guidelines amidst unforeseen crises.
To expand their market share and remain competitive, organizations are choosing innovative PPM solutions to increase collaboration, gain deeper insights into ongoing and critical projects, and consequently, take measures 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 enforced the end users to adopt much more sophisticated PPM with evolving integration platforms.
In addition, huge impact of COVID-19 in the North America with high morbidities, mortalities, and economic crisis has led to a decline in the demands of new projects and halt of ongoing projects. With this, the demand of PPM solutions to manage critical projects while complying with new regulations is also rising.
The growing demand for an agile-based solution in the rising work from home culture, project pile-ups due to the COVID-19 lockdowns, and a 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 resulted in a decrease in new projects and a halt to ongoing projects.
Premium Insights
- Solution Segment to Drive Growth of Project Portfolio Market
- Drastic Geographic Change and Technological Evolution to Drive Market Growth
- Large Enterprises Segment to Hold Larger Market Share During Forecast Period
- Cloud Segment to Hold Larger Market Share During Forecast Period
- Asia-Pacific to Emerge as Best Market for Investments in Next Five Years
Market Dynamics
Drivers
- Gaining 360-Degree View into Project Operations and Resource Management
- Growing Demand for Cloud-Based Ppm Solutions
Restraints
- Concerns of Organizations Related to Data Confidentiality
Opportunities
- Reducing Project Costs and Project Failure Rate by Embracing Agile Methods
Challenges
- Selecting Right Solutions That Align with Organization's Business Needs
- Blending Modern Ppm Solutions with Legacy Systems
Use Cases
- Use Case 1: Schweizer Electronic AG Chose Daptiv Ppm Solution of Changepoint to Manage Portfolio and Align It
- Use Case 2: Zhongda Testing Implemented Oracle Ppm Solution to Strengthen Cost Control and Boost Profitability
- Use Case 3: Rbs Deployed Planview Enterprise One to Speed Up Delivery Process and Eliminate Infrastructure Management
- Use Case 4: Basware Reduced Revenue Leakage by 75% After Implementing Planview Enterprise One and Projectplace
Technology Analysis
- Artificial Intelligence
- Big Data and Analytics
- Machine Learning
- Internet of Things
Company Profiles
- Oracle
- Planview
- Broadcom
- Sap
- Microsoft
- Workfront
- Hexagon
- Servicenow
- Upland Software
- Micro Focus
- Planisware
- Sciforma
- Sopheon
- Cerri
- Keyedin Projects
- One2Team
- Onepoint Projects
- Meisterplan
- Intelit Smart Group
- Bestoutcome
- Project Objects
- Workotter
- Smartsheet
- Celoxis
- Wrike
- Asana
- Monday.Com
- Cherwell
For more information about this report visit https://www.researchandmarkets.com/r/l80kzy
