The global project portfolio management market is estimated to attain USD 8.85 billion by 2025, according to a new report by Grand View Research, Inc. The growing trend of BYOD, among businesses, is expected to improve employee productivity and real-time project monitoring; thereby, making it feasible to implement project and portfolio management solutions.
Multi-regional businesses are fueling the demand for project and portfolio management solutions to foster effective decision-making and prevent project complexities. The extensive use of project and portfolio management solutions in data analytics, to offer convenient services to customers at low costs, in the BFSI and IT & telecom sectors is anticipated to drive the market growth.
Emerging businesses that adopt cloud-based services, mainly in developing economies such as Asia Pacific, are expected to fuel the growth of project and portfolio management market over the forecast period. Further, facilities, such as low setup costs, improved security, and increased collaboration opportunities, provided by the cloud-based solutions are expected to increase business productivity and overall growth of an organization.
Further Key findings from the study suggest:
Increasing complexity in banking operations, due to increased multi-regional operations and outsourcing activities, is anticipated to elevate the demand for PPM solutions in the BFSI application segment
The BFSI segment dominated the application segment of the project and portfolio market in 2015 and is presumed to grow at a CAGR of 12% over the forecast period
The new product development segment is estimated to be the fastest-growing solution segment in 2015 and is expected to witness a CAGR of 15% over the forecast period
Technological advancements in cloud and mobile technologies are anticipated to enable increased investment in the new product development segment for creating applications that can be used on-the-go
The services segment is further segregated into support & consulting services, integration & deployment, and training & education
The deployment of cloud-based solutions stimulates easy service delivery, owing to their virtual presence that aids organizations in accessing data, anytime, across connected devices
The Asia Pacific region is expected to contribute, significantly, to the industry growth, due to the emerging Small and Medium Enterprises (SMEs) and increasing adoption of BYOD. The regional market is predicted to grow at a CAGR of 14% over the next nine years.
The key industry participants include CA, Inc., Celoxis Technologies Pvt. Ltd., Changepoint Corporation, HP Development Company, L.P., Innotas, Planview Corporation, Planisware, Microsoft, Oracle, and Workfront, Inc., among others