Growing demand for cloud-based PPM solution to gain a birds view on project operations and resource management are expected to drive the growth of the PPM market
The global Project Portfolio Management (PPM) market size is expected to grow from USD 4.0 billion in 2019 to USD 5.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period. The PPM market is driven by various factors, such as the growing need to leverage agile methodologies to control project costs, reduce project failure rate, and to gain end-to-end project transparency. However, concerns of organizations related to data confidentiality can hinder the growth of the market.
The healthcare and life sciences segment to grow at the highest CAGR during the forecast period
Strategic planning plays a crucial role in the healthcare and life sciences vertical, particularly when implementing and operationalizing an Electronic Health Record (EHR). With the increasing demand in of PPM solution and services in the healthcare vertical for Information Technology (IT) projects management, reducing medical reimbursements, and the movement toward value-based purchasing, healthcare institutions are implementing PPM solution to control their CAPEX and OPEX, which results in long-term benefits. Moreover, the PPM solution ensures that projects of healthcare organizations are conducted in a disciplined and consistent manner.
The consulting and implementation services segment to account for highest market share during the forecast period
Consulting and implementation services provide ease to organizations in selecting the right PPM solution that aligns with their business-specific requirements. Since, there is no one-size-fits-all PPM solution, which can be deployed by organizations to manage multiple complex projects, vendors offer consulting services for end users to be able to customize the PPM solution as per their demand. In the aftermath of selecting the approproiate PPM solution, end users face the challenge of implementing the modern PPM solution with legacy IT systems and solution suites. Hence the demand for consulting and integration services is on the rise and is anticipated to grow further during the forecast period.
APAC expected to grow at the highest rate during the forecast period
The PPM market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period, due to a growth in the demand for technologically driven PPM solution and services. The PPM solution enables organizations to improve their project operations by eliminating unwanted multi-tasks and reducing resource overload. The APAC region is expected to experience extensive growth opportunities during the forecast period. Australia and New Zealand (ANZ), India, and China have emerged as undisputed leaders in the APAC PPM market.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the PPM market.
- By company type: Tier 1 – 38%, Tier 2 – 42%, and Tier 3 – 20%
- By designation: C-level – 40%, Director-level – 35%, and Others – 25%
- By region: North America – 35%, Europe – 40%, APAC – 15%, RoW – 10%
Major vendors offering PPM solution and services across the globe are-
Microsoft (US), SAP SE (Germany), Oracle (US), Broadcom (US), Hexagon (Sweden), Planview (US), Workfront (US), ServiceNow (US), Upland Software (US), Micro Focus (UK), Planisware (France), Sciforma (US), Clarizen (US), Sopheon (US), Changepoint (US), Cerri (Switzerland), KeyedIn Projects (US), One2Team (US), ONEPOINT Projects (Austria), Meisterplan (Germany), Bestoutcome (UK), and Intelit Smart Group (Brazil).
The study includes an in-depth competitive analysis of these key players in the PPM market, with their company profiles, recent developments, and key market strategies.
The market study covers the PPM market size across various segments. It aims at estimating the market size and the growth potential of this market across different segments, namely, component (solution and services), deployment mode, organization size, vertical, and region. The study further includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall PPM market and their subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
- The report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.