Rising project delays, geographically scaterred workforce, and need to review proect goals after major COVID-19 impact to drive the project portfolio management market
The global Project Portfolio Management (PPM) market is expected to grow from USD 4.2 billion in 2020 to USD 5.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.0% during the forecast period. Major growth drivers of the market are need to gain a 360-degree view into project operations and resource management and the growing demand for cloud-based PPM solutions.
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.
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 rising demand of personal protective gears and management of medical supply chain in the COVID-19 situation along with the need for managing medical Information Technology (IT) projects, 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.
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. Japan, Singapore, 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-
Oracle (US), Microsoft (US), Planview (US), Broadcom (US), SAP SE (Germany), Hexagon (Sweden), 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), Intelit Smart Group (Brazil), Project Objects (Ireland), WorkOtter (US), Smartsheet (US), Celoxis (India), Wrike (US), Asana (US), Monday.com (Israel), and Cherwell (US).
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.
Research coverage
• 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 (on-premises and cloud), organization size (Small and Medium-sized Enterprises [SMEs] and large enterprises), vertical (Banking, Financial Services and Insurance [BFSI], IT and telecom, consumer goods and retail, healthcare and life sciences, manufacturing, government and defense, energy and utilities), 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.