Global Project Portfolio Management Market: Project portfolio management is an approach used by organizations to examine risk of each project, likelihood of a project, available funds, and expected outcomes. A group of decision makers evaluates and determines the best way to invest in organization’s resources. Project portfolio management does not include running the project but it assists in choosing which project to execute and how to fund it. Project profile management software’s provide real-time information and analytics.
Rapid growth in automation and digitalization has stimulated need for monitoring and providing analytical solutions to enhance productivity across various industries. In addition, proper utilization of resource, cost management, time tracking, data analytics etc. are various facilities provided by project portfolio management software’s and services. Rising adoption of cloud deployment services in small and medium scale enterprises (SMSE) and increasing penetration of connected devices in emerging economies is further expected to boost demand for project portfolio management in the global market. Increasing investments by key market players in research and development have led to innovative solutions such mobile-application based portfolio management solutions, thereby enabling future opportunities for growth of this market.
Major challenge faced by project portfolio management market is relevance and use of software post deployment, as enterprises fail to define their business problems to PPM vendors. In addition, unavailability of skilled manpower is another challenge faced by this market. High software cost is restricting adoption of project portfolio management solutions in SMSE but online solutions and cloud services are expected to overcome this restrain over the forecast period.
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The global project portfolio management market is segmented on the basis of business solution, platform type, deployment type, organization size, application, and region.
North America dominates the market in terms of revenue generation and is expected to hold largest market share during the forecast period. The market in Asia Pacific is expected to grow at highest CAGR of XX.X% during the forecast period. This growth is attributed to rising adoption of cloud-based services and solutions especially in emerging economies in this region.
Key players in the global project portfolio management market are CA Technologies, Microsoft Corporation, Changepoint Corporation, Oracle Corporation, SAP SE, Hewlett Packard Enterprise, Workfront Inc., Planview Inc., Celoxis Technologies Pvt. Ltd., and Planisware S.A.S.