Project Portfolio Management Market Size Expected to Rise USD 7.01 Billion, at CAGR of 7.3% by 2029
The project portfolio management (PPM) market is set for a rapid growth over the forecast period. In terms of revenue, The global Project Portfolio Management Market Size was valued at USD 4.09 billion in 2021 and reached USD 4.29 billion in 2022. The market size is expected to touch USD 7.01 billion by 2029, exhibiting a CAGR of 7.3% during the forecast period. PPM software enables the examining of project performance on the basis of allocation for resources within a time frame and financial limits while monitoring the risks involved. The software is useful to inspect the risk-reward share of every project, period of the project, and the anticipated results. Project portfolio management (PPM) is the secured and synchronized administration of the techniques, processes, and equipment that are utilized by stakeholders and project managers. It helps in planning, performing, managing, monitoring, and analysing current and projected projects in line with the association’s planned objectives.
Project Portfolio Management (PPM) Market: Overview
PPM software enables the examining of project performance on the basis of allocation for resources within a time frame and financial limits while monitoring the risks involved. The software is useful to inspect the risk-reward share of every project, period of the project, and the anticipated results. Project portfolio management (PPM) is the secured and synchronized administration of the techniques, processes, and equipment that are utilized by stakeholders and project managers. It helps in planning, performing, managing, monitoring, and analyzing current and projected projects in line with the association’s planned objectives.
Project Portfolio Management (PPM) Market: Growth Factors
Multi-regional businesses are driving the demand for project and portfolio management market to foster effectual decision-making and avoid project complications. The wide-ranging use of project portfolio management market in data analytics, to propose expedient services to consumers at low costs, in the IT & telecom and BFSI sectors is projected to fuel the market development.
Some of the most important factors accountable for the market’s growth is the various advantages of using PPM software such as its capability to validate the practice of resources, evaluate and survey the kind and number of projects taken by an organization, precise billing services, time tracking, and incorporation with conventional systems of manual labor costs. Additionally, the low cost of PPM software will further fuel the market’s development and increase the rate of revenue production in the market.
Project Portfolio Management (PPM) Market: Segmentation
Segmentation of project portfolio management (PPM) market based on the deployment model:
On-Premises: On-Premises project portfolio management software is installed and functions on the computers in the locations of the organization utilizing the PPM software, rather than at inaccessible facility which includes: cloud on Internet and remote servers.
Hosted: Hosted project portfolio management (PPM) software is presented by cloud service providers. A hosted environment reduces the outlay associated with mobile project application development platform.
Project Portfolio Management (PPM) Market: Regional Analysis
North America is considered highest growing market in PPM software adoption. The requirement for mechanical computer aided design (MCAD) and electronic computer helps in designing of (ECAD), and other project precise software in countries such as the U.S. and Canada is fueling the development of the market. PPM market in defense and aerospace division in the Asia Pacific region holds considerable development potential. Cloud-based PPM software are also gaining recognition in countries such as China and Regulatory acquiescence, increased security, improved design modernization, and product methods are cornerstones for the development of advanced PPM software in the Europe region. In addition, increasing concerns about security and declining maintenance expenses will catalyze the PPM software market in the Europe region.
Project Portfolio Management (PPM) Market: Competitive players
The key players for the global project portfolio management (PPM) market are -
- CA Technologies
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Workfront
- Planview.
Global Project Portfolio Management (PPM) Market: Regional Segment Analysis
- North AmericaU.S.
- EuropeUKFranceGermany
- Asia PacificChinaJapanIndia
- Latin AmericaBrazil
- Middle East and Africa
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