According to a new market research report “Project Portfolio Management Market by Component (Solution and Services), Organization Size, Deployment Mode, Vertical (Energy & Utilities, Government & Defense, Manufacturing, and Healthcare & Life Sciences), and Region – Global Forecast to 2024″, published by MarketsandMarkets, 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 growing demand for cloud-based PPM solution to gain a 360-degree view on project operations and resource management, and to improve team collaboration are some major factors driving the growth of the market.
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The large enterprises segment to account for a higher market share during the forecast period
The use of the PPM solution in large enterprises is relatively higher as compared to Small and Medium-sized Enterprises (SMEs). The high use can be attributed to the affordability and high scale economies, enabling large organizations to benefit from the adotion of the PPM solution. Large enterprises have left no stone unturned for competing in today’s cut-throat competitive industry and are constantly undertaking multiple projects to add new product lines or improve and replace existing products/processes. Hence, the large enterprise segment is expected to adopt modern PPM solution at a faster pace and will account for a higher market share during the forecast period.
The solution segment to grow at a higher CAGR during the forecast period
Project-intensive organizations across verticals have realized the benefits of the PPM solution and have implemented it to simplify and automate various project operations, and effectively manage project lifecycle. The PPM solution offers organizations and managers with the ability to see the big picture, ensuring the use of best practices, solutions, principles, and standards during the project lifecycle. Throughout the project lifecycle, the PPM solution develops, establishes, maintains, and collaborates standards to ensure that ongoing project efforts meet the defined expectations. For organizations with many simultaneous projects, this solution ensures that all projects have the right set of resources to accomplish a project on the defined deadline and budget. The solution can further be used for benchmarking and forecasting future resource needs, determining the Return on Investment (ROI) of project commitments, and managing potential risks.
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North America estimated to lead the market during the forecast period
North America is estimated to account for the largest market size in the PPM market in 2019. The region comprises developed countries, such as the US and Canada, and is considered as the most advanced region in terms of adopting digital technologies and cloud-based PPM solution. The North American region exhibits a wide presence of key industry players offering PPM solution and services, and its financial position enables the region to invest majorly in leading tools and technologies for effective project operations.
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) are some of the leading companies operating in this market.
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