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The Project Portfolio Management (PPM) Software industry is growing and evolving due to several causes. PPM software helps firms efficiently manage projects, optimizing resource allocation and strategic alignment with company goals. Technological advances, company demands, and competition affect PPM software market dynamics.
PPM Software sales are driven by the growing complexity of projects across sectors. As projects become increasingly complex, sophisticated systems that can manage numerous projects simultaneously and provide a complete project portfolio view are needed. PPM software helps firms manage contemporary projects by providing project planning, resource management, and real-time tracking.
The unrelenting speed of technical progress also shapes market dynamics. Advanced project management tools are prioritized when firms undergo digital transformation. Artificial intelligence, machine learning, and automation are used by PPM software suppliers to give customers with intelligent insights, predictive analytics, and optimized operations. This technological advancement enhances project management and boosts the PPM Software industry.
Global company activities also affect PPM Software market dynamics. With companies operating in multiple geographies, PPM solutions that enable team cooperation and communication are needed. Cloud-based PPM solutions that allow remote access, real-time updates, and seamless collaboration have become popular, addressing the scattered nature of modern organizations.
The growing emphasis on data-driven decision-making shapes PPM Software market dynamics. PPM solutions aid project planning and execution and give data-driven insights. Organizations are using PPM software to collect and analyze project data to make choices, spot patterns, and reduce risks. The potential of PPM software to turn raw project data into usable insight drives its growth across industries.
PPM Software market dynamics are also shaped by competition. With more suppliers joining the market, competition for feature-rich and user-friendly solutions is fierce. Vendors are tailoring their products to IT, healthcare, construction, and other industries to stand out. This rivalry spurs innovation as companies compete on functionality, performance, and user experience.
Regulatory and compliance requirements affect market dynamics, notably in healthcare and finance, where standards are crucial. PPM software that meets regulatory criteria is popular. Making sure their products match these criteria gives them a competitive edge.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â 6.50% |
Project Portfolio Management Software Market Highlights:
Project Portfolio Management Software Market Overview
The Project Portfolio Management Software Market industry is projected to grow from USD 6.1 Billion in 2023 to USD 10.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.50% during the forecast period (2023 - 2032).
With the growing complexity of projects and the need to effectively manage them, the demand for project portfolio management software is significantly increasing. A project portfolio manager is responsible for managing the entire project. A project manager foresees the project in order to confirm that the resources for the project are allocated optimally as well as the project is running under the specified budget. With large projects, it becomes highly complicated to manage each element of the project manually and hence the need for automation. Project portfolio management (PPM) software offers features for managing the project throughout its lifecycle. Project portfolio management software helps project managers to effectively manage the entire project lifecycle. Project portfolio management software and tools track the project’s schedule, provide executive-level business insights, help the managers to allocate resources efficiently, resolves performance issues, and efficiently access risks. The software provides data and transparency into the projects for identifying risks, and also for quantifying them. An effective PPM tool helps in tracking the project’s health indicators (such as return on investment) and identify any discrepancies.
The vendors operating in this market offer integrated software suite, toolkits, and services to manage the project lifecycle in terms of resource, budget, and time allocation. For instance, monday.com is an Israel-based software development company that offers project portfolio software, at an affordable cost and can be effectively deployed by small and medium enterprises. The company allows project managers to allocate and prioritize tasks, and track multiple projects using dashboards that provide high-level insights in a graphical format. The platform is completely customizable, so the project manager is able to adjust it in accordance with the workflow. Similarly, Celoxis offers a PPM tool which is a comprehensive software solution and work collaboration platform used by a number of brands such as HBO, Rolex, Virgin Care, Adobe, Staples, LG, and Deloitte. It is an easy-to-use solution and is therefore adopted by enterprises of all sizes.
Project Portfolio Management Software Market Synopsis
The Global Project Portfolio Management Software Market has been segmented on the basis of Component, Deployment, Organization Size, Vertical, and Region.
- Based on the component, the project portfolio management software market has been segmented into solution and services. The solution segment includes on-premise, cloud/web-based tools that are deployed by enterprises to manage their project effectively. The services segment includes professional services offered by solution providers. These professional services include training, consulting, and maintenance services. The solution segment accounted for the largest share in the overall market in 2018. A large number of verticals are deploying such solutions across the globe, which is driving the market.
- Based on deployment, the project portfolio management software market has been segmented into on-premise and cloud. The on-premise solution accounted for the larger share in 2018; however, the cloud-based solution is expected to grow at the higher CAGR during the forecast period, 2019–2025
- Based on organization size, the project portfolio management software market has been segmented into small & medium enterprises and large enterprises. The small & medium enterprises segment is expected to grow at the higher CAGR during the forecast period, 2019–2025
- Based on vertical, the project portfolio management software market has been segmented into retail and consumer goods, energy & utilities, media and entertainment, healthcare, IT and telecommunication, transportation and logistics, manufacturing, and others. The healthcare segment is expected to grow at the highest CAGR during the forecast period, 2019–2025
Project Portfolio Management Software Market Regional Analysis
Geographically, the global project portfolio management software market has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
North America occupies the largest share in the project portfolio management software market. Some of the factors that are responsible for the growth of the market include increasing adoption of such tools by varied vertical, including healthcare and manufacturing and significant investment by multinational companies in several high-profile projects. Moreover, due to the presence of a number of vendors in North America, offering comprehensive solutions to the enterprises, thereby driving the overall market in the region.
Europe occupies the second position in the market. Europe has been segmented into the UK, Germany, France, Spain, Italy, and the rest of Europe. According to the MRFR analysis, the UK is expected to gain the highest market share, followed by Germany and France. The growing need for effective project management solutions is the key factor driving the growth of the market in the region.
Project Portfolio Management Software Market Companies Covered
The Key Players of the Global Project Portfolio Management Software Market are,
- Oracle Corporation (US)
- Microsoft (US)
- Planview, Inc. (the US)
- SAP (Germany)
- Broadcom (US)
- Changepoint Corporation (US)
- Micro Focus (UK)
- Workfront, Inc. (UK)
- Sopheon (US)
- HEXAGON (Sweden
- Upland Software, Inc. (the US)
- Planisware (US)
- Keyedin Projects (US)
- One2Team (US)
- MEISTERPLAN (Germany)
Project Portfolio Management Software Market Key Developments
May 2022 saw DigitalOcean Holdings, Inc. launch a serverless cloud-based project management solution that enables start-ups and small businesses to scale their operations in scalable, cost-effective, and fast computing ways.
In May 2023, Planview, the connected work platform from delivery to portfolio planning, made a partnership with NTT DATA. The NTT DATA's global ecosystem of technology solutions has included the Planview Tasktop Viz and Planview Tasktop Hub as part of this collaboration, which will ensure better efficiency and time-to-market predictability for companies.
UiPath is an enterprise automation software company that has recently partnered with Planview to integrate the UiPath Business Automation Platform into Planview Tasktop Hub in March 2023. This venture was intended to quicken production processes through the elimination of manual errors alongside other wastes of time spent on repetitive jobs.
The fusion of Kimble Applications and work management vendor Mavenlink in May 2022 created Kantata – a new project management software organization. In addition to that, there are products managing the finances, resources, team collaboration, projects, business intelligence (BI), and integrations under the new brand's portfolio.
In December 2020, Adobe bought Workfront at a $1.5bn price tag. Thus far, Adobe has offered its customers several kinds of service plans in about twelve categories of business process management: Business/Team/Pro/Enterprise Plans.
During July 2022, Wrike—a versatile project management solution across all teams within the corporation covering many different work settings owned by Citrix—introduced its new custom item types capability, enabling users to create work item types optimized for their specific team requirements; it also provides customizable dashboards; shared calendars; multiple ways of organizing whole portfolios of projects.
Whoz is a SaaS solution providing smart staffing & talent as well as project portfolio management that announced raising EUR25m ($29m) led by PSG Equity in May 2022. Whoz is leveraging PSG's B2B software expertise and international network in order to build a presence in Europe with the aid of this funding.
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