With growing complexities in managing numerous projects and scrutinizing large amount of data, companies face a lot of hardships to maintain the work space efficiency, while optimizing all the possessions such as financial, resources and time. To cure this problem, Project Portfolio Management (PPM) was introduced, a PPM software aims to fulfill the project management requirements of an organization. The Project Portfolio Management tool is all about collaborating and tuning tools, culture and people within a standard structure of business. The PPM tool is designed to provide organizations with supreme visibility in a business process and facilitate alignment in projects, business objectives and corporate strategies. Several other industry verticals except Information Technology are expected to implement responsive project management techniques in future. This technology is trending up briskly, and is expected to create a striking opportunity for market vendors in next few years.
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Increasing complications in project handling is expected to generate high demand in PPM solutions globally. The demand is further projected to be driven by factors like the increasing trend of bring your own device (BYOD) or workforce mobility. BYOD enables employees of a company to bring their own devices to the premises, this not only helps them to save money but also creates employee satisfaction. Thus, numerous organizations have already implemented this module in their business for better project management. The major factors beholding the market growth include, prevailing apprehensions related to installation and usage, and security concerns regarding the software as a service (SaaS)-based PPM solution.
Currently, the market vendors are more focused on solving complexity that involve implementation of PPM solutions. It’s been also noticed that several organizations already using this solution are facing trouble in understanding the relevance and usage of the software post its implementation. Sometimes organizations fail to communicate their business problem appropriately to the PPM vendors, which is because the market is facing a crisis of skilled workforce who can educate customers about the correct usage of PPM software. Integration of social media with PPM solutions and rising demand for better agile and responsive project management tools are expected to create further opportunities for the market to boom.
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The PPM market is segmented on the basis of deployment type, end-user and region. The deployment type segment comprises cloud and on-premises deployment, cloud based implementation is projected to lead the PPM market, capturing largest market share. The bolstering fame of SaaS-based solutions has created more competitive base in the market and has introduced numerous SaaS specialized PPM solutions providers in market. The end users segment comprises of, small & medium enterprises, BFSI, real estate, government, retail and healthcare sector. Here, the SMEs are projected to showcase the highest growth opportunity due to extensive acceptance of cloud-based PPM solutions, also use PPM solutions to gain better visibility and project management. The PPM market covers five major regional segments, North America, South America, Europe, Asia-Pacific and Middle East & Africa. North America has been accounted for the largest number of share in global PPM market. The MEA is foreseen to experience a prompt growth rate due to high adoption of SaaS-based PPM solution. APAC region is experiencing a notable growth in adopting and demonstrating PPM solutions.
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Some of the major key players in this industry are Ca Technologies, Hewlett-Packard, Planisware, Changepoint Corporation, Innotas, Oracle Corporation, SAP SE, Celoxis Technologies, Planview, Workfront, Inc. and Microsoft Corporation among others.
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