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 adoption of cloud-based PPM solutions to improve the entire project lifecycle and to reduce resource overload are major drivers of the PPM market.
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.
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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.
Major project portfolio management vendors include 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). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product launches, to further expand their presence in the global PPM market. Partnerships and new product launches have been the most dominating strategies adopted by major players from 2018 to 2019, which has helped them to innovate their product offerings and broaden their customer base.
Planview (US) a leading player that offers work and resource management solutions. The company provides the industry’s most comprehensive solutions designed for lean and agile delivery, portfolio and resource management, collaborative work and project management, innovation management, strategic planning, and capability and technology management. To make its product portfolio more robust and improve its position in the PPM market, Planview acquired several companies, including Projectplace, Troux Technologies, Innotas, Leankit, and Spigit. The company partnered with several service providers globally to deliver consulting, implementation and integration services, along with product development processes to its customers.
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Broadcom (US) a global technology leader, designs, develops, and supplies a broad range of semiconductor and infrastructure software solutions. Broadcom's category-leading product portfolio serves critical markets, including data center, networking, enterprise software, broadband, wireless, storage, and industrial. In the PPM market, Broadcom offers Clarity PPM, Clarity Service Management, and Agile Central (formerly known as Rally). These solutions can be deployed on-premises and in the cloud which gives organizations flexibility to adopt the agile environment at their own pace and maintain the integrity of their existing portfolio. Agile Management further helps organizations align their business goals and investments from the start, and complete projects on time and within the set budget with in-app team collaboration.
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