The global Project Portfolio Management (PPM) Market size is expected to grow from USD 4.2 billion in 2020 to USD 5.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.0% during the forecast period. The rising need for gaining 360-degree view into project operations and resource management along with growing adoption of cloud-based PPM solutions to improve the entire project lifecycle and to reduce resource overload are the 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 Oracle (US), Microsoft (US), SAP SE (Germany), 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), Intelit Smart Group (Brazil), Project Objects (Ireland), WorkOtter (US), Smartsheet (US), Celoxis (India), Wrike (US), Asana (US), Monday.com (Israel), and Cherwell (US). 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.
Planview (US) a leading player that offers comprehensive solutions designed for lean and agile delivery, portfolio and resource management, collaborative work and projecst management, innovation management, strategic planning, and capability and technology management. In the PPM market, Planview has showcased significant growth with acquisitions of companies, including Projectplace, Troux Technologies, Innotas, Leankit, and Spigit. Furthermore, the company has partnered with several service providers globally to deliver consulting, implementation and integration services, along with product development processes to its customers. In April 2020, Planview partnered with Cherwell, an IT service management company to combine Planview PPM Pro with Cherwell’s IT Service Management (ITSM) solutions for helping customers address both their project management needs and ITSM challenges. Where Cherwell offers no code development and concurrent licensing model with its ITSM solutions, Planview enables customer to use multiple work delivery methods, including Lean-Agile, collaborative, traditional project work, and hybrid.
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Broadcom (US) a global technology leader that designs, develops, and supplies a broad range of semiconductor and infrastructure software solutions. Broadcoms 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 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. Furthermore, the company has adopted various organic and inorganic growth strategies to strengthen its foothold in the market. In March 2020, Broadcom introduced an integrated digital business and agile management solution, ValueOps that helps customers align their business strategies with their IT goals. The new solution is an integration of Broadcom Rally and its flagship PPM product, Clarity PPM.
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