Project Portfolio Management Software Market Worth USD 5.9 Billion by 2025 at 6.3% CAGR - Report by Market Research Future (MRFR)

/EIN News/ -- New York, US, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Project Portfolio Management Software Market information by Deployment, by Components, by Organization Size and Region – forecast to 2027” the market size to grow at a compound annual growth rate of 6.3% to reach USD 5.9 billion by 2025.

Project Portfolio Management Software Market Scope:
With the increasing complexity of projects and the requirement to properly manage them, there is a considerable increase in demand for project portfolio management software. A project portfolio manager is in charge of overseeing the entire project. A project manager anticipates the project to ensure that the project's resources are deployed appropriately and that the project stays within the budget. With huge projects, manually managing each piece of the project becomes extremely difficult, necessitating the use of automation. Project portfolio management (PPM) software includes functionality for project management throughout its lifecycle. Project portfolio management software enables project managers to manage the whole project lifecycle more effectively.

Dominant Key Players on Project Portfolio Management Software Market Covered Are:

• Oracle Corporation (US)
• Changepoint Corporation (US)
• Microsoft (US)
• Planview Inc. (the US)
• SAP (Germany)
• Broadcom (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)

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Market USP Exclusively Encompassed:
Market Drivers
Project-intensive enterprises in several industry verticals have realized the benefits of the PPM solution and have used it to automate and simplify several procedures as well as manage project lifespan efficiently. The PPM solution enables managers and organizations to view the broad picture, confirming the implementation of best practices, principles, solutions, and standards throughout the project's life cycle. For firms managing several concurrent projects, the PPM solution provides the correct collection of resources to finish them on time and within budget. As a result, the benefits provided by PPM solutions are fueling the market's growth. The market's manufacturers provide an integrated software suite, toolkits, and services for managing the project lifecycle in terms of resource, budget, and time allocation. For example, Monday.com is an Israel-based software development company that provides project portfolio software at a low cost that can be effectively adopted by small and medium-sized businesses. The company's dashboards give high-level insights in a graphical format, allowing project managers to allocate and prioritize activities and track various projects. The platform is adaptable, allowing the project manager to tailor it to the workflow. Celoxis, on the other hand, provides a PPM tool, which is a full software solution and work collaboration platform utilized by a variety of organizations, including HBO, Rolex, Virgin Care, Adobe, Staples, LG, and Deloitte. Since it is a simple solution, it is used by businesses of all sizes.

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Segmentation of Market covered in the research:
The global project portfolio management software industry has been segmented on the basis of component, deployment, organization size, and vertical.

Based on the component, the global project portfolio management software market has been segmented into solutions and services. The solution segment consists of on-premise, cloud/web-based tools that are deployed by enterprises to manage their project effectively. The services segment consists of professional services offered by solution providers. These professional services consist of training, consulting, and maintenance services.

Based on deployment, the global project portfolio management software market has been segmented into on-premise and cloud.

Based on organization size, the global project portfolio management software market has been segmented into small & medium enterprises and large enterprises.

Based on vertical, the global project portfolio management software market has been segmented into IT and telecommunication, retail and consumer goods, media and entertainment, energy & utilities, healthcare, transportation and logistics, manufacturing, and others.

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Regional Analysis
North America to Dominate the Global Market
North America dominates the project portfolio management software industry. Some of the factors driving market expansion include increased acceptance of such tools by various verticals such as healthcare and manufacturing, as well as a significant investment by multinational corporations in several high-profile projects. Furthermore, the presence of a number of suppliers in North America, offering comprehensive solutions to organizations, is propelling the region's overall market.

Industry News
In April 2020, Oracle offered a unique assistance service for Primavera customers during the global COVID-19 outbreak. As a result, the Oracle Construction and Engineering client services teams launched an online support service for Primavera clients to assist them with day-to-day problems throughout the crisis and impart expertise on best practices.

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COVID-19 Impact on the Global Project Portfolio Management Software Market
Due to the lockdown imposed in many countries and the adoption of a "work from home" culture by the majority of enterprises, the need for project portfolio management services and software has expanded significantly for efficient project tracking and execution. The specialized tools of PPM helped in strategizing and executing projects. During the post-pandemic period, demand for cloud-based PPM solutions will increase since they offer high scalability, low deployment costs, and continuous availability.

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