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The project portfolio management software market size is estimated to grow at a CAGR of 13.11% between 2022 and 2027. The market size is forecast to increase by USD 2,874.7 million. The growth of the market depends on several factors, including the increasing need for large-scale project management, growing demand for mobile PPM solutions, and rising demand for cost management. Project portfolio management (PPM) involves the centralized management of an organization's projects. Although these projects may or may not be interrelated, they are managed centrally by a so-called portfolio, whose main advantage is the control and management of competing resources.
This project portfolio management software market report extensively covers market segmentation by deployment (on-premise and cloud-based), end-user (BFSI, information and technology, healthcare, construction and infrastructure, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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One of the key factors driving the project portfolio management (PPM) software market growth is the increasing need for large-scale project management. There is increasing adoption of project portfolio management software due to the rising demand for the management of large-scale projects. There is a huge need for efficient solutions for large-scale project management across organizations as they are focusing on cultivating and managing the resources necessary for effective project results.
One of the key purposes of PPM software is the automation of processes to ensure maximum output by managing resources and maintaining regular follow-ups. Some of the key benefits of implementing project portfolio management software in large-scale projects include process management, projecting profitability, and automation. Hence, such applications and benefits are expected to drive the project portfolio management software market growth during the forecast period.
A key factor shaping market growth is the application of lean management techniques in project portfolio management. One of the main reasons for the growing adoption of lean management practices in PPM is the requirement to eliminate the wastage of resources within the project portfolio and thereby use resources to ensure the most productive output possible.
As a result, these integrations are expected to improve the functionalities of PPM software and minimize wastage in different stages of projects. Lean management techniques are commonly used in project management processes as well as IT project portfolios o reduce wastage in plans. Hence, there is an increasing adoption of the lean project portfolio management process across companies as they have access to several features that are necessary to manage project portfolios successfully, thus reducing the complexity of the system. Hence, such applications and benefits are expected to drive the project portfolio management software market growth during the forecast period.
Challenges from open-source platforms are one of the key threats hindering the PPM Software Market growth. There is an increase in demand for open-source PPM software due to the rising demand for digitalization in the current market scenario. As these types of feature-rich software are freely available on the Internet, several small and medium-scale enterprises use them as the purchasing and licensing costs of commercial software are very high.
Some of the common features that are available in both open-source platforms and commercial software include source code availability and fast deployment with reliability. The key examples of open-source software are DNS, Sendmail, and Apache, and languages such as HTML and Perl. Hence, such factors are expected to hinder the project portfolio management software market growth during the forecast period.
The on-premise segment is estimated to witness significant growth during the forecast period. On-premises segment can be referred to as the project portfolio management software, which is installed and operates on systems on the premises of the organization that utilizes the product rather than being installed at a remote facility, such as the cloud or a server farm.
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The on-premise segment was the largest segment and was valued at USD 1,444.86 million in 2017. The in-premises management software comprises databases and modules that work together to specifically meet the special requirements of large businesses with regard to the automation of corporate-wide business systems and their functions. Additionally, this segment provides different variety of tools and features for the effective management of both simple and complex enterprise-level projects. Hence, the growing adoption of on-premises project portfolio management software is expected to drive the growth of this segment which in turn will drive the growth of the project portfolio management software market during the forecast period.
The BFSI segment will account for the largest share of this segment. The BFSI sector mainly comprises banking, insurance, accounting, and all other financial institutions. Factors such as the increase in the digitization of core processes in these industries and the generation of a considerable amount of data across the sector are significantly contributing to the growth of this segment. As the world is moving ahead at a fast pace and a customer-centric model huge volumes of data are being generated across companies operating in the BFSI segment and PPM software helps to manage those data. Hence, such applications are expected to drive the PPM software market growth in the BFSI segment during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors for the significant growth of the project portfolio management software market in North America as the region is an early adopter of advanced technologies across all industry verticals. As a result, the industrial sector in the region is technologically mature. The presence of prominent players and top players in the market is also significantly contributing to the market growth in the region. For instance, Mexico is a developing nation, and it is expected to witness a rise in the adoption of PPM solutions, due to its technologically equipped population and the country's proximity to the US. Hence, such factors are expected to drive the project portfolio management software market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global project portfolio management software market witnessed significant growth due to the emergence of a new business environment, with the work-from-home culture, resulting in the increased adoption of PPM software in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, and several vendors are coming up with new platforms in the market. Such factors are expected to drive the market during the forecast period.
The Project Portfolio Management Software Market industry report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Project Portfolio Management Software Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Adobe Inc: The company offers project portfolio management solutions for prioritizing and managing a list of projects in order to achieve specific business objectives.
Broadcom Inc: The company offers project portfolio management solutions that help organizations collect ideas, organize work, assign resources, allocate budgets, track progress, and report results within an organization.
Cerri.com AG: The company offers project portfolio management solutions that create and organize portfolios, assign projects and allocate budgets to accommodate the portfolio structure.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The project portfolio management software market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Project Portfolio Management Software Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.11% |
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Market growth 2023-2027 |
USD 2,874.7 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
12.89 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 34% |
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Key countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Adobe Inc., BestOutcome Ltd., Broadcom Inc., Cerri.com AG, Hexagon AB, KeyedIn Solutions Inc., Micro Focus International Plc, Microsoft Corp., ONE POINT Projects GmbH, Oracle Corp., Planisware SAS, Planview Inc., Project Objects, SAP SE, Sciforma Corp., ServiceNow Inc., Smartsheet Inc., Sopheon Corp., Upland Software Inc., and WorkOtter Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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