Project Portfolio Management (PPM) Market Is Likely To Unfold Lucrative Business Opportunities By 2027
Concerns regarding data privacy and data security and the steep learning curve for PPM software hamper the market growth.
PORTLAND , PORTLAND, OR, UNITED STATE, September 7, 2022 /EINPresswire.com/ — Requirement of optimizing the value of project investments, rise in complexity of enterprise projects, and need for collaboration and monitoring tools drive the growth of the global PPM market.
However, issues related to data privacy and steep learning curves for PPM software hinder market growth. On the other hand, reduction in project failure rate by embracing agile methods and adoption of cloud-based PPM integrated applications present new opportunities in the coming years.
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Based on component, the software segment accounted for nearly two-thirds of the global project portfolio management market in 2019, and is projected to maintain its lead position during the forecast period. This is due to resource management, change control, pipeline management, change control, financial management, and most importantly risk assessment and management features provided by software.
However, the services segment is estimated to grow at the highest CAGR of 11.6% from 2020 to 2027, owing to the increase in demand for the training of employees and maintenance services for organizations.
Based on industry vertical, the BFSI segment contributed to the highest market share in 2019, accounting for more than one-fourth of the global project portfolio management market 2019, and is expected to maintain its leadership status by 2027. This is due to increased multi-regional operations as well as outsourcing activities in financial institutions.
However, the healthcare segment is projected to portray the largest CAGR of 16.4% from 2020 to 2027. This is due to need to integrate various delivery systems to share information and report to agencies along with providing certain aspects of the health services to their patients.
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Based on region, North America held the highest market share in 2019, accounting for nearly two-fifths of the global project portfolio management market, and is estimated to maintain its dominance in terms of revenue by 2027.
This is due to the presence of a large number of solution and service vendors in this region. However, Asia-Pacific is expected to witness the fastest CAGR of 12.6% from 2020 to 2027, owing to dynamic increase in the adoption of the internet by enterprises and rapid technological advancements.
The key market players analyzed in the global project portfolio management (PPM) market report include Microsoft Corporation; Planview, Inc.; Sciforma; Workfront; ServiceNow, Inc.; Upland Software, Inc.; Oracle Corporation; Micro Focus; Planisware; and Broadcom Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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