LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global project portfolio management (PPM) software market to grow at a CAGR of more than 12% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global PPM software market for 2017-2021. Technavio’s database and industry-specific repositories are used for defining the hypothesis for the study, which is further fine-tuned through primary research involving industry experts.
Organizations generally opt for customized PPM solutions to meet their business requirements. Vendors in the market invest in acquiring additional resources to customize their offerings, as non-diverse product portfolios can't meet the changing customer requirements. The range of customer demands spans across and within business verticals. The rise in customization options introduces complexities in the PPM software development process.
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Technavio’s ICT analysts highlight the following three factors that are contributing to the growth of the global PPM software market:
Growing need for cost management
PPM software uses a range of tools to improve the efficiency of an organization. Cost management involves the allocation of resources for a specific job. It is primarily relevant to enterprises in the Americas and EMEA because they operate at a much higher cost than their counterparts in APAC. Industry participants believe that organizations can make the mistake of completing a task much earlier by overutilizing their resources.
Ishmeet Kaur, a lead enterprise application research analyst at Technavio, says, “PPM software helps in analyzing and surveying the type and number of projects that are undertaken by an organization. It can also verify the usage of these resources. Enterprises in APAC need to be more aware of this to ensure that their resources are managed effectively.”
Increased adoption of cloud PPM solutions
The market share of on-premises PPM software is shared by single-tenant and multitenant-hosted or cloud solutions. Both large enterprises and SMEs use SaaS-based solutions. Freemium, a software that is available over the Internet, provides increased flexibility to organizations that implement the cloud model.
“A SaaS model allows the company to use PPM software for a desired duration. They can decide to either carry forward the same requirements or choose to purchase more services through the SaaS model. This model reduces the financial implications for an organization. It offers the flexibility to change the service within a shorter duration compared to the on-premises model,” adds Ishmeet.
Rise in need for global project collaboration
Globalization has made project collaboration a critical factor for efficient project management. It has enabled global integration in terms of business, culture, products, ideas, and views. The convergence of information and ideas plays a vital role in enhancing business opportunities worldwide. Hence, it has become essential for organizations to implement effective collaboration strategies in their business processes.
PPM software provides an online work platform for users to create workspaces. The software assists in framing the project structure, workflow creation, information sharing, and approvals efficiently. Achieving heightened collaboration under one platform via digital channels, such as the web, social media, and mobile applications, becomes possible through the implementation of PPM software.
- Hewlett Packard Enterprise
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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