DUBLIN--(BUSINESS WIRE)--The "Project Portfolio Management Market by Component (Solution and Services), Deployment Mode, Organization Size (Smes and Large Enterprises), Vertical (Energy and Utilities, Government and Defense, and IT and Telecom), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global Project Portfolio Management (PPM) market 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.
Major growth drivers of the market are need to gain a 360-degree view into project operations and resource management and the growing demand for cloud-based PPM solutions.
The consulting and implementation services segment to account for highest market share during the forecast period
Consulting and implementation services provide ease to organizations in selecting the right PPM solution that aligns with their business-specific requirements. Since, there is no one-size-fits-all PPM solution, which can be deployed by organizations to manage multiple complex projects, vendors offer consulting services for end users to be able to customize the PPM solution as per their demand. In the aftermath of selecting the appropriate PPM solution, end users face the challenge of implementing the modern PPM solution with legacy IT systems and solution suites. Hence the demand for consulting and integration services is on the rise and is anticipated to grow further during the forecast period.
The healthcare and life sciences segment to grow at the highest CAGR during the forecast period
Strategic planning plays a crucial role in the healthcare and life sciences vertical, particularly when implementing and operationalizing an Electronic Health Record (EHR). With rising demand of personal protective gears and management of medical supply chain in the COVID-19 situation along with the need for managing medical Information Technology (IT) projects, reducing medical reimbursements, and the movement toward value-based purchasing, healthcare institutions are implementing PPM solution to control their CAPEX and OPEX, which results in long-term benefits. Moreover, the PPM solution ensures that projects of healthcare organizations are conducted in a disciplined and consistent manner.
APAC expected to grow at the highest rate during the forecast period
The PPM market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period, due to a growth in the demand for technologically driven PPM solution and services. The PPM solution enables organizations to improve their project operations by eliminating unwanted multi-tasks and reducing resource overload. The APAC region is expected to experience extensive growth opportunities during the forecast period. Japan, Singapore, Australia and New Zealand (ANZ), India, and China have emerged as undisputed leaders in the APAC PPM market.
Market Dynamics
Drivers
- Gaining 360-Degree View into Project Operations and Resource Management
- Growing Demand for Cloud-Based Ppm Solutions
Restraints
- Concerns of Organizations Related to Data Confidentiality
Opportunities
- Reducing Project Costs and Project Failure Rate by Embracing Agile Methods
Challenges
- Selecting Right Solution That Aligns With Organization's Business Need
- Blending Modern Ppm Solutions With Legacy Systems
Companies Profiled
- Oracle
- Planview
- Broadcom
- SAP
- Microsoft
- Workfront
- Hexagon
- Servicenow
- Upland Software
- Micro Focus
- Planisware
- Sciforma
- Clarizen
- Sopheon
- Cerri
- Changepoint
- Keyedin Projects
- One2Team
- Onepoint Projects
- Meisterplan
- Intelit Smart Group
- Bestoutcome
- Project Objects
- Workotter
- Smartsheet
- Celoxis
- Wrike
- Asana
- Monday.Com
- Cherwell
For more information about this report visit https://www.researchandmarkets.com/r/w6tabk
