Project Portfolio Management Market with COVID-19 Impact by Component, Deployment Mode, Organization Size (SMEs and Large Enterprises), Vertical (Energy & Utilities, Government & Defense, and IT & Telecom) and Region - Global Forecast to 2027

Project Portfolio Management Market with COVID-19 Impact by Component, Deployment Mode, Organization Size (SMEs and Large Enterprises), Vertical (Energy & Utilities, Government & Defense, and IT & Telecom) and Region - Global Forecast to 2027

The project portfolio management market size is expected to grow from USD 4.7 Billion in 2022 to USD 6.5 Billion by 2027, at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period.

Project Portfolio Management market is rapidly gaining acceptance worldwide by enterprises and corporates. PPM solutions and associated services are implemented by organizations and their stakeholders to manage multiple projects and maximize the impact of each project by making the best utilization of business resources.

The services segment is expected to grow at a higher CAGR during the forecast period

Advancements in technology have helped organizations enhance their service operations at multiple fronts. Organizational change occurs each time a business introduces new technology. Some organizations put on blinders and focus only on the technology, while there are organizations that address people and process issues as well. Before implementing any PPM solution, it becomes important for organizations to understand their business specific requirements and choose the right solution helpful in managing projects, reduce resource overload, and improve team communication. On the basis of service, the PPM market is categorized into two segments: consulting and implementation services, and training, support, and maintenance services. Vendors offering the PPM solution assist their clients through an extensive set of services to deploy the solutions as per their requirements and the existing IT infrastructure.

The training, support and maintenance segment is expected to grow at a higher rate

Training, support, and maintenance services are accorded a high priority in the regulated industries because of the inherently hazardous nature of project operations. Growing government regulations regarding ensuring workers’ safety lead to the need for improving the knowledge of employees. Various vendors are offering training, support, and maintenance services, along with their bundled software, to better train employees. With the help of systemic training and live assistance, employees can better leverage the solutions and ensure uninterrupted operations for organizations. The last but not least benefit of the services is from the financial point of view. Support and maintenance services enable users to maintain control over their expenditure by deploying PPM solution and services. The maintenance fee is also borne by the users and is usually included in the monthly charges for PPM related services.

The energy & utilities vertical is expected to witness huge opportunities due to the need comply with government regulations.

With multiple contractors, challenges with schedule integration, and risks associated with claims regarding project delays, it can be difficult to control cost. Hence, organizations operating in this vertical are rethinking their business strategies more closely to find new ways to improve operations, automate business processes, and implement guidelines amidst unforeseen crises. To expand their market share and remain competitive, organizations are choosing innovative PPM solutions to increase collaboration, gain deeper insights into ongoing and critical projects, and consequently, take measures to improve their processes.

North America to dominate the project portfolio management market in 2022

The emergence of technologies, such as cloud computing and BYOD, has enforced the end users to adopt much more sophisticated PPM with evolving integration platforms. In addition, huge impact of COVID-19 in the North America with high morbidities, mortalities, and economic crisis has led to a decline in the demands of new projects and halt of ongoing projects. With this, the demand of PPM solutions to manage critical projects while complying with new regulations is also rising.

The growing demand for an agile-based solution in the rising work from home culture, project pile-ups due to the COVID-19 lockdowns, and a huge IT infrastructure are expected to drive the adoption of the PPM solution and services in the region.

The massive impact of Covid-19 in the region, combined with high morbidity and mortality rates and an economic downturn, has resulted in a decrease in new projects and a halt to ongoing projects.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people. The breakup of the profiles of the primary participants is as follows:

By Company Type: Tier I: 38%, Tier II: 42%, and Tier III: 20%

By Designation: C-Level: 40%, D-Level: 35%, and Others:25%

By Region: North America: 35%, Europe: 40%, APAC: 15%, Row: 10%

The report profiles the following key vendors:

Oracle (US), Planview (US), Broadcom (US), SAP (Germany), Microsoft (US), Workfront (US), Hexagon (Sweden), ServiceNow (US), Upland Software (US), Micro Focus (UK), Planisware (France), Sciforma (US), Sopheon (US), Cerri (Switzerland), Keyedin Projects (US), One2Team (US), One point Projects (Austria), Miesterplan (Germany), Intelit Smart Group (Brazil), Bestoutcome (UK), Project Objects (Ireland), Workotter (US), Smartsheet (US), Celoxis (India), Wrike (US), Asana (US), Monday.com (Israel), and Cherwell (US).

Research Coverage

The project portfolio management market is segmented by component, organization size, development mode, vertical, and region. By component, the project portfolio management market has been sub-segmented into solution and services. By organization size, the market has been sub-segmented into large enterprises and SMEs. By deployment type the market has been segmented into cloud and on-premises. By vertical, the market has been sub segmented into energy & utilities, government & defense, IT and telecom, banking, financial services and insurance, manufacturing, healthcare & lifesciences, consumer goods & retail and others. Others includes transportation and logistics, and marine and shipbuilding. By region the market is segmented into North America, Europe, APAC, MEA and Latin America.

Key Benefits of Buying the Report

The report will help the market leaders/new entrants in the project portfolio management market with information on the closest approximations of the revenue numbers for the overall project portfolio management market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.