Project Portfolio Management (PPM) Market Size, Analyzing Trends and is Projected to Reach $9,161.95 Million by 2027

According to a recent report published by Allied Market Research, titled, "Project Portfolio Management (PPM) Market by Component, Deployment, Organization Size, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020-2027,"

The global project portfolio management (PPM) market size was valued at $4,336.20 million in 2019, and is projected to reach $9,161.95 million by 2027, growing at a CAGR of 9.9% from 2020 to 2027.

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Project portfolio management tools ensure that the best projects are completed at the right time to maximize the business investments. This is particularly important in an organization with multiple internal projects. Project ideas can come from everywhere, at any time, and it is not uncommon for a company to have a long list of potential projects. However, time, money, and resources are seldom available to complete them all at the same time. Portfolio management is important for deciding which projects would have the greatest positive impact on the organization and prioritizing projects accordingly, which in turn boosting the demand for PPM industry.

Factors such as growing need for maximizing the value of project investments, increase in complexity of enterprise projects, and rise in need for collaboration and monitoring tools drive the growth of the global project portfolio management market. However, concerns regarding to data privacy and data security and steep learning curve for PPM software hamper the PPM market growth. Furthermore, reducing project failure rate by embracing agile methods and growth in adoption of cloud-based PPM integrated applications are anticipated to fuel the growth of the project portfolio management market.

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Competitive Analysis:
The competitive environment of Project Portfolio Management (PPM) Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Project Portfolio Management (PPM) Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
Oracle Corporation
Microsoft Corporation
Planview, Inc.
Broadcom Inc.
Workfront
ServiceNow, Inc.
Upland Software, Inc.
Micro Focus
Planisware
Sciforma and Many More

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During the COVID-19 pandemic, businesses were encouraged to use their scarce resources to the fullest and optimize their output due to lack of staff and resources, as well as high demand for different products. This resulted in surge in demand for PPM solutions globally.

Moreover, several businesses have started to equip their project managers and PMOs with PPM solutions to be able to manage projects and resources remotely. Additionally, companies have been able to compensate for reduced availability of on-site staff during the COVID-19 pandemic by taking help from collaborative tools and platforms that project portfolio management solutions come equipped with. To aid these remote collaboration aids, PPM solutions providers, such as Sciforma, increased their support for third-party tools like google drive for file sharing and storage, hangouts and meet for video calling and meetings, and others in their Sciforma PPM tool during the pandemic to ease remote working models for their customers.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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