Global Project Portfolio Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Global Project Portfolio Management Market (henceforth referred to as the market studied) was valued at USD 4,908. 4 Million in 2021, and it is expected to reach USD 6,284. 3 Million by 2027, registering a CAGR of 4.
New York, May 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Project Portfolio Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06272916/?utm_source=GNW
1% during the period 2022-2027 (henceforth referred to as the forecast period).
Project portfolio management (PPM) is the centralized management of the organization’s projects. While these projects may or may not be related to one another, they are managed centrally, which is called a portfolio, having a key benefit of overseeing and managing any competing resources. Project portfolio management is a strategy that evaluates potential projects by their potential successes and risks, then designates resources, staff, and timelines in an approach that maximizes organizational performance. It also includes high-level controls as well as monitoring for ensuring direct relation of ongoing projects to the business’s overall strategies and goals.
Implementing project portfolio management solutions provide various benefits to businesses. It provides alignment between organization objectives and projects; takes the personal bias out of project planning; makes decision-making easier around project conflicts; helps the project management office turn down projects that are not aligned with business priorities; emphasizes the importance of focusing on the long-term view; helps to build governance and oversight into the management of projects.
Market vendors provide various types of project portfolio management tools and solutions with a variety of features. The right fit of the tools is crucial with respect to the company requirements. These tools offer features such as easy access dashboards, project planning, requirements management, collaboration, task management, budget and issue management, and status tracking.
Project portfolio management implementation can be a complicated and difficult complicated process. Portfolio managers are required to overcome many challenges, from hiring new staff to training the team on new procedures as well as organizing and prioritizing existing projects and data.
Amidst the COVID-19 pandemic, the reliance on digital solutions has greatly increased and is anticipated to witness no retreat even in the post-pandemic era. It is evident that the enterprises intend to harness digital channels that could supplement and further strengthen their relationships with their customers.
Project portfolio management solutions helped to meet organization goals by managing a variety of projects remotely during the COVID-19 pandemic. Project collaborations such as virtual meeting and video conferencing, file sharing and synchronization, project status tracking, and reporting were the essential elements that were provided by the PPM solutions for efficient management of projects.
Key Market Trends
Recent Changes In Work Culture And Move Towards Remote Teams to Drive the Market
The future of work and work culture is embracing change, and the idea of the office has been gradually diminishing. While startups and new companies have generally supported the concept of constant change, large enterprises in the world are also forced to confront this same concept.
The office model has evolved, which is evident from companies such as Twitter, Facebook, Square, Shopify, and others announcing permanent work-from-home policies. Many other companies are likely to offer hybrid models. Communication has changed; even while in the office, the means of working with colleagues have shifted significantly over the last several years and been further accelerated into a largely digital approach owing to the COVID-19. This includes email, Slack, shared work project management tools such as workday, and more.
Virtual teamwork is increasingly getting popular. For instance, Harvard Business Review cited that in the survey of 1,700 knowledge workers, 79% reported working always or frequently in dispersed teams. As the popularity of virtual and distributed teams rises, multiple types of virtual teams have developed.
The new drive to accountability across industries affects multiple roles in the organization and usually requires collaboration and communication across geographically distributed offices and teams. Resources are limited, and managers are being held accountable for wisely utilizing them.
Moreover, stakeholders of organizations are increasingly asking for visibility on the value of their major projects and their service and support work. Business units that were once content with just approving a project charter and budget currently demand updates to plans and to see metrics that prove actual performance.
North America to Account for the Most Significant Share
North America is expected to have a significant revenue share compared to other regional markets. Due to the region’s financial status, significant investments in cutting-edge technology and resources for effective project execution can be undertaken. Furthermore, the strong presence of several well-known project portfolio management solution providers in North America, such as Microsoft Corporation, Oracle Corporation, and Workfront, is likely to drive the market’s growth in this area significantly.
North America is a considerably developed market, owing to several companies working on project portfolio management tools. Bulk data integration techniques and tools are most efficiently implemented to identify data synchronization patterns in critical end-users such as BFSI or government initiatives.
Companies are working on project portfolio management tools. The integration techniques and tools are currently most efficiently implemented to identify data synchronization patterns in critical end-users such as BFSI or government initiatives. North America is a considerably developed market.
The growing IT budgets in this region are also one of the significant key driving factors of the market’s growth. According to the research, IT’s future state indicates that the number of companies expecting budget increases will soar in 2022, and budget growth expectations have risen significantly higher than in previous years. Overall, 53% of businesses in North America. Among companies planning to boost tech spending in 2022, IT budgets are expected to grow by 26% (31% in North America vs. 21% in Europe) on average.
In 2022, the top factor driving companies to boost budgets is a high priority on IT projects (49%), indicating multi-year modernization efforts accelerated by remote work and a steady shift to cloud-based services have chipped away at legacy technology.
The global Project Portfolio Management Market is fragmented, with a lot of major players vying for market share. The shift in the work environment has also led to increasing in the competition among the players.
July 2021 - Asana, Inc. announced its Asana app, which hosts 1400+ essential tools to boost productivity and collaboration. The Asana app can distribute teams drive meeting workflows, and collaborate effortlessly.
February 2021 - Atlassian acquired Chartio, a cloud-based visualization and analytics solution based in San Francisco and Blacksburg, Virginia. The acquisition will help new analytics and data visualization engines across their products, starting with the Jira family.
The market estimate (ME) sheet in Excel format
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