According to the new market research report “Project Portfolio Management (PPM) Market by Platform Type (Software and Services), Deployment Type (On-Premises and Cloud), End User, Business Solutions, Industry Vertical, and Region – Global Forecast and Analysis to 2020”, published by MarketsandMarkets™, the PPM market size is estimated to grow from USD 2.52 Billion in 2015 to USD 4.63 Billion by 2020, at a CAGR of 12.9% from 2015 to 2020.
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PPM software solutions and related services are being increasingly used by enterprises to optimize resource utilization and mitigate risks associated with specific projects. With the growth of Bring Your Own Device (BYOD), the PPM software market is expected to gain traction in the next five years, owing to the need to provide real-time updates about projects to the teams.
Expansive penetration of mobile devices to drive the PPM market
The major forces driving the PPM market include the widespread penetration of robust computing mobile devices among enterprises, escalating business optimization needs, increasing complexities within projects, and the growing popularity of cloud-based software. Enterprises are looking for PPM software solutions and services that can provide them real-time and dependable project updates for efficient accomplishment of various projects. Furthermore, the emergence of cost-efficient cloud-based PPM software is boosting the growth of the PPM software market among Small and Medium Enterprises (SMEs) that have constraints in adopting expensive solutions.
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NPD solution to play a key role in the PPM software market
The IT solution segment of the PPM market is expected to hold the largest market share owing to the widespread need for enterprise software products to meet the dynamic needs of businesses due to technological shifts, whereas the New Product Development (NPD) solution segment is expected to play a key role in changing the PPM software market landscape during the forecast period.
BFSI industry vertical is expected to hold the largest market share
The Banking, Financial Services and Insurance (BFSI) vertical is expected to hold the largest market share in the PPM software market, as this vertical has experienced tremendous technological advancement in the form of e-banking, mobile banking, and its associated services such as the use of credit, debit, smart cards, and Centralized Fund Management System (CFMS), among others. These advancements in the BFSI industry led to the entry of more complex projects, which in turn, created the need for PPM solutions. Industry verticals such as healthcare and pharmaceutical, IT & telecom, government & utilities, and manufacturing are expected to be the key growing sectors during the forecast period.
North America expected to dominate the PPM software market
The report also covers the total PPM software market by region. North America is expected to hold the largest market share and Asia-Pacific (APAC) is expected to grow at the highest CAGR from 2015 to 2020, due the growing awareness among SMEs and increasing investments in cloud and mobility in developing countries such as India, Singapore, and Malaysia.
The major vendors in the PPM software market include Changepoint, Microsoft, CA Technologies, Hewlett-Packard, and Oracle. The scope of the report covers detailed information regarding the major factors influencing the growth of the PPM software market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers & acquisitions, partnerships, and recent developments associated with the PPM software market.
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