Project Portfolio Management Software Market to grow from $2,270.4 million in 2014 to $3,983.0 million by 2019, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period 2014 - 2019.
Dallas, TX -- (SBWIRE) -- 12/08/2014 -- The report "Project Portfolio Management (PPM) Software Market by Platform (software and services), by Business Solutions (IT, NPD, and professional services), by deployment mode & by Regions (NA, Europe, APAC, MEA, LA) - Global Forecast to 2019", segments the global market into platform types, deployments models, organization sizes, and business solutions along with in-depth analysis and revenue forecasts.
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The increasing sanctioned budgets for big projects and increasing complexities in projects globally have necessitated the use of PPM tools for satisfying business optimizing needs. Hence, PPM is continuously emerging since its inception. The market is quite saturated but new avenues are generated every year with the introduction of new integration platforms, enterprise software, databases, and applications. The market follows the similar trend with the emergence of the latest trends such as shifting customer's interest in social networking and increasing culture of workforce mobility.
PPM software has high adoption rate in large enterprise as they have data support system and adequate capital that permit them to invest in these business optimizing tools. Moreover, complexities increase many folds with the size of the project; this necessitates the use of PPM software in large enterprise. However, the market is quite promising for small companies as the increasing cloud adoption has significantly increased the number of users in Small and Medium Businesses (SMBs). This has invited players in the PPM ecosystem such as software providers, integration providers, third-party service providers, and cloud service providers to offer suitable integration tools to better suit the needs of enterprises and SMBs. In addition, the expansive adoption of Bring Your Own Device (BYOD) trend and workforce mobility has leveraged mobile technology to open newer avenues for real-time access to PPM tools through specialized apps.
Browse 83 market data tables and 49 figures spread through 170 pages and in-depth TOC on "Project Portfolio Management (PPM) Software Market"
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The major challenges faced in this market is the imperfect blending between the tools output and the decision-makers. Lack of knowledge about specific tools results in underutilization of the tools which are acting as a hurdle in the growth of the market. Hence, technical skills need to be incorporated among the software user to analyze the results well.
Also, the market remains to be competitive with the entry of niche players. These players provide innovative integrated software and tools thereby increasing their market bargain capability among the large vendors. The major vendors in the PPM software market AtTask, CA Technologies, Changepoint, HP, Innotas, Oracle, Microsoft, Planisware, Planview, and SAP.
It also identifies the drivers, restraints, and opportunities prevalent in the market and provides burning issues along with premium insights for the market. The report also segments the market by sub-vertical: government and public utilities, BFSI, healthcare and pharmaceuticals, IT and telecom, manufacturing, retail, energy and power, and others (automotive, transportation and logistics, and media and entertainment); and by region: North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. The detailed analysis of the key industry players have been done to provide the insight on their product and services, strategies, and recent developments associated with the PPM software market.
MarketsandMarkets forecasts that the global PPM software market is expected to grow from $2,270.4 million in 2014 to $3,983.0 million by 2019, at a Compound Annual Growth Rate (CAGR) of 11.9%. In the current scenario, North America is expected to be the largest market on the basis of spending and adoption of PPM software and services.
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