The increasing use of cloud-based technologies and the rising need to optimize the cost of products and processes are estimated to contribute significantly towards the development of the project portfolio management market in the next few years. According to the research study, the market is likely to exhibit a strong growth rate over the next few years.
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The global market for project portfolio management is currently witnessing a high level of competition among the key players that are operating across the globe. The leading players in the market are focusing on the expansion of the product portfolio, which will help them in reaching out to a large number of consumers worldwide. This is likely to boost the demand for project portfolio management products, thus encouraging the overall development of the market.
In addition to this, the key players in the market are likely to emphasize on creating an awareness among consumers regarding the advantages of adopting the project portfolio management in order to cut down on manufacturing and project costs. The estimated entry of new players will enhance the competition in the near future. Some of the leading players operating in the project portfolio management market across the globe are Workfront, Inc., Oracle, Microsoft, L.P., Celoxis Technologies Pvt. Ltd., HP Development Company, CA, Inc., Planview, Inc., Innotas, Changepoint Corporation, and Planisware.
Project portfolio management (PPM) alludes to a procedure used by project management organizations and project managers to estimate the potential return of undertaking a project. At its most basic, project portfolio management and project management differ in terms of number of projects. Project portfolio management looks into every ongoing project or proposed project and its viability to meet overall business goals. Project portfolio managers organize and consolidate every piece of information regarding proposed and current projects and provide projections and business analysis for companies looking to invest in new projects.
Project portfolio management gives managers and organizations the ability to view the big picture;
- Executives – they know what project managers to reach to
- Project Managers – allows easy access to team members
- Team Members – allows improved communication with leaders and other teammates
- Stakeholders – allows them to be in loop with reliable and consistent feedback.
Project portfolio management tools help companies fragment every detail of a proposed project – resources, budgets, timelines, tasks, and goals. It helps companies weigh advantages of proposed projects against current projects, and gauge risks that offer the most rewards. Using key parameters to gauge cost versus returns, PPM helps organizations determine if a project should be carried forward. This allows for creation of replicable and fluid workflows that ensure efficiency and most favorable team performance.
PPM helps project managers and project management organizations have a global view of each project. PPM enables every element of a project to be presented as whole, because of which problems can be predicted much before their occurrence.
PPM provides the foresight to organizations to identify potential risks and put necessary measures in place. This way a company can proactively manage risks, allow teams to accurately estimate potential delays, and deploy measures to prevent or alleviate those risks if they are unavoidable.
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The regional analysis covers:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
Among the major regional segments, the market for Asia Pacific is anticipated to experience a promising growth over the forecast period. As per the research report, this region is expected to offer lucrative opportunities for the market players as well as exhibit a healthy growth rate in the coming years. The high growth of this region can be attributed to the tremendously rising adoption of wireless devices, including laptops, mobile phone, and tablets.
Furthermore, the increasing complexity in the business functions owing to the outsourcing activities and multiregional operations are projected to encourage the growth of the project portfolio management market in Asia Pacific. In addition, the rise in the number of small and medium enterprises is estimated to boost the demand for effective and new project portfolio management solutions in the near future. The developed economies in the global market are estimated to experience a steady growth in the coming years.