The project portfolio management market size is expected to grow from USD 4.7 billion in 2022 to USD 6.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period.
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Project portfolio management is a senior leadership discipline that drives strategic execution and maximizes business value delivery by selecting, optimizing, and overseeing project investments that are aligned with business goals and strategies. It is the centralised management of one or more portfolios that enables executive management to meet organisational goals and objectives through efficient portfolio, project, programme, and operations decision making. Portfolio management is the strategy-based, prioritised collection of all projects and programmes in an organisation that are balanced against the resources available to complete them.
The solution segment is estimated to have the largest market size during the forecast period
The fundamentals of managing a project from start to finish requiring a team of individuals with different talents and skills. For organizations with many simultaneous projects, PPM software is used to ensure all projects have the right manpower to be accomplished by the agreed upon deadline, while staying within budget. With capabilities such as resource management; schedule management; demand management; project planning and management; project collaboration; portfolio management; financial management; and request management, the PPM solution helps organizations satisfy their business optimization needs. PPM can be used to bring out changes in an organization and create a flexible structure within the organization in terms of project execution. In this manner, the change will not be a threat to the organization. PPM vendors are actively investing in advanced technologies to improve their solution capabilities and serve the needs of their clients from different verticals.
PPM refers to a process used by project managers and Project Management Organizations (PMOs) to analyze the potential return on undertaking a project. by organizing and consolidating every piece of data regarding proposed and current projects, project portfolio managers provide forecasting and business analysis for companies looking to invest in new projects. PPM helps organizations work on the right projects, meaning every project contributes to the organization’s overall goals. Making sure an organization works on the right projects means aligning projects to specific goals, efficiently optimizing resources, and prioritizing projects objectively. In PPM, a portfolio is a collection of projects grouped together to achieve specific corporate objectives. An organization might only use one portfolio for all their projects or use multiple portfolios to group projects in a way that works best for them. PPM is the centralized management of an organization’s projects. While these projects may or may not be related to one another, they are managed under one umbrella, called a portfolio, to oversee and manage any competing resources. Portfolio management in project management also involves the intake process of projects. This includes identifying potential projects, authorizing them, assigning project managers to them, and including them in the overall portfolio. It also includes high-level controls and monitoring to ensure ongoing projects are directly related to the business’s overall goals and strategies.
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Some of the major project portfolio management market vendors are Oracle (US), Planview (US), Broadcom (US), SAP (Germany), Microsoft (US), Workfront (US), Hexagon (Sweden), ServiceNow (US), Upland Software (US), Micro Focus (UK), Planisware (France), Sciforma (US), Sopheon (US), Cerri (Switzerland), Keyedin Projects (US), One2Team (US), One point Projects (Austria), Miesterplan (Germany), Intelit Smart Group (Brazil), Bestoutcome (UK), Project Objects (Ireland), Workotter (US), Smartsheet (US), Celoxis (India), Wrike (US), Asana (US), Monday.com (Israel), and Cherwell (US).
Oracle is a global provider of business software and hardware systems. It develops database platforms, middleware software, application software, cloud infrastructure systems, computer servers, storage, and networking products. It has a well-articulated strategy related to PPM as its approach to PPM is strongly founded on its Oracle PPM Cloud and Primavera P6 Enterprise Project Portfolio Management (EPPM). Oracle integrated the Primavera P6 with Oracle E-Business Suite, PeopleSoft, and JD Edwards solutions using Oracle Application Integration Architecture and Oracle Fusion Middleware. Oracle Primavera customers are distributed at the global level and spread across all the segments of the value chain, from upstream to downstream and services. The Oracle PPM offering is supported by focused marketing campaigns and a global sales and distribution structure and network of partners. Moreover, to support businesses from the ramifications of COVID-19, Oracle has initiated a full-time assistance program for its Primavera and PPM Cloud customers to handle their queries and provide knowledge on best practices during the COVID-19 scenario.
Planview is a leading player offering WRM solutions. The company provides the industry’s most comprehensive solutions designed for lean and agile delivery, portfolio and resource management, collaborative work and project management, innovation management, strategic planning, product portfolio management, and capability and technology management. To make its product portfolio more robust and improve its position in the PPM market, Planview acquired several companies, including Projectplace, Troux Technologies, Innotas, LeanKit, and Spigit. The company partnered with various service providers globally to deliver consulting, implementation, integration services, and product development process expertise to its customers. Today, with more than 700 employees, Planview serves 5,000 customers worldwide in industry verticals, such as life sciences, BFSI, government, technology, retail, energy and utilities, manufacturing, healthcare, and higher education from its offices in the Americas, Europe, and the Asia Pacific regions. To prevent the risk of COVID-19 infection in its employees and customers, Planview issued several guidelines and continues to deliver several support services online.
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