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The key players in this market include Oracle, CA Technologies, Microsoft, Planview, HP, SAP, Planisware, and Innotas, Changepoint, AtTask, Celoxis & many more.
(PRWEB) February 20, 2015
The market research report “Project Portfolio Management Software Market " segments the global market into platform types, deployments models, organization sizes and business solutions along with in-depth analysis and revenue forecasts.
Explore Project Portfolio Management Software Market with 83 market data tables and 49 figures spread through 170 pages
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Project Portfolio Management software market is a matured market that has good penetration rate in all the organization sizes across various industry verticals. But since its inception, the market underwent various changes due to continuously evolving project complexities and the rising need of analyzing data which demands highly sophisticated tools. This rapid tools obsolescence is continuously compelling organizations to leverage advanced software according to today’s business requirements. Various integration platforms and shift from traditional to agile projects has forced Project Portfolio Management vendors to come up with user-friendly, easily deployable and updated tool and techniques which cater to the demands of the present world.
The biggest driving force of this market is the increasing complexities in projects due to inexorable rise in data. Thus organizations widely consider incorporating Project Portfolio Management tools for correct decision-making across each critical business matter which includes management of budget, resources, assets, risks and overall functionality of project. This has given rise to build more specific tools which cater to the specific business requirement such as IT project and New Product Development.
Further over the years the amalgamation of mobile and cloud has witnessed the widespread adoption of Project Portfolio Management software by small and medium businesses over the cloud. These emerging technologies such as cloud computing, virtualization and Bring Your Own Device (BYOD) need much sophisticated solutions, which are driving the market growth of the market. Along with that the pervasive surge in mobile devices and increasing interest in social networking all around the world has redefined the lifestyle of the people from being customary to more contemporary. Hence the Project Portfolio Management vendors are coming up with collaborative social media tools for increased clientele.
The North American market has the highest Project Portfolio Management deployment base globally due to the economic advancement in that region. In the near future MarketsandMarkets expects the Project Portfolio Management software market to rise in the emerging economies of Asia-Pacific (APAC) and Middle East and Africa (MEA) due to the increasing need of integration into virtualized network and IT cost-saving feature of these tools.
MarketsandMarkets expects North America (NA) to retain its position as the highest revenue generator for the market while significant revenue growth is expected from the APAC and MEA region. The total market is expected to grow from $2,270.4 million in 2014 to $3,983.0 million by 2019 at an estimated Compound Annual Growth Rate (CAGR) of 11.9% from 2014 to 2019.
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