The global project portfolio management market analyst says SaaS-based project portfolio management is slowly capturing more market share in the PPM market. In addition to SMEs, large enterprises are also using SaaS-based solutions. The software available over the Internet in a subscription model provides increased flexibility to organizations using SaaS-based software. SaaS-based solutions reduce the financial implication for an organization thereby allowing it the flexibility to change in projects within a shorter duration compared to on-premises PPM.
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The market research analysts predict the global PPM market to grow at a CAGR of close to 12% from 2015 to 2019. Factors such as increased need for business optimization and the need to manage costs accelerate the growth of this market.
PPM software solutions are used in BFSI, government, real estate, healthcare, and the retail sector to provide better visibility and management of projects. During the forecast period, the market will witness increased adoption of cloud-based solutions. Currently, PPM software largely offered through a three-year contract with a license that is subject to renewal post the contract period. In contrast, the SaaS-based model allows companies to choose their desired duration. It extends the flexibility to decide on whether to go ahead with the same requirements or purchase more services. Growing popularity of the SaaS model will drive this market over the next four years.
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Research scope of the global project portfolio management market
This research report considers the total revenue generated from the sales of the following: Software licenses and subscriptions and Software implementation and maintenance costs
The report includes the following deployment type: SaaS- PPM and On-premise PPM
PPM software is a tool that is extensively used for analyzing and collectively managing multiple projects. It constitutes a significant part of enterprise risk management and allows enterprises to obtain and view information about all available projects. project portfolio management enables organizations to prioritize and sort each project based on various parameters such as the impact on resources and strategic value. It helps project management teams to add or remove items from the project execution process based on cost, benefits, and long-term effects.
Geographical segmentation of the global project portfolio management market
The Americas accounted for the majority share of the global project portfolio management market in 2014. However, it is predicted to witness a decline in its growth rate over the next four years. The EMEA is predicted to witness a rapid growth rate during the same period due to high adoption of SaaS-project portfolio management.
Key leading players of the global project portfolio management market are: CA Technologies, HP, Microsoft, Oracle, Planview and SAP
Market vendors are focused on resolving the various complexities involving deployment of project portfolio management software. Many organizations that have implemented project portfolio management software often face issues regarding the relevance and use of the software post deployment. At times, organizations do not clearly define their business problems and fail to communicate to project portfolio management vendors. The market is also facing a crunch of skilled manpower that can train users and educate them about the correct usage of project portfolio management software.
As per the market forecast, many industry verticals other than IT are expected to adopt agile project management methods over the next four years. This trend is catching up rapidly, and it will pose an attractive opportunity for market vendors during the forecast period.
Further, the report states that companies face challenges during the PPM software implementation phase in terms of costs involved, license fee, customization, and interface with other software solutions.
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