Project Portfolio Management Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
- Transparency Market Research
Project portfolio management (PPM) software organizes different projects into a single portfolio providing reports based on the various project objectives, costs, resources, risks and other relevant associations. When there are many projects run by an organization it is necessary to maintain a portfolio. It helps in categorizing the projects and aligning the projects with organizational goals. PPM helps an organization to sort out projects according to a set of criteria by gathering valuable information. Each portfolio of projects is assessed according to the business value and alignment to strategy. The aim behind designing the portfolio should be a specific organizational objective or benefit. Performance of each and every project is important; however, the impact of each project on the portfolio is equally important. Portfolio provides a descriptive document of the projects which includes timeframe, cost and business objectives. Regular evaluation of projects is done with the help of PPM to ensure that the project is on track. Selection of appropriate resources and team is easier with the help of PPM.
PPM is a helpful solution as it increases organization’s adaptability toward change and makes it easy to introduce new projects. Monitoring and review techniques are introduced to bring higher returns. Dependencies are easily identified to eliminate inefficiency. Moreover, targets are achieved by focusing on strategies rather than the project itself. Further, it provides techniques such as heuristic model, scoring techniques, visual or mapping techniques for analysis of different projects. Increasing competition worldwide is forcing companies to reduce the cost of projects which in turn is increasing the use of PPM. Companies have their teams spread across the globe and to in order to enhance collaboration PPM is used. During the recent years, senior management has been more receptive toward PPM, which is increasing its use. Risk involved across different projects in a portfolio is huge and it must be reduced for which PPM is increasingly finding application.
Furthermore, by looking at the bigger picture it is seen that business optimization is a major driver of PPM market. Deployment of PPM helps organizations improve the overall efficiency and productivity, which helps them meet their business demands on time and remain competitive in the market. However, success of PPM depends on its proper implementation and management.
Change management plays a key role in PPM. Companies are trying to find new ways to introduce the new processes and tools of PPM to the employees and make it work in a short time. Keeping things simple in the initial stages of PPM implementation is important otherwise it can lead to increased complexities. Requirement of PPM depends on the size and structure of the organization and it must be assessed before taking a decision to implement PPM. It is anticipated that companies will give high priority to resource management in the coming years to successfully implement PPM. Smaller companies are reaching to consulting firms for PPM implementation due to lack of knowledge.
Some of the major players in the global Project Portfolio Management market are Oracle Corporation, Microsoft Corporation, CA Technologies, Planview, Inc., Hewlett-Packard Development Company, L.P., Atlassian, Inc., Citrix Systems, Inc., Smartsheet.com, Inc., Teamwork.com, Ltd., and Basecamp LLC.
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