Global Project Portfolio Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

• Project portfolio management (PPM) is the centralized management of the organization's projects. While these projects may or may not be related to one another, they are managed centrally, which is called a portfolio, having a key benefit of overseeing and managing any competing resources. Project portfolio management is a strategy that evaluates potential projects by their potential successes and risks, then designates resources, staff, and timelines in an approach that maximizes organizational performance. It also includes high-level controls and monitoring to ensure direct relation of ongoing projects to the business's overall strategies and goals.
• Implementing project portfolio management solutions provide various benefits to businesses. It provides alignment between organization objectives and projects; takes the personal bias out of project planning; makes decision-making easier around project conflicts; helps the project management office turn down projects that are not aligned with business priorities; emphasizes the importance of focusing on the long-term view; helps to build governance and oversight into the management of projects.
• Market vendors provide various types of project portfolio management tools and solutions with various features. The right fit of the tools is crucial concerning the company requirements. These tools offer easy-to-access dashboards, project planning, requirements management, collaboration, task management, budget and issue management, and status tracking.
• Project portfolio management implementation can be a complicated, complicated process. Portfolio managers must overcome many challenges, from hiring new staff to training the team on new procedures and organizing and prioritizing existing projects and data.
• Amidst the COVID-19 pandemic, the reliance on digital solutions has greatly increased and is anticipated to witness no retreat even in the post-pandemic era. The enterprises intend to harness digital channels that could supplement and further strengthen their customer relationships.
• Project portfolio management solutions helped meet organization goals by managing various projects remotely during the COVID-19 pandemic. Project collaborations such as virtual meeting and video conferencing, file sharing and synchronization, project status tracking, and reporting were the essential elements provided by the PPM solutions for efficient management of projects.

Key Market Trends

Recent Changes In Work Culture And Move Towards Remote Teams to Drive the Market

• The future of work and work culture is embracing change, and the office idea has been gradually diminishing. While startups and new companies have generally supported the concept of constant change, large enterprises worldwide are also forced to confront this concept.
• The office model has evolved, evident from companies such as Twitter, Facebook, Square, Shopify, and others announcing permanent work-from-home policies. Many other companies are likely to offer hybrid models. Communication has changed; even in the office, working with colleagues has shifted significantly over the last several years and been further accelerated into a largely digital approach due to COVID-19. It includes email, Slack, shared work project management tools such as workday, and more.
• Virtual teamwork is increasingly getting popular. For instance, Harvard Business Review cited that in the survey of 1,700 knowledge workers, 79% reported working always or frequently in dispersed teams. As the popularity of virtual and distributed teams rises, multiple types of virtual teams have developed.
• The new drive to accountability across industries affects multiple roles in the organization and usually requires collaboration and communication across geographically distributed offices and teams. Resources are limited, and managers are being held accountable for wisely utilizing them.
• Moreover, organizations' stakeholders are increasingly asking for visibility on their major projects' value and service and support work. Business units that were once content with just approving a project charter and budget currently demand updates to plans and to see metrics that prove actual performance.

North America to Account for the Most Significant Share

• North America is expected to have a significant revenue share compared to other regional markets. Due to the region's financial status, significant investments in cutting-edge technology and resources for effective project execution can be undertaken. Furthermore, the strong presence of several well-known solution providers for project portfolio management in North America, such as Microsoft Corporation, Oracle Corporation, and Workfront, is likely to significantly drive the market's growth in this area.
• North America is a considerably developed market, owing to several companies working on project portfolio management tools. Bulk data integration techniques and tools are most efficiently implemented to identify data synchronization patterns in critical end-users such as BFSI or government initiatives.
• Companies are working on project portfolio management tools. The integration techniques and tools are currently most efficiently implemented to identify data synchronization patterns in critical end-users such as BFSI or government initiatives. North America is a considerably developed market.
• The growing IT budgets in this region are also one of the significant key driving factors of the market's growth. According to the research, IT's future state indicates that the number of companies expecting budget increases will soar in 2022, and budget growth expectations have risen significantly higher than in previous years. Overall, 53% of businesses in North America. Among companies planning to boost tech spending in 2022, IT budgets are expected to grow by 26% (31% in North America vs. 21% in Europe) on average.
• In 2022, the top factor driving companies to boost budgets is a high priority on IT projects (49%), indicating multi-year modernization efforts accelerated by remote work and a steady shift to cloud-based services have chipped away at legacy technology.

Competitive Landscape

• July 2021 - Asana, Inc. announced its Asana app, which hosts 1400+ essential tools to boost productivity and collaboration. The Asana app can distribute teams drive meeting workflows, and collaborate effortlessly.
• February 2021 - Atlassian acquired Chartio, a cloud-based visualization, and analytics solution based in San Francisco and Blacksburg, Virginia. The acquisition will help new analytics and data visualization engines across their products, starting with the Jira family.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support