Growing adoption of cloud-based services and rise in automation and digitalization activities in industries such as healthcare, BFSI, retail & consumer goods, government, ITES and telecom, and manufacturing has increased the need for more productivity and efficiency. This has in turn encouraged the adoption of project portfolio management software and services. Moreover, the need to provide real-time updates has been boosting the trend of BYOD, thereby propelling the growth of the project portfolio management market in APAC.
Market overview
The APAC project portfolio management market which was valued at USD 522.0 Million in 2016 is projected to reach a value of USD 1,352.8 Million by 2022, registering a CAGR of 18.2% during the forecast period 2016-2022.
Among applications, the project management application is expected to hold the largest market share over the forecast period, owing to the increasing demand due to the real-time decision-making and communication needs and growing control over project-related expenditures. However, the resource management application is expected to grow at the highest CAGR in the coming years, mainly due to the rising need because of the benefits offered such as better resource utilization, improved profits, and readily available resources.
Based on organization size, the SMEs segment is predicted to witness the highest growth in the coming years, owing to its features like cost-effectiveness, flexibility, and scalability. Among verticals, the retail & consumer goods vertical is estimated to witness the highest growth over the forecast period, mainly due to the increased adoption of new technologies by the retailers in order to attract more customers and make use of online business opportunities.
Geographical growth scenario of the market
Among countries, China is projected to be the largest market for project portfolio management over the forecast period. The PPM market in China is said to be dynamic and complex, owing to the presence of many growing local and international companies. The PPM software calls for a huge demand from industries like manufacturing, construction, and defense in this country, thereby boosting the growth of the overall market. However, the PPM market in India is expected to grow at the highest CAGR during the forecast period, since India is a preferred country for outsourcing IT services, such as application development, maintenance, testing, consulting, and system integration to India. This in turn, has increased the number of IT players who need PPM software and services. Moreover, the rise of startups in this country has also created a number of growth opportunities for the PPM market in India. In addition, the growing internet penetration due to enhanced wireless infrastructure is expected to further drive this market towards growth. The demand for PPM software and services has increased furthermore, with more and more businesses in India going online.
Factors impacting the growth of this market
- Infrastructure development in APAC on a large scale
- Emerging startups in APAC
- Globalization of enterprises in this region leading to distributed workforce
- Optimum utilization of resources and effective cost management
Moreover, increased focus on analytics and digital initiatives of governments in APAC are the anticipated to further create an array of growth opportunities for this market.
On the flip side, growing security concerns among enterprises in this region is the major factor that is likely to restrain the market growth. Furthermore, demand for customized PPM software and integration of traditional and agile methodologies are the key challenges to be faced by the players in this market in order witness sustained growth.
Ask for Sample Pages @ http://www.marketsandmarkets.com/requestsample.asp?id=102795459
Key players and strategies adopted
The major players involved in the project portfolio management in APAC include Upland Software, Inc. (Texas, US), Planview, Inc. (Texas, US), Planisware S.A.S. (California, US), Oracle Corporation (California, US), Software AG (Darmstadt, Germany), SAP SE (Walldorf, Germany), Microsoft Corporation (Washington, US), Changepoint Corporation (Washington, US), CA Technologies (New York, US), Hewlett Packard Enterprise Company (California, US), Clarizen (California, US), and ServiceNow, Inc. (California, US). New product developments, acquisitions, and partnerships are the major strategies adopted by these companies in order to expand their base in the market. Moreover, they are focusing more on technology innovations to maintain a competitive position in the market and cater to the needs of the customer.
