Project Portfolio Management (PPM) Market expected to grow substantially owing to the expansive penetration of mobile devices and enriched network connectivity to supplement the access of PPM solutions and services. Additionally, increasing complexities within projects and the emergence of cost-effective cloud-based PPM software has further driven the growth of the market.

Project Portfolio Management (PPM) software and services help the businesses streamline their organizational processes by incorporating tools that help in the optimal utilization of organizational resources. Enterprises are increasingly utilizing PPM tools that are specifically built for various business processes such as Information technology (IT); New Product Development (NPD); professional services; and engineering, construction, and manufacturing projects, which in turn necessitate its adoption in business-specific projects.

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The major factors responsible for the substantial growth of this market are the ease of idea generation, idea management, portfolio management, project planning, and final execution of the project. Additionally, it helps mitigate the risk of wrong decisions by managing the complete lifecycle of the project through workflow management software.

The large enterprises segment in the PPM software market is expected to have the largest market size during the forecast period, due to the growing need for optimization of resources involved across various projects.

The growth of this market is propelled by increasing complexities in handling projects, which necessitates the adoption of PPM solutions. The market is further driven by factors such as shifting to virtualized environment and increasing workforce mobility or Bring Your Own Device (BYOD) trend.