Market Trends of United States Project Portfolio Management Industry
This section covers the major market trends shaping the US Project Portfolio Management Market according to our research experts:
Cloud-based Project Portfolio Management Segment to Register Substantial Growth During the Forecast Period
- Cloud PPM is emerging at an accelerated pace, which is the combination of cloud and PPM and supports collaborative scheduling, planning, and faster and effective decision-making. The significant adoption of cloud analytics enhanced business effectiveness for SMEs are some of the determinants boosting the growth of this market.
- The rising requirement for large-scale project management is one of the major growth factors for the cloud-based PPM market. According to a PMI survey, around 87% of senior executives believed their organization understood project management's value. A survey by Wellingtone Limited as of 2020 indicates that 89% of respondents said that they have one or more PMOs, organizations have one or more PMOs, with 50% have more than one.
- Implementing cloud-based is expected to be much easier compared to traditional on-premise hosting. The company can purchase a month's subscription (or test it for free) for some of its workforce to test the software. For instance, Microsoft Corporation offers its Microsoft Project & Portfolio Management - Project Online Premium at USD 55/User/Month.
- Furthermore, the rising usage of Bring Your Own Device (BYOD) in the workforce has augmented the usage of personal devices such as laptops, smartphones, and tablets. This, in turn, has created a challenge for IT to provide novel applications and secure access to distinct platforms and mobile handsets utilized by the managers and the team members across various locations.
- In addition, several factors such as easy accessibility, enterprise mobility, and real-time cooperation of geographically distributed business units have fortified the growth of the BYOD trend. Therefore, it is considered one of the factors driving the adoption of cloud-based PPM solutions across diverse industries.
Understand The Key Trends Shaping This Market
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IT Industry is Expected to hold Largest Market Share During the Forecast Period
- The demand for project portfolio management in the IT industry increasing with the growing proximity of IT and the business leads to the cross-fertilization of valuable practices, the IT business adapting the PPM tools and approaches within IT to improve the work efficiency.
- Organizations of all sizes use project portfolio management to rationalize project selection and orchestration, optimize the allocation and utilization of essential resources and build highly efficient value and risk management models.
- Software development and IT infrastructure projects in today's PMO require high governance standards, yet most innovative, competitive IT projects often must be delivered using agile project management methods. A PMO with top-down IT project control using built-in governance and integrations with agile PPM tools lends consistent, collaborative, strategic power to business initiatives.
- Several companies have leveraged the IT PPM tool to help concentrate and shift complex project, financial, and ALM processes (through workflow support and vendor process content) to supplement their existing methodologies with considerable uptake of agile, iterative, and hybrid agile methods.
- Thus, IT PPM automation is used effectively as a part of the project, program, portfolio decision-making, and adaptive execution process for any IT PPM implementation to be helpful and successful.
