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The cloud-based project portfolio management market share is expected to increase by USD 4.83 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 18.26%.
This cloud-based project portfolio management market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers cloud-based project portfolio management market segmentations by end user (manufacturing, ICT, healthcare, BFSI, and others) and geography (North America, Europe, APAC, MEA, and South America). The cloud-based project portfolio management market report also offers information on several market vendors, including Atlassian Corp. Plc, Broadcom Inc., Mavenlink Inc., Micro Focus International Plc, Microsoft Corp., Oracle Corp., Planview Inc., SAP SE, ServiceNow Inc., and Upland Software, Inc. among others.
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The increasing requirements for large-scale project portfolio management is notably driving the cloud-based project portfolio management market growth, although factors such as challenges from open-source platforms may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the cloud-based project portfolio management industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Cloud-based Project Portfolio Management Market Driver
The increasing requirements for large-scale project portfolio management is a major factor driving the global cloud-based project portfolio management market share growth. Currently, organizations are focusing on cultivating and managing the resources necessary for efficient product outputs, which increases the requirements for efficient solutions for large-scale project portfolio management. The primary purpose of the cloud-based project portfolio management software is to automate processes to ensure maximum outputs by managing resources and maintaining a regular follow-up. The main benefit of employing cloud-based project portfolio management software in large-scale project portfolio management is that automated services increase the connectivity so that organizations can handle the project-related inquiries easily and effectively. Also, automation decreases the response time and increases productivity, which ensures efficient process management. Additionally, by using cloud-based project portfolio management software, revenue possibilities can be rapidly increased by calculating conversion ratios and running reports to track the metrics detailed as per the customer demand. These features decrease the operating time. Due to such reasons, the demand for the market will grow significantly during the forecast period.
Key Cloud-based Project Portfolio Management Market Trend
The interlinking of software with project portfolio management is another factor supporting the global cloud- based project portfolio management market share growth. Since the demand for project portfolio management software is rising in the market, the stakeholders in several businesses are demanding new features in the software to increase their productivity. One of the main trends identified in the global cloud-based project portfolio management market is the interlinking of multiple software to match the requirements of the business. Currently, cloud-based project portfolio management software is deployed by several enterprises to give people access to documents, data, and reports from multiple devices at multiple locations. With all the data accessible centrally by numerous users, the accountability of the system will increase, which will provide enterprises with an instant overview of what everyone is working on. Additionally, interlinked project portfolio management software will enable the users to update data in real-time and will end the complication of sending endless email attachments of the same document. Moreover, the implementation of cloud-based project portfolio management will enhance the company's assurance for up-to-date data. Therefore, all such factor will contribute to the growth of the market.
Key Cloud-based Project Portfolio Management Market Challenge
The rising challenges from open-source platforms will be a major challenge for the global cloud-based project portfolio management market share growth during the forecast period. With the rising demand for digitalization in the current market scenario, the demand for open-source software has increased in the market. The open-source vendors provide a wide range of business analytics tools and applications and are freely available on the Internet. Consequently, several small and emerging enterprises use them as the purchasing and licensing costs of commercial software are high. Additionally, the primary and common features that are provided in the proprietary are also available in most of the open-source cloud-based project portfolio management software. Moreover, no company owns the software, which allows the software to be maintained by multiple vendors. Therefore, customers can easily choose another vendor as they do not have to stick to the offerings of one vendor. In essence, the rising adoption of open-source platforms is expected to hinder the adoption of cloud-based project portfolio management software during the forecast period.
This cloud-based project portfolio management market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global cloud-based project portfolio management market as part of the global systems software market market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cloud-based project portfolio management market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the cloud-based project portfolio management market encompasses successful business strategies deployed by the key vendors. The cloud-based project portfolio management market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The cloud-based project portfolio management market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the cloud-based project portfolio management market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global systems software market market includes the following core components:
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
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40% of the market's growth will originate from North America during the forecast period. US is the key market for cloud-based project portfolio management market in North America. Market growth in this region will be faster than the growth of the market in Europe and South America.
The strong existence and penetration of the top vendors will facilitate the cloud-based project portfolio management market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic is expected to propel the growth of the market in North America in 2021. The emergence of a new business environment with the work-from-home culture is increasing the adoption of cloud-based project portfolio management solutions. Lockdown norms across various industries have augmented the need for working from home with remote planning, tracking, and monitoring project status. Owing to such factors, the market for cloud-based project portfolio management is expected to grow significantly in the region during the forecast period.
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The cloud-based project portfolio management market share growth by the manufacturing segment will be significant during the forecast period. The main factor that drives the growth of this segment is the increasing demand for productivity and resource management across the manufacturing value chain for a diverse set of industries.
Besides the above-mentioned factors, the post COVID-19 impact has fast tracked the demand for cloud-based project portfolio management. The emergence of a new business environment with the work-from-home culture is increasing the adoption of cloud-based project portfolio management solutions. Lockdown norms across various industries have augmented the need for working from home with remote planning, tracking, and monitoring project status This report provides an accurate prediction of the contribution of all the segments to the growth of the cloud-based project portfolio management market size and actionable market insights on post COVID-19 impact on each segment.
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Cloud-based Project Portfolio Management Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18.26% |
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Market growth 2021-2025 |
$ 4.83 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
15.92 |
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Regional analysis |
North America, Europe, APAC, MEA, and South America |
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Performing market contribution |
North America at 40% |
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Key consumer countries |
US, China, UK, Germany, and Japan |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Atlassian Corp. Plc, Broadcom Inc., Mavenlink Inc., Micro Focus International Plc, Microsoft Corp., Oracle Corp., Planview Inc., SAP SE, ServiceNow Inc., and Upland Software, Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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