Product portfolio management is a commercial lifecycle function in a business that sees to the product’s production, forecasting, and planning at all phases of product lifecycle. The project portfolio management software helps the organizations to enhance productivity, boost the innovation rate, and acclimatize to the ever-changing competitive dynamics & economic scenario. In addition, it also offers abilities like data analytics, time tracking, and cost management.
The growth of global product portfolio management software market is mainly driven by the rising implementation of cloud-based services for the assignments’ remote monitoring. Rise in activities like digitalization and automation across sectors comprising government, healthcare, telecom, engineering & construction, and BFSI has stirred the requirement for analytical & monitoring solutions to boost business efficiency and productivity, thereby fueling the growth of the global project portfolio management software market. Moreover, a rise in the trend of BYOD (bring your own device) together with the rising concentration of businesses on gaining quicker Return on Investment (ROI) are also projected to boost market expansion.
The global product portfolio management software market can be segregated based in deployment, end-users, and region. By deployment, the market is divided into on-premises and software as a service (SaaS)-based. Among these, the SaaS-based segment is expected to hold the highest market share during the forecast period. this expansion can be attributed to the prominent advantages of SaaS-based PPM solutions such as low maintenance & upfront prices, automatic software upgradation, flexible pricing, and decreased costs. By end-users, the market is classified into construction & infrastructure, BFSI, healthcare, information & technology, and others (utility, energy, consumer goods, and government).
Regionally, the global product portfolio management software market is expected to be governed by North America during the forecast period owing the high implementation if latest cloud-based solutions and technologies along with the existence of numerous leading players like Oracle, Workfront, and Microsoft. Likewise, Asia Pacific is projected to witness substantial expansion within the market during the coming years on account of the existence of budding nations such as India and China along with the rising implementation of wireless devices like laptops, tablets, and mobile phones.
Few leading players participating actively within the global product portfolio management software market include Hewlett-Packard, Ca Technologies, Changepoint Corporation, Planisware, Oracle Corporation, Innotas, Celoxis Technologies, SAP SE, Workfront, Inc., Microsoft Corporation, and Planview, among others. To cite, software publisher NQI was acquired by Planisware in March 2018 to extend its cloud solutions portfolio and surge its market customer base.