Cloud Project Portfolio Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Cloud Project Portfolio Management (PPM) Market is expected to grow at a CAGR of 17% over the forecast period 2021 to 2026. Cloud PPM is emerging at an accelerated pace, which is the combination of cloud and PPM and helps in collaborative scheduling, planning, and faster & effective decision-making. The massive adoption of cloud analytics enhanced business effectiveness for SMEs are some of the determinants promoting the growth of this market.

• The growing requirement for large-scale project management is one of the principal growth factors for the cloud-based project portfolio management market. According to a PMI survey, 87% of senior executives believed their organization fully understood project management's value. A survey by Wellingtone Limited as of 2019 indicates that 83% of respondents said that they have one or more PMOs.
• Cloud-based project portfolio management software automates processes to ensure maximum output by managing resources and maintaining a regular follow-up. Additionally, implementing this software in large scale online project management also increases productivity and sales.
• For instance, as per a survey by Capterra Inc., as of 2019, 76% of respondents indicated that they used their project management software for task management. According to a survey by the same source, as of 2019, 65% of respondents said project management software has a positive impact on projects being completed on time.
• Furthermore, various factors such as easy accessibility, enterprise mobility, and real-time collaboration of geographically scattered business units have boosted the BYOD trend. Mobile accessibility keeps the project team updated about the tasks and updates; consequently, it is recognized as one of the factors encouraging the growth of the cloud PPM market.
• For instance, according to a survey in 2018 by the Department for Digital, Culture, Media, and Sport (UK), 45% of UK businesses supported bringing your own device (BYOD). Among the total number of UK businesses, 60% of finance or insurance firms (105 firms out of the 1,519 firms) were also firms where BYOD occurred.
• Moreover, the automation of business processes decreases the response time, increases productivity, and ensures efficient process management. Besides, the system's accountability will also increase since the data is centrally accessible by numerous users, providing an instant and real-time update of current work-in-progress.
• Also, security and privacy concerns among enterprises regarding confidential data further hamper the growth of the market. As per the Identity Theft Resource Center, as of 2019, the number of data breaches in the United States amounted to 1,473, with over 164.68 million sensitive records exposed.

Scope of the Report

The cloud project portfolio management is an excellent and integrated solution that dramatically changes how project-driven organizations operate, allowing efficient and productive project management while assuring more intelligent business decisions. It is useful in several applications such as project execution management offering, project financial management offering, among others.

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Key Market Trends

Healthcare is Anticipated to be One of the Fastest Growing Verticals

• Either driven by regulators' demands, recognition of risks, or a desire to achieve world-class performance, healthcare executives invest heavily in cloud project portfolio management across the enterprises. This takes the form of dedicated improvement teams supported by experts in facilitation and improvement methods.
• Health projects often call upon the Cloud Project Management Office (PMO) to oversee complex projects that integrate specialized applications and systems into a sophisticated technology landscape, while working with teams with little to no project-specific experience.
• For instance, Eclipse PPM is the industry-leading PPM software for healthcare, which provides a centralized location to track and monitor an entire portfolio of all projects, effectively plan and execute all projects with real-time updates on status and financials to deliver optimal transparency for all stakeholders.
• Moreover, the percentage of United States health technology company executives that projected select aspects of health IT will be most impactful to health systems within the next five years as of 2018. According to the Health Management Academy survey in 2018, 62% of respondents indicated that precision medicine within AI would be one of the most impactful aspects of health IT on health systems in the next five years.
• The healthcare and life sciences vertical is anticipated to expand at the highest rate owing to benefits such as decreased equipment installation time, enhanced patient care and quality, reduced waiting time, and lowered readmission rates.

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