Cloud Project Portfolio Management Market Size

Cloud Project Portfolio Management Market Analysis

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.