Market Trends of Cloud Project Portfolio Management Industry
This section covers the major market trends shaping the Cloud Project Portfolio Management Market according to our research experts:
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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North America to Drive the Market
- North Americans retain the most significant market share due to the growing number of companies using cloud project management software solutions. The rising demand among companies to efficiently track and control their projects boosts this software demand in this region.
- The usage of systems for task management for the successful execution of tasks and flexible work planning is anticipated to drive the market in the coming years further. According to a survey conducted by Capterra Inc., in the United States, as of 2019, 76% of respondents indicated that they used their project management software for task management.
- Additionally, the increased focus of organizations on promoting collaborations among the workforce and boosting the team’s efficiency is also driving the market growth in North America. For instance, according to a survey by LinkedIn, 72%of Millennials in the United States in 2019, said they value the ability to collaborate with others while taking a course.
- According to Clutch.co, as of April 2020, more than one-third (36%) of employees used Zoom when working remotely, followed by Microsoft Teams, with 19% of workers in the region. Collaboration apps, such as Slack or Workplace by Facebook in the United States, are designed to facilitate workplace communication and improve workplace efficiency.
- Moreover, the introduction of technologically superior enterprise solutions by small companies is anticipated to encourage market growth. For instance, in December 2018, Victory Square Technologies launched Tim a real-time resource management software, an AI-based solution.
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