APAC Project Portfolio Management Market Set to Witness Upstick from 2019 to 2022

APAC Project Portfolio Management Market

The APAC Project Portfolio Management Market size expected to grow from USD 586.9 million in 2017 to USD 1,352.8 million by 2022, at a Compound Annual Growth Rate (CAGR) of 18.2%.

Project Portfolio Management (PPM) software empower enterprises and public institutions to efficiently organize multiple projects on a single combined portfolio, which generates reports based on various project metrics, such as costs, resources, time, and risks. PPM software enable business management executives to strategically review project portfolios and align them with tactical business and financial objectives. Over the years, the APAC PPM market has evolved at a significant rate, due to emerging professionalism, which demands better business optimizing needs.

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The integration and deployment services segment provides end-to-end enterprise support, which is the main reason for its higher adoption. Integration and deployment services are gaining traction in the APAC Project Portfolio Management Market, as they helps organizations in identifying the project scope; designing the plan layout; optimizing data quality and delivery through testing, building, and deploying customizable designs suiting the organizational business needs; and assisting trained professionals in facilitating the smooth installation of PPM software.

Resource management consists of planning, allocating, and scheduling of resources to tasks. Resources include workforce, systems, money, and material. They mainly comprise financial resources, inventory, employees, production resources, and IT. Effective resource management optimizes organizational efficiency, minimizes idle time, and improves project execution. Proactive resource management delivers the paramount level of optimization and efficiency by enabling optimum allocation of resources based on business requirements. The resource management application ensures that resources are provisioned with organizational needs and are in alignment with the overall business priorities and objectives. This drives the highest possible resource utilization rates while minimizing business service and availability risks. The need for resource management is expected to grow in the near future, due to benefits such as better utilization of resources, improved profits, and minimized unavailability of resources.

The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher rate during the forecast period. The smaller the business, the lower the project complexities. Hence, PPM vendors have specific tools for individuals, small businesses, and freelancers. Cost-effectiveness is one of the important needs of small businesses. Vendors satisfy this need by providing simple tools that help in easily managing people, projects, and assets. Small businesses usually adopt Software-as-a-Service (SaaS) based PPM solutions, due to cost constraints. Additionally, the SaaS model minimizes IT requirement. The SMEs segment has huge potential for flourishing during the forecast period, as PPM software provide flexibility, scalability, and reduced costs.

The retail and consumer goods vertical is expected to grow at the highest CAGR in the APAC Project Portfolio Management Market during the forecast period. The retail and consumer goods industry is always leading, in terms of cost cutting, revenue margin improvement, and latest technology adoption. Retailers are now adopting new technologies, such as location-based marketing and internal work localization, to attract customers and take full advantage of online business opportunities, which are vulnerable to various business complexities. To achieve agility, retailers are adopting project management systems that have a flexible, event-driven IT infrastructure, which allows different applications to share and analyze information in the real time to determine the next best interaction with project stakeholders. The retail and consumer goods vertical is expected to unfold various avenues for Project Portfolio Management vendors during the forecast period, as it is expected to gain significant market traction, in terms of market size.

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Among the countries taken into consideration for the study, India is expected to witness the highest CAGR during the forecast period. India is a preferred country for outsourcing IT services. Several companies have outsourced their IT services, such as application development, maintenance, testing, consulting, and system integration to India. This offshoring of IT services has given rise to a large number of IT players, who need PPM software. The rise of an energetic startup product ecosystem in India has also enhanced opportunities for the Project Portfolio Management Market in India. The ever-increasing internet penetration, due to improvement in wireless infrastructure, is expected to drive the demand for PPM software in India. With more and more businesses in India going online, the demand for effective PPM software is expected to increase. This increasing demand will be effectively catered to by APAC PPM vendors. A healthy economy, combined with government initiatives such as Digital India, is expected to drive increased investment in PPM software and services.