[February 12, 2016] |
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Technavio Announces Top Three Emerging Trends Impacting the Global PPM Market Through 2019
Technavio's latest report on the global
project portfolio management (PPM) market provides an
analysis on the most important trends expected to impact the market
outlook through 2019. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.
PPM (News - Alert) technology: competencies and growth prospects
PPM software is a tool used to analyze and collectively manage multiple
projects in an efficient manner, both in the process and proposed
stages. It is a significant part of enterprise risk management and
allows enterprises to obtain and view information about all available
projects. "PPM enables organizations to prioritize and sort each project
based on various parameters, such as the impact on resources and
strategic value. It helps project management teams to add or remove
items from the project execution process based on cost, benefits, and
long-term effects," says Amrita Choudhury, a lead analyst from
Technavio's IT
professional services sector.
The global PPM market was valued at USD 1.91 billion in 2014 and is
forecast to multiply to USD 3.36 billion by 2019. Factors such as an
increased need for business optimization and the need to manage costs
are expected to motivate market growth in the coming years. Industries
such as BFSI, government, real estate, healthcare, and retail sectors
among others have started to adopt PPM solutions to enhance overall
productivity.
The top three emerging trends driving the global PPM market according to
Technavio ICT
research analysts are:
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Adoption of agile practice
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Rising adoption of mobile PPM
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Increased demand for customizedsolutions
Adoption of agile practice
Agile (News - Alert) project management has been in demand in the IT industry for its
efficiency. Unlike traditional methods, agile methodology allows
organizations to have a flexible plan and can estimate cost and resource
utilization. This helps in open-ended planning and designing, which will
benefit projects where changes need to be made. It gives more
flexibility to management, engineers, and technicians and allows them to
overcome various project limitations.
"Agile project management has been in practice for over a decade and
many companies other than those in the IT sector are now shifting toward
this method. This is increasing the demand for SaaS (News - Alert)-based PPM solutions
that support the agile methodology," says Amrita.
Rising adoption of mobile PPM
Mobile PPM has emerged as a major trend and has been increasingly
adopted across enterprises. In addition, enterprises are implementing
BYOD successfully, which means an increase in personal mobile devices.
These devices need to be integrated with business applications and
managed, which has increased the demand for mobile PPM solutions. By the
end of the forecast period mobile PPM is expected to be a major
contributor to the growth of the global PPM market.
Increased demand for customized solutions
Organizations are demanding customized PPM solutions to meet their
business requirements. As single products cannot serve changing customer
requirements, vendors are required to invest additional resources to
customize their offerings. With more customization, PPM software
development processes become more complex. Managing this upsurge in
complexity could prove to be a challenge. However, it is necessary
especially with the fact that customers prefer customization rather than
an off-the-shelf solution.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
If you are interested in more information, please contact our media team
at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20160212005232/en/
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