Project Portfolio Management Software Market by Platform (software and services), by Business Solutions (IT, NPD, and professional services), by deployment mode & by Regions (NA, Europe, APAC, MEA, LA) - Global Forecast to 2019

LONDON, April 8, 2015 /PRNewswire/ -- Organizations are always striving to incorporate tools that streamline their business process by quickly analyzing, optimizing, and managing the business requirements. All these functionalities are encompassed within a single console which lets organizations analyze the right mix of projects and resources for goal accomplishment. PPM tool functionalities widen manifolds when it works in synchronization with other enterprise software and application. The proliferation of PPM tool is significant in large enterprises; however, small and medium organizations are also looking for investing in PPM as the benefit associated with it encourages its adoption. In the years to come, this trend is anticipated to continue leveraging software providers to offer more innovative solution with various integration platforms that connects with the emerging enterprise software and applications.

Despite being the mature market, the market is growing due to evolving trend such as Bring Your Own Device (BYOD), growing number of social media users, and increased penetration of smartphone among users. Moreover companies are replacing their traditional on premise platform into SaaS based platform in order to cater the increasing cloud adoption need. These trends are well-nurtured and implemented in the tool and are also incorporated in various mobile apps by collaborating with social media tools, thereby encouraging the overall adoption of PPM software. Moreover, this market unfolds various opportunities such as partnerships and collaboration, mergers and acquisitions by the developed players for exploring new product lines.

The major drivers leading to the widespread adoption of PPM solutions in the market are increasing complexitis in projects, growing cloud solution popularity, and increasing BYOD trend at work. However, certain restraints such as security concerns related to adoption of cloud solution, lack of adequate knowledge of the tool, and unawareness about the imperativeness and benefits associated with the tools hinder its market growth. Thus, taking into account all these pointers, the PPM market is estimated to further grow substantially in the years to come.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/project-portfolio-management-software-market-by-platform-software-and-services-by-business-solutions-it-npd-and-professional-services-by-deployment-mode--by-regions-na-europe-apac-mea-la---global-forecast-to-2019-300062241.html

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