Product portfolio management is a business lifecycle function in an organization that deals with the planning, forecasting, and production of a product or products at all stages of product lifecycle. It integrates people, data, process, and business systems. PPM software helps enterprises/organization to improve their strategic planning and business execution. PPM software assists business organizations to accelerate the pace of innovation, improve productivity, and more effectively adapt to rapidly changing economic conditions and competitive dynamics.
Applications of Project Portfolio Management (PPM) Software:
- Information Technology Solution
- New Product Development Solution
- Professional Services
In the current information technology world, business enterprises have increased their scale of operations by diversifying their variation in their product portfolio. In order to manage entire information: starting with the ideation to implementation of a product has become critical that led to the innovation of a new software named as a Project Portfolio management (PPM). Moreover, the functionality of products is increasing, making their development and support more complex. Therefore, necessity of making product development process smoother, across various industries has led to the introduction project portfolio management (PPM) software
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However, cost and complexity issues attached with PPM software have been long standing hurdles to widespread PPM software adoption. In the various enterprises applications, PPM requires huge cost and has to experience complexity in the IT infrastructure. It spreads across variety of related applications, demands cross functional corporation, and requires a sizable investment in outside consultants in order to manage both the technical and organizational aspects of implementation.
Segmentation of project portfolio management market on the basis of deployment model:
On-Premises project portfolio management (PPM) software are deployed and operates on the computers in the premises of the organization using the PPM software, rather than at remote facility including remote servers and cloud on internet.
- Hosted :
Hosted project portfolio management (PPM) software are provided by cloud service providers. Hosted environments reduces the cost associated with mobile enterprise application development platform.
North America region is fastest growing market in PPM software adoption. The demand for mechanical computer aided design (MCAD) and electronic computer aided design (ECAD), and other project specific software in countries such as the U.S. and Canada is driving the growth of the market.
PPM market in aerospace and defense sector in the Asia-Pacific region holds significant growth potential. Cloud based PPM software are also gaining popularity in countries such as China and Regulatory compliance, increased safety, enhanced design innovation, and product processes are cornerstones for the growth of advanced PPM software in Europe. Furthermore, intensifying concerns about safety and decreasing, maintenance expenditure will catalyze the PPM software market in Europe.
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CA Technologies, Microsoft Corporation, Oracle Corporation, SAP SE, Workfront, Inc., and Planview are few of the leading players of global project portfolio management (PPM) software market.