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(Wireless-NewsWire.Com, December 13, 2018 ) According to a new market research report "Cloud Project Portfolio Management Market by Application (Portfolio Management, Resource Management, Demand Management, Financial Management, Project Management), Deployment Model, Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the Cloud PPM market size is expected to grow from USD 2.97 Billion in 2017 to USD 5.79 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.3% during the forecast period.
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The major drivers of this market include increasing trend of Bring Your Own Device (BYOD) & usage of mobile devices and need for integrated cloud-based solutions. The cloud-based PPM solutions help to control the cost associated with projects and streamline them.
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The project management application is expected to dominate the cloud PPM market during the forecast period.
The project management application is estimated to have the largest market share in the cloud PPM market during the forecast period. The use of cloud in the PPM process facilitates consistent project execution, automated compliance with employee & industry regulations, improved resource utilization & reduced resource gaps, increased project visibility, workforce productive, and operational effectiveness. These benefits are increasing the demand for cloud PPM solution for project management.
Government and public sector is expected to have the largest market share during the forecast period.
The government and public sector in the cloud PPM market is expected to have the largest market share during the forecast period. This sector is always in search of tools that meet budget constraints and are flexible to tackle technological changes with the passage of time. Moreover, meeting the customer expectation is another major challenge faced by the government agencies. Hence, to address such challenges, organizations have implemented PPM solutions to streamline business processes.
North America is leading in terms of market share in the cloud PPM marketspace
North America is expected to hold the largest market share and dominate the cloud PPM market during the forecast period. Remote accessibility, easy implementation, low cost, and immense scalability are some of the major driving factors for the shift from traditional PPM software to cloud PPM in this region.
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The major players in the cloud PPM market include CA Technologies (New York, U.S.), HPE (California, U.S.), Changepoint Corporation (Richmond Hill, Ontario), Clarizen, Inc. (California, U.S.), Microsoft Corporation (Washington, U.S.), Mavenlink (California, U.S.), Oracle Corporation (California, U.S.), lanisware (California, U.S.), ServiceNow, Inc. (California, U.S.), SAP SE (Walldorf, Germany), Upland Software (Texas, U.S.), and Workfront, Inc. (Utah, U.S.).
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