24 October 2019

Construction & Project Management Software

Leap factor

Research and Markets in its global forecast up to 2019 has predicted the Project Portfolio Management Software Market to grow significantly driven by growth in user trends and their need in big budget projects.

Good news for worldwide users of construction management software. The global Project Portfolio Management Software Market is anticipated to grow from $2.27 billion in 2014 to $3.98 billion by 2019, at a Compound Annual Growth Rate (CAGR) of 11.9 per cent during 2014 - 2019. That is as per the most recent research report "Project Portfolio Management (PPM) Software Market by Platform (software and services), by Business Solutions (IT, NPD, and professional services, published by Research and Markets which segments the global market into platform types, deployments models, organisation sizes, and business solutions along with in-depth analysis and revenue forecasts.

PROJECT PUSH

The rise in sanctioned budgets for big projects and increasing complexities in projects globally have necessitated the use of Project Portfolio Management (PPM) tools for satisfying business optimising needs. Hence, PPM is continuously emerging since its inception. Though the market seems saturated at present new avenues are being generated each year through introduction of new integration platforms, enterprise software, databases, and applications. The market follows a similar trend with the emergence of the latest trends such as shifting customer's interest in social networking and increasing culture of workforce mobility.

Around the world organisations are increasingly looking to embed software tools that streamline their business process by quickly analysing, optimising, and managing business requirements. The objective is to see all functionalities encompassed within a single console which allows them to analyse the right mix of projects and resources for goal accomplishment. PPM tool functionalities widen manifolds when it works in tandem with other enterprise software and applications. PPM software has a very high adoption rate in large enterprise as they have data support system and adequate capital which permit them to invest in these business optimising tools. Besides along with the increasing size of the enterprise the complexities too increase thus leading to the application of PPM software. 

Admittedly while the proliferation of PPM tools is seen in a major way in large enterprises, small and medium organisations too are also looking to invest in PPM owing to the large scale benefits which encourage its adoption. The view obtaining now in the software industry is that in time to come, the trend will continue leveraging software providers to offer more innovative solutions with various integration platforms that connect with emerging enterprise software and applications. The report spans the overall structure of the PPM software market and provides premium insights that can help software providers, cloud providers, third-party providers, and managed service providers to identify the need for Small and Medium Businesses (SMBs) to adopt PPM. Right now the market holds considerable promise for small companies as increasing cloud adoption has significantly increased the number of users in Small and Medium Businesses (SMBs).
This has encouraged players in the PPM ecosystem such as software providers, integration providers, third-party service providers, and cloud service providers to offer suitable integration tools to suit the needs of enterprises and SMBs. Ergo the market is expected to grow further with evolving trends such as Bring Your Own Device (BYOD), growing number of social media users, and increased penetration of smartphone among users. In fact the large scale adoption of BYOD trend and workforce mobility has leveraged mobile technology to open newer avenues for real-time access to PPM tools through specialised apps. Further companies are replacing their traditional on premise platform into SaaS based platform in order to cater the increasing cloud adoption need.

Project Portfolio Management Software tools are specifically built for various business processes such as IT, New Product Development (NPD), professional services, and engineering and construction projects. This capability of providing customised solutions necessitates its adoption in business-specific projects. In addition to that, vendors in the PPM market space are also coming up with various integration connectors to integrate PPM tools with essential enterprise software and business applications such as Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM). This has helped in gaining better visibility across all business applications. 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. Against this dynamic background the market is unfolding various opportunities such as partnerships and collaboration, mergers and acquisitions by the developed players for exploring new product lines.

 

ENCOURAGING SIGNS

The increasing complexities in projects, growing cloud solution popularity, and increasing BYOD trend at work are thus the major drivers leading to the widespread adoption of PPM solutions in the market. The Project Portfolio Management Software Market is primarily driven by demand induced by project managers; it mitigates the risk of wrong decision-making at various stages thereby resulting in business optimisation. Thanks to the multiple functionalities and benefits, its adoption rate is high and quite promising across all industry verticals. However, there are certain factors restraining growth. The major challenges faced in this market include the imperfect blending between the tools output and the decision-makers, security concerns related to adoption of cloud solutions, lack of knowledge about specific tools resulting in underutilisation of the tools which are acting as a hurdle in the growth of the market. Hence, technical skills need to be incorporated among the software user to analyse the results well. The good news is that notwithstanding the downsides the PPM market is estimated to further grow substantially in the years to come.

 

PLAYER PUSH

If the PPM software market has remained competitive it is owing to the emergence of niche players such as Planview, Planisware, Innotas, AtTask among various others. These players provide innovative integrated software and tools thereby increasing their market bargaining capability among the large vendors.  The current market PPM market is dominated by vendors like CA Technologies, Changepoint, HP, Innotas, Oracle, Microsoft and SAP. These players are expected to develop more advanced and user-friendly solutions in order to create notable market traction in the near future. That augurs well both for the software providers and users in the construction and infrastructure sector.




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