The cloud Project Portfolio Management (PPM)market size is expected to grow from $2.97 billion in 2017 to $5.79 billion by 2022, at CAGR of 14.3 percent due to factors, such as increasing need for Bring Your Own Device (BYOD) and mobile devices, shift toward integrated cloud-based solutions, and increased need for ROI in process manufacturing industries.
However, growing concerns regarding data security and privacy are the major restraints in the overall growth of the market.
The Small and Medium Enterprises (SME) segment is expected to grow with the largest market size during the forecast period. Cloud PPM has become a vital part of the business processes in SMEs due to the ease of use and the flexibility it offers and is expected to grow in the coming years.
The factors driving this segment include quick responses, timely decisions, and overall enhanced business productivity. Moreover, the implementation of cloud PPM resulted in increased revenue, desired outcomes, and improved business efficiencies for the SMEs.
With the increasing deployment of cloud computing, the application segment is expected to grow in the coming years. The resource management application is expected to grow at the highest CAGR during the forecast period.
This application consists of planning, allocating, and scheduling of resources to tasks that include manpower, systems, money, and materials. Vendors offering this application focus on the better utilization of resources, improve profits, and minimize unavailability of resources.
Asia-Pacific (APAC) is expected to be the fastest growing region in terms of CAGR. There is a huge potential in this region for cloud adoption in PPM, which can be addressed to create better business opportunities.
The surge in growth is anticipated owing to technological advancements, along with mandatory regulations imposed by government regulatory entities to adopt the best-in-class technology and standards. The growth of the cloud PPM is primarily driven by new users and the growing awareness about the cloud-based solutions in enterprises.
