According to a new market research report "APAC Project Portfolio Management Market by Type (Software and Service), Application (Portfolio Management, Financial Management, Resource Management), Deployment, Organization Size, Vertical and Country - Forecast to 2022", published by MarketsandMarkets™, the APAC PPM market size is expected to grow from USD 586.9 Million in 2017 to USD 1,352.8 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 18.2%.
The demand for PPM software and services in APAC is driven by various factors, including huge infrastructure development, need for optimum resource utilization and cost management, proliferation of startups, and rapid generation of complex data volumes.
Browse 61 Market Data Tables and 33 Figures spread through 127 Pages and in-depth TOC on "APAC Project Portfolio Management Market"
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Integration and deployment services segment is expected to grow at the highest CAGR during the forecast period.
The integration and deployment services segment provides end-to-end enterprise support, which is the main reason for its higher adoption. Integration and deployment services are gaining traction in the APAC PPM market, as they helps organization in identifying the project scope; designing the plan layout; optimizing data quality and delivery through testing, building, and deploying customizable designs suiting the organizational business needs; and assisting trained professionals in facilitating the smooth installation of PPM software.
Resource management application is expected to witness the highest CAGR during the forecast period.
Resource management consists of planning, allocating, and scheduling of resources to tasks. Resources include manpower, systems, money, and materials. They mainly comprise financial resources, inventory, employees, production resources, and IT. Effective resource management optimizes organizational efficiency, minimizes idle time, and improves project execution. Proactive resource management delivers paramount level of optimization and efficiency by enabling optimum allocation of resources, based on business requirements. The need for resource management is expected to grow in the near future, due to benefits such as better resource utilization, improved profits, and minimized unavailability of resources.
India is projected to grow at the highest CAGR during the forecast period.
Among the countries taken into consideration for the study, India is expected to witness the highest CAGR during the forecast period. India is a preferred country for outsourcing IT services. Several companies have outsourced their IT services, such as application development, maintenance, testing, consulting, and system integration to India. This offshoring of IT services has given rise to a large number of IT players, who need PPM software. The rise of an energetic startup product ecosystem in India has also enhanced opportunities for the PPM market in India. The ever-increasing internet penetration, due to improvement in wireless infrastructure, is expected to drive the demand for PPM software in India.
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The major PPM vendors in APAC are Upland Software, Inc. (Texas, US), Planview, Inc. (Texas, US), Planisware S.A.S. (California, US), Oracle Corporation (California, US), Software AG (Darmstadt, Germany), SAP SE (Walldorf, Germany), Microsoft Corporation (Washington, US), Changepoint Corporation (Washington, US), CA Technologies (New York, US), Hewlett Packard Enterprise Company (California, US), Clarizen (California, US), and ServiceNow, Inc. (California, US).
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