Project portfolio management refers to a centralized and coordinated management of tools, processes and methods, utilized by the different stakeholders, for effectively completing a proposed project. It includes planning, delegating, executing, managing and controlling the various aspects of a project. Cloud project portfolio management can perform several functions, such as determining cost of a project, managing the contracts and billings of a project, performance reporting to the stakeholders, management of the different tasks, management of resources participating in the project and collaborative communication among various other functions. Cloud project portfolio management can aid business professionals to accurately track and manage ongoing projects, along with the capability to combine project management and social collaboration tools. Additionally cloud project portfolio management allows analyzing the work being done and also enables adjustment of the priorities on a real time basis.
Several vendors of cloud project portfolio management services offer an integrated project management suite, which are designed to streamline, automate and control the different processes of project management. It also removes the need for expensive hardware systems and reduces the associated overhead costs. Certain vendors also offer mobile and embedded social capabilities, which provide better flexibility, higher collaboration among stakeholders, communication consistency and higher security among others.The market for cloud project portfolio management is primarily being driven by the growing usage of cloud analytics. Cloud analytics enable extraction of specific data from huge amounts of data, coupled with the ability to access the data from anywhere. Such advantages have been primarily associated with the higher application of cloud project portfolio management, thus boosting the market forward.
Additionally, the application of mobile devices for business purposes, have been growing at a tremendous pace. Also, organizations are promoting the ‘bring your own device’ concept for cost effectiveness. Such trends are supported by the increasing demand for cloud based systems, which can offer remote access anytime and anywhere. This in turn is further promoting the demand for cloud project portfolio management solutions.Furthermore, cloud project portfolio management offers several unique benefits, when compared to traditional processes and systems. Owing to the positive impacts of all such factors, the market for cloud project portfolio management has been growing at a fast pace.
However, cloud based solutions are often susceptible to cyber threats and such risks are the primary restraining factor for the market. The advancements in security systems and protocols, by the vendors of cloud project portfolio management, though have been successful in reducing the impact of this restraint considerably. Considering the growing demand for cloud based systems globally, coupled with the advanced features of the cloud project portfolio management solutions, the market is expected to be provided with several growth opportunities from different industry verticals, during the forecast period.
On the basis of deployment type, the market for cloud project portfolio management has been segmented into private cloud, public cloud and mixed cloud. By organization size, the market for cloud project portfolio management has been segmented into large enterprises, medium enterprises and small enterprises. The market for cloud project portfolio management, on the basis of end use vertical, has again been segmented into banking, financial services & insurance (BFSI), information technology (IT) & telecommunications, healthcare, consumer goods & retail and manufacturing among other sectors. On the basis of regions, the market for cloud project portfolio management has been segmented into North America, Europe, Asia Pacific (APAC), South America and Middle-East & Africa (MEA).
The major companies of the virtual router market globally are Oracle Corporation (The U.S.), SAP SE (Germany), Hewlett Packard Enterprise (The U.S.), CA Technologies, inc. (The U.S.), onepoint PROJECTS GmbH (Austria), Clarizen, Inc. (The U.S.), Mavenlink (The U.S.) and Microsoft Corporation (The U.S.) among various other companies.
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