With a significant increase in complexity and management issues, handling a large amount of data and multiple projects has been very complicated for organizations. This has made maintaining work efficiency difficult while ensuring optimal utilization of time and resources. Thus, the strategic portfolio management (SPM) tools came into existence. The purpose of SPM tools is to help organizations in handling set of projects and huge amount of data proficiently. Strategic portfolio management functions to mix and synchronize people, tools, and culture within a single framework of business. SPM tools help in strategic resource allocation by classifying the firms’ products and services by their projected growth position and competitive position. It provides organizations unparalleled visibility by aligning projects and huge data with business objectives and corporate strategies.
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A successful SPM tool utilization results in improved performance, higher efficiency, reduced risks, curtails costs, and returns higher investment benefits. It is about deciding where to focus finite resources in order to meet strategic objectives; here business is considered as a portfolio of activities, making tradeoffs across the portfolio. The end-to-end framework in portfolio management strategy systematically guides organizations from project portfolio selection and planning through execution. The shift to a virtual environment, increasing workforce mobility and a rising bring your own device (BYOD) trend is driving the SPM tools market. The proper blending of traditional and agile methodologies is acting as a major challenge for the strategic portfolio management tools market. On the other hand, new product launch strategies and organic growth through partnerships can provide growth opportunities in this market. However, prevalent concerns about deployment, usage, and security concerns related to software-as-a-service-based SPM solutions is restraining the market’s growth.
The global strategic portfolio management tools market has been categorized on the basis of platform type, deployment type, end-user, business solutions, industry vertical, and geography. By platform the market is divided into the software and services segments. On the basis of deployment the segments include on-premise and cloud-based. Segmentation on the basis of end-user comprises IT & telecom, banking and financial services, retail and consumer goods, healthcare, media and entertainment, real estate, government, and others. The strategic portfolio management tools market has been studied for five geographic regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The cloud deployment type is expected to hold the largest market share in the forecast period because of the growing popularity of software-as-a-service-based solutions. In the end user segment, small and medium enterprises (SMEs) are predicted to exhibit the highest CAGR due to the extensive adoption of cloud-based solutions.
North America is estimated to hold the largest market share of the global strategic portfolio management tools market. This is mainly due to the early adoption of strategic portfolio management tools in highly developed countries such as the U.S. North America is rapidly deploying the SPM solutions due to the region’s dynamic market environment. It is expected to be followed by Europe and Asia Pacific region. Asia Pacific is projected to have the fastest growth rate in the SPM tools market during the forecast period because of increasing awareness among small and medium-sized businesses and the presence of SPM software vendors in rapidly developing countries such as Japan and China. Middle East and Africa are also presumed to grow rapidly due to the high adoption rate of software as a service technology.
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The major players of the global strategic portfolio management tools market include Microsoft, Oracle Corporation, Hewlett Packard, SAP Inc., Amazon Web Services, EMC Software, Siemens, IBM, CA Technologies, Primaris, and INNOTAS.SOURCE satPRnews https://www.satprnews.com/