Project Portfolio Management Market Size
The global project portfolio management market was valued at USD 5.3 Billion in 2022 and is expected to grow at a CAGR of 7.3% from 2023 to 2030
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The increasing use of cloud-based services for remote monitoring of assignments is a critical factor that is likely to play a major role in driving market growth. An increase in activities like automation and digitalization across sectors, including healthcare, government, BFSI, telecom, and engineering and construction, has driven the demand for monitoring and analytical solutions to enhance productivity and business efficiency. It is strongly promoting the adoption of project portfolio management (PPM) solutions.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Project Portfolio Management Market Size in 2023 | USD 5.3 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 7.3% |
| 2032 Value Projection | USD 10.2 Billion |
| Historical Data for | 2018 to 2023 |
| No. of Pages | 300 |
| Tables, Charts & Figures | 311 |
| Segments covered | Component, Deployment Mode, Organization Size, Industry Vertical, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
Project portfolio management requires strategic decision-making, which may be complicated and necessitate careful analysis of various factors. Poor decision-making processes or inability to access credible data may impede effective implementation of project portfolio management. Additionally, in the absence of strong executive sponsorship and commitment, project portfolio management initiatives may fail to take root. Executive sponsorship is essential for ensuring the necessary resources, authority, and direction to implement & sustain project portfolio management practices effectively.
COVID-19 Impact
The pandemic created business and industry disruptions across the globe, delaying, postponing, or even canceling several projects. It created additional disruption in project portfolios and encouraged companies to redefine project priorities and reassigned resources appropriately. Project teams switched to online collaboration and communication with the implementation of remote working arrangements under lockdowns and social distancing measures. Such transformation also needed to deploy project portfolio management tools & technologies that promote work from distance and maintain optimal coordination among people.
Project Portfolio Management Market Trends
With the world becoming increasingly digital and automated, companies in various regions are looking towards analytics and monitoring solutions to monitor their operations. This has given rise to an increasing market for such solutions. Project management software and services are also highly sought after, as companies look for means to better manage complex projects. This will help grow the market of project portfolio management (PPM) during the coming few years. State and businesses are putting big amounts into research and development, hence leading to PPM innovation. For instance, mobile PPM solutions are assisting organizations to target larger markets. Mobile PPM solutions are being used increasingly within data management services. And with the Bring Your Own Device (BYOD) trend ongoing across industries, it is anticipated to further fuel the PPM market.
Project Portfolio Management Market Analysis
Learn more about the key segments shaping this market
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On the basis of organization size, the market has been segmented into large enterprises and SMEs. The market share of the large enterprise sector was 25% in 2023. This increase is due to the presence of high capital and affordability, which facilitates large organizations to adopt these solutions. To acquire a competitive advantage in the market, major corporations are making huge investments in a number of projects to create new product lines or substitute & enhance current processes/products. This trend is supporting the implementation of project portfolio management solutions, stimulating market growth during the forecast period.
Discover more about the dominating segments influencing this market
Suppose you're the CEO of a technology firm with various projects underway. It can be a balancing act, can't it? That's where project portfolio management enters the picture. It's like having a superpower that allows you to see all your projects simultaneously, monitor their progress, and ensure your team has what they need. The IT and telecom sector is massive, and it's constantly evolving. IT firms are doing everything from creating new software to operating enormous data centers. It's a complicated world, and keeping up requires lots of resources. IT companies can utilize their resources with help from project portfolio management tools. They can identify which projects are highest priority, ensure the appropriate people are handling them, and keep everything moving smoothly along. This makes it possible for IT companies to do more with less and to make their teams more efficient.
Seeking region specific information?
North America was the global leader in project portfolio management in 2023, with a market share of more than 35%. This trend is likely to prevail in the years to come as a result of the region's robust infrastructure growth and thriving startup ecosystem. North America is increasingly implementing artificial intelligence and data analytics in various businesses to drive insights and smarter decisions. These data-driven strategies are fueling market growth. Furthermore, companies with strong digital foundations are adopting project portfolio management solutions to enhance collaboration and improve decision making, thus resulting in higher rates of project success. Projects portfolio management services are being adopted by industries in the United States, including healthcare, manufacturing, finance, and construction, in order to streamline their processes and minimize wasteful spending.
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Project Portfolio Management Market Share
Some of the major players operating in the project portfolio management industry are
- Oracle Corporation
- Microsoft Corporation
- SAP SE
- Adobe Inc.
- HPE
- Hexagon AB
- Planview Inc
These players are focused on strategic partnerships, new product launches, and commercialization efforts for market expansion. They are also heavily investing in research to introduce innovative products and garner the maximum market revenue.
Project Portfolio Management Industry News
- In July 2022, Wrike launched Custom Item Types, which is a unique core platform capability that allows users to create work item types as per their team’s specific culture and style.
- In March 2022, ServiceNow launched Now Platform San Diego. The new version has a modern visual design and Robotic Process Automation (RPA) capabilities that aid organizations in addressing challenges and transforming their businesses.
The project portfolio management market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments
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Market, By Component
- Solutions
- Services
Market, By Deployment Mode
- On-premises
- Cloud
Market, By Organization Size
- Large Enterprises
- SMEs
Market, By Industry Vertical
- IT & telecom
- BFSI
- Healthcare
- Manufacturing
- Retail
- Government & public sector
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Singapore
- Latin America
- Brazil
- Mexico
- MEA
- UAE
- South Africa
- Saudi Arabia
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