Project Portfolio Management Market

Project Portfolio Management Market Size

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Project Portfolio Management Market size was USD 4.47 billion in 2021 and projected to grow from USD 5.4 billion in 2023 to USD 13.2 billion by 2032, exhibiting a CAGR of 10.3% during the forecast period.

Project portfolio management (PPM) depends on various solutions and tools to direct the tasks and inspect return that is connected to a project which increases the effectiveness while providing improved visibility and is a cost-effective process with enhanced transparency. It tracks and omit any ineffectiveness by analysing the changes and improving returns. It also aids in preserving portfolio combined with the objectives, business strategy, and goals of an organization

Market Highlights

Project Portfolio Management Market is expected to project a CAGR of 10.3% during the forecast period, 2022-2032

Project Portfolio Management Market is expected to reach USD 13.2 billion, growing at a CAGR of 10.3% during forecast period owing to the growing demand for project portfolio management to attain a 360^o view of resource management and project operations. The high requirement to reduce the complexity in a project is expected to boost the growth of the market. The management of liquidity due to project portfolio management which assures a higher rate of investment in business, will aid in the growth of Project Portfolio Management market. Growing demand for remote monitoring by cloud-based services, automatic scheduling of project operations and real-time data analytics in an organization is anticipated to boost the growth of the market.

Project Portfolio Management Market Segmentation:

Service segment is expected to grow with high CAGR during the forecast period

Project Portfolio Management Market is classified based on the Component into Software and Service. Service segment is expected to dominate the market over the forecast period due to the increasing demand for innovative services provided by the key market players like process improvement, process assessment, reporting and analysing. Various developments in project portfolio management services like assigning of governing policies, on-the-job communication facility, and facilitation services programs aid the organizations in balancing the factors which boost productivity and ROI thereby, having a positive impact on the growth of the project portfolio management market.

Cloud segment is expected to grow with high CAGR during the forecast period

Project Portfolio Management Market is classified based on the Deployment Type into On-Premise and Cloud. Cloud-based segment is expected to dominate the market over the forecast period owing to the increasing identification of software as a service project portfolio management system. The maintenance packages, adaptable pricing models, easy accessibility, scalability, flexibility, and easy upgradability of cloud-based solutions are expected to boost the growth of the market.

Market Dynamics:   

Growth Drivers

Minimising Failure Rate of Project is Expected to Boost the Growth of the Market

The adoption of agile methods for projects in project portfolio management solutions is expected to drive the growth of project portfolio management market. Few project portfolio management tools like Microsoft project have created incorporating additional duration for feedback loops of projects from the initial planning phase, resulting in ease for project managers to design a project along with agile methods. Agile methods help in creating project in small increments which are tested at every phase, thereby making improvements which can be improved in further phase, which helps in conserving time and money for the organization.

Increasing Adoption of Project Portfolio Management is Expected to Boost the Growth of the Market

The combination of project portfolio management tools with cloud are creating guarantee business solutions like real-time data analytics, remote access and monitoring, and automated scheduling along with the evolution in cloud and cloud-based applications are expected to boost the growth of the market. The growing dependence of business operations and modern business on cloud technology have boosted the project portfolio management solutions and is expected to drive the demand for the market in the forecast period.

Restraint

Data Confidentiality May Restrain the Growth of the Market

Data is a vital asset for an organization and is required to be protected against cyber threats. Any data breech may restrain the market growth. The accessibility of these tools on mobile devices may also hamper the growth of the market.

Recent Developments:

• In February 2022, Oracle disclosed a new workflow manager, which is expected to aid field service teams in giving support.
• In July 2020, SAP and Siemens partnered to dispatch Siemens' Teamcenter software which will provide SAP Intelligent Asset Management solutions.

Project Portfolio Management Market

Key Players Covered:

• Microsoft
• Broadcom
• Celoxis Technologies Pvt. Ltd.
• ServiceNow
• HP Development Company, L.P.
• Adobe
• Planview, Inc.
• Planisware
• Oracle
• Workday, Inc.
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Project Portfolio Management Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the project portfolio management market in 2021 and is expected to continue its dominance over the projected owing to the advancements in infrastructure and promoting of start-ups. Various implementations of & analytics solutions and business intelligence strategies by industrial companies are expected to boost the growth of the market. Many digital infrastructures are using project portfolio management solutions to enhance decision making in the region which is expected to drive market growth.

Impact of Covid-19 on Project Portfolio Management Market

The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and applied travel restrictions to control the spread of the virus. The significance of technology-based solutions is increased for controlling the projects remotely and is creating demand for cloud-based PPM tools and other digital project management solutions. The pandemic had positive impact on the growth of the Project Portfolio Management Market.

Project Portfolio Management Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.

Project Portfolio Management Market Scope and Segments:

Frequently Asked Questions (FAQ):