Project Portfolio Management Market In-Depth Research On Basis By Solution, By Platform (Software, Service), By Deployment, By Enterprise Size, By Application, By Region, And Segment Forecasts, 2023 - 2030

San Francisco, 21 June 2024: The Report Project Portfolio Management Market Size, Share & Trends Analysis Report By Solution, By Platform (Software, Service), By Deployment, By Enterprise Size, By Application, By Region, And Segment Forecasts, 2023 - 2030

The global project portfolio management market size is anticipated to reach USD 12.25 billion by 2030, registering a CAGR of 13.0% from 2023 to 2030, according to a new report by Grand View Research, Inc.  Growing trend of bring your own device (BYOD) among businesses is expected to improve employee productivity and real-time project monitoring, thereby, making it feasible to implement project portfolio management (PPM) solutions. Multi-regional businesses are fueling the demand for project portfolio management solutions to foster effective decision-making and prevent complexities. Extensive use of PPM solutions in data analytics to offer convenient services to customers at low costs in the BFSI and IT and telecom sectors is anticipated to drive the market growth.

The global rise in urbanization and digitization has made businesses to switch toward using technology driven solutions to meet the rapid pace of business growth. Emerging businesses that adopt cloud-based services, mainly in developing economies such as Asia Pacific, are expected to fuel the PPM market growth over the forecast period. Furthermore, facilities such as low setup costs, improved security, and increased collaboration opportunities, provided by the cloud-based solutions are expected to increase business productivity and overall growth of an organization.

Project-intensive organizations across different industry verticals have recognized the advantages of the PPM solution and have employed it to automate and simplify several operations and efficiently manage project lifespan. The PPM solution offers managers and organizations with the capability to see the big picture, confirming the use of best practices, principles, solutions, and standards during the project lifespan. For organizations handling multiple simultaneous projects, the PPM solution allows the right set of resources to complete them on defined budget and deadline. Thus, the benefits offered by PPM solutions are propelling the growth of this market.

The growing adoption of cloud-based services for the remote monitoring of assignments is an essential factor that is expected to contribute significantly to market expansion. A surge in activities such as automation and digitalization across industries, including healthcare, government, BFSI, telecom, and engineering and construction, has stimulated the need for monitoring and analytical solutions to increase productivity and business efficiency. It is significantly encouraging the implementation of project portfolio management (PPM) solutions.

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The growing complexities in projects and the need for timely and efficient management are expected to drive market growth over the forecast period. Furthermore, the need to gain a 360-degree view of project operations and resource management is driving the demand for PPM solutions. The software helps in collaborative scheduling, planning, and faster and more efficient decision-making. Additionally, a surge in the trend of bringing your device coupled with the growing focus of organizations on attaining faster Return on Investment (ROI) are the key factors driving the market growth.

Project Portfolio Management Market Report Highlights

• The information technology segment accounted for the largest revenue share of 54.1% in 2022. It is attributed to the increasing demand for more sophisticated and user-friendly PPM software that can help businesses manage their IT projects more effectively.
• The software segment accounted for the largest revenue share of 68.3% in 2022, owing to the increasing demand for more sophisticated and user-friendly PPM software that can help businesses manage their projects more effectively.
• The cloud segment accounted for the largest revenue share of 52.5% in 2022 and is expected to grow at the fastest CAGR of 15.2% during the forecast period.
• North America dominated the project portfolio management market, with the largest revenue share of 42.0% in 2022.

The project portfolio management software assists businesses in improving productivity, increasing the pace of innovation, and adapting to the rapidly shifting economic scenario and competitive dynamics. Additionally, the PPM software offers capabilities such as time tracking, data analytics, and cost management. Increasing penetration of connected devices in emerging economies such as Brazil, China, and India is expected to keep the industry’s growth prospects upbeat. Increasing investments in research and development activities have encouraged the development of innovative solutions, such as mobile application-based project portfolio management solutions, enabling access to an extensive consumer base. All these factors are propelling the growth of the PPM market.

Project portfolio management is a useful solution as it improves the organization’s adaptability toward change and makes it easy to introduce new projects. Additionally, review and monitoring techniques are introduced to track projects for anomalies and delays and invoke necessary steps to streamline them and subsequently achieve higher returns. Furthermore, with the help of PPM solutions, the companies can emphasize more on achieving targets by focusing on strategies instead of the project operations itself. Additionally, it provides techniques such as scoring techniques, heuristic models, and visual or mapping techniques for the assessment of different projects.

Project Portfolio Management Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 5.22 billion
Revenue forecast in 2030	USD 12.25 billion
Growth Rate	CAGR of 13.0% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

Growing competition worldwide is pushing companies to lessen project costs, which in turn is boosting the use of project portfolio management. However, security and privacy issues, especially in the case of cloud deployment, are the major challenges faced by companies while executing PPM solutions. Furthermore, complexity and cost issues involved with project portfolio management solutions are also among the major hurdles to its widespread adoption. These factors are anticipated to impact the adoption of PPM solutions adversely.

List of Key Players of Project Portfolio Management Market

• Broadcom
• Celoxis Technologies Pvt. Ltd.
• Changepoint Corporation
• HP Development Company, L.P.
• ServiceNow
• Planview, Inc.
• Planisware
• Microsoft
• Oracle
• Workfront, Inc.