Project Portfolio Management Market is projected to reach a valuation of US$ 7.8 Bn in 2032

The Project Portfolio Management Market revenues were estimated at US$ 4.4 Bn in 2021 and is anticipated to grow at a CAGR of 5.2% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 7.8 Bn

BFSI vertical is expected to generate the highest revenue in the market due to an increase in multi-regional operations and outsourcing activities by financial institutions. The performance of project portfolio is critical for BFSI.Each project conducted by BFSI is intrinsically more complicated due to industry limitations and the requirement to appropriately manage sensitive financial data. The BFSI business is currently undergoing rapid transformation as a result of technology developments, such as mobile banking and e-banking.

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For instance, AXA Group Czech Republic and Slovakia sought the deployment of a project portfolio management application for its project office in partnership with other departments.

Easy Project, a project management software developed by Toronto-based Logic Software, was first distributed to the project office but was eventually adopted by other departments. The customer, in particular, sought a resource allocation solution in order to more efficiently manage project resources at the departmental and individual staff levels.

Key Takeaways from the Market Study

Global Project Portfolio Management Market is estimated to reach a market size of US$ 4.7 Bn by 2022.
The Cloud segment, is expected to account for the highest CAGR rate of 4.2% during the forecast period.
United States is expected to remain the most dominant market with an absolute dollar opportunity of US$ 1.1 Bn during 2022 – 2032.
The market in the U.S. is set to experience the highest CAGR of 5% during 2022-2032.

“During the projected period, the rise in increasing corporate project complexity, higher need for collaboration and monitoring solutions, digitization, and cloud computing are the key drivers in raising the Project Portfolio Management market revenue.” comments a Future Market Insights analyst.

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Competitive Landscape

The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Project Portfolio Management Market are focused on R&D to produce innovative technological solutions.

In April 2021, Wrike, Inc. announced that its project portfolio management solution has been deployed by the German business Abus August Bremicker Shne KG. The technology is expected to simplify and safeguard the project management process.
In November 2021, Adobe paid US$ 1.5 Bn for Workfront, a supplier of marketing workflow, project management, and Digital Asset Management. Workfront will supply Adobe with a variety of user vectors. Clients of Adobe Creative Cloud may use Workfront to manage creative and design tasks. Several of these connections are already available and in use as part of the Adobe/Workfront cooperation. Workfront may be used by Adobe Experience Cloud customers to continue projects started inside creative teams or to support their own project portfolios.

More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Project Portfolio Management Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals extensive growth in Project Portfolio Management Market by Component (Solution, Services), By Deployment Mode (On-premises, Cloud), By Organization Size (Large Enterprises, SMEs), By Vertical (BFSI, IT and Telecom, Consumer Goods and Retail, Healthcare and Life Sciences, Manufacturing, Government and Defence, Energy and Utilities and Others) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

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