The global project portfolio management market was worth US$ 4.4 Billion in the year 2022 and is expected to reach US$ 7.8 Billion by the year 2032 at a CAGR of 5.2% between 2022 and 2032.
Utmost need to timely and efficiently manage projects is the factor basically driving the project portfolio management market and the scenario is expected to remain the same even in the forecast period. Plus, there is an upsurge in trend of BYOD (Bring Your Own Device) along with growing emphasis on attaining quicker ROI.
Project portfolio management proves to be useful as it enhances adaptability of the organization toward change, thereby making it simple to get through new projects. It also helps in tracking projects for the anomalies as well as delays and call upon essential steps for streamlining them and achieving better returns.
Future Market Insights has entailed these facts with future prospects in its latest market study entitled ‘Project Portfolio Management Market’. It has its team of analysts and consultants to look through the bottom-up approach in its primary, secondary, and tertiary modes of research.
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“Upsurge in digitization and automation across the manufacturing as well as services sector is expected to drive the project portfolio management market in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Project Portfolio Management Market
- North America holds the largest market share with the US being subject to PPM getting popular. As of now, it’s being used for improving governance in various industries inclusive of capital projects, and various other modes of inorganic expansion. On these grounds, ServiceNow and KPMG have expanded their collaborative agreement for offering ESG (environmental, social, and governance) solutions and services complementing KPMG products and helping organizations in refurbishing resilience procedures, risk management, and likewise.
- Europe holds the second-largest market share with France leading from the front. This is evident from the fact that Capgemini, in May 2021, entered into collaboration with Orange for forming Bleu, a new company for providing cloud services all across France. Bubble Ltd., in September 2020, mentioned that the UK government’s Commercial Service Digital Marketplace conferred upon it the title of ‘G-Cloud 12 supplier for PPM solutions and services to the public sector’.
- The Asia-Pacific is expected to grow at the maximum rate in the project portfolio management market on the grounds of growing demand for cloud services in the wake of remote working.
Competitive Management
- Whoz, in April 2022, did announce that PSG Equity had led funding worth US$ 26.4 Million for helping in speeding up the growth across the US and Europe.
- Planview, in January 2021, announced strategically acquiring Changepoint and Clarizen to Accelerate Enterprise Strategy to Delivery.
- Symphony Technology Group (STG), in March 2021, announced acquiring Sciforma (a supplier of PPM (project and portfolio management) software. The concept of STG is that of generating value by combining software, data, and analytics.
- SAP, in March 2020, did add novel templates to Ruum – its project management tool, with the objective of helping individuals as well as businesses respond to Covid-19.
- Broadcom, in November 2019, strengthened their partnership with Broadcom, thereby delivering the very first solutions for SAP S/4 HANA customers in testing, AIOPS, and business process automation.
- Codleo Consulting, in November 2020, did launch a proprietary cloud-based project management app called ProjecLeo for the SMEs. It is abreast with proper project planning as well as scheduling features with the collaboration tools for teams.
- One point Projects GmbH, in May 2022, came up with novel version of its projects known as ‘ONE POINT Projects’ that comes across as a web-based PPM (project and portfolio management) solution.
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What does the Report Cover?
- The research study is based on component (project portfolio management solution and project portfolio management services (consulting and implementation services and training, support, and maintenance services), by deployment mode (cloud and on-premises), by organization size (large enterprises and SMEs), and by vertical (BFSI, IT & telecom, consumer goods and retail, healthcare and life sciences, manufacturing, government and defense, energy and utilities, and likewise).
- The fact that project portfolio management solutions help businesses in gaining appropriate understanding of the project operations and resource management, the global project portfolio management market is expected to grow on a grand note in the near future.
Market Segments Covered in Project Portfolio Management Market Analysis
By Component:
- Project Portfolio Management Solution
- Project Portfolio Management Services
- Consulting and Implementation Services
- Training, Support, and Maintenance 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
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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