Global Project Portfolio Management market demand 2024, Forecast To 2033
4 Mar, 2024
The project portfolio management market size has demonstrated strong growth, increasing from$5.55 billion in 2023 to$5.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The historic growth is attributed to demands for resource optimization, increasing project failures, globalization of businesses, budget constraints, strategic alignments, and a need for mobile accessibility. Moving forward, the market is expected to experience strong growth, reaching$8.56 billion in 2028 with a compound annual growth rate (CAGR) of 9.3%. This growth will be driven by the rise of hybrid work models, increasing stakeholder expectations, growing cybersecurity concerns, an evolving regulatory landscape, user experience enhancements, and a focus on portfolio visibility. Major trends in the forecast period include cloud-based PPM solutions, agile and hybrid project management, AI-driven predictive analytics, agile and hybrid project management, and integration with collaboration platforms.
Global Project Portfolio Management Market Key Driver
The surge in automation and digitalization activities across industries is poised to propel the growth of the project portfolio management market. Automation and digitalization initiatives are reshaping business landscapes, enabling organizations to optimize processes and enhance efficiency. Project portfolio management serves as a critical tool for managing diverse projects within a unified system, facilitating streamlined operations. A survey by UiPath in 2022 underscored the growing investment and adoption of enterprise automation tools, indicating a shift towards automation-driven project management solutions.
Get A Free Sample Of The Global Project Portfolio Management Market ReportGlobal Project Portfolio Management Market Segments
The global project portfolio management market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment: On Premises, Cloud
3) By Organization Size: Large Enterprises, SMEs
4) By Application: Project Management, Portfolio Management, Demand Management, Resource Management, Financial Management, Other Applications
5) By Vertical: Energy and Utilities, Government and Defense, IT and Telecom, Banking, Financial Services and Insurance, Manufacturing, Healthcare and Lifesciences, Consumer Goods and Retail, Other Verticals
By Geography: The regions covered in the project portfolio management market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the project portfolio management market share in 2023. The regions covered in the project portfolio management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Project Portfolio Management Industry Players
Broadcom Inc., Celoxis Technologies Pvt. Ltd., Wrike Inc., HP Development Company L.P., ServiceNow Inc., Planview Inc., Planisware S.A.S., Microsoft Corporation, Oracle Corporation, Workfront Inc., SAP SE, Logic Software Inc, ProductDossier Solution, Sopheon Corporation., Cerri.com AG., Keyedin Inc., Atlassian Corporation PLC, Upland Software Inc., Clarizen Inc., Sciforma Corporation, Changepoint Corporation, Mavenlink Inc., Project Objects Solutions Limited, Innotas a Planview company, Genius Project, Deltek Inc., One2Team, ProSymmetry Inc., Project Insight Inc., Meisterplan Inc.
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Project Portfolio Management Market Overview
Project portfolio management is the concept of managing all processes through a single system. It manages the monitoring and controlling options, making project management easier for organizations and increasing their efficiency.
Project Portfolio Management Global Market Report 2023 provides data on the global project portfolio management market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The project portfolio management market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.