The global Project Portfolio Management market is projected to reach US$7.8 by 2032, growing at a CAGR of 4.2%
The global Project Portfolio Management (PPM) market size is anticipated to reach at USD 7 billion by 2025. The increasing implementation of cloud-based solutions for the remote monitoring of projects is a significant factor responsible to fuel the project portfolio management industry growth globally. It also enables a 350-degree view into resource management and project operations thus enhancing the efficiency and revenue growth of the enterprises.
The surge in activities such as digitalization and automation throughout the industry verticals including government, BFSI, healthcare, engineering & construction, telecom, etc. has augmented the requirement for analytical solutions and monitoring to enhance business functionality and productivity. On the other hand, the growing penetration of connected devices within the developing nations is further anticipated to maintain the project portfolio management industry growth.
Key Segment Of The Project Portfolio Management Market
By Component, 2022-2032 (USD Million)
o Project Portfolio Management Solution
o Project Portfolio Management Services
• Consulting and Implementation Services
• Training, Support, and Maintenance Services
By Deployment Mode, 2022-2032(USD Million)
By Organization Size, 2022-2032(USD Million)
• Large Enterprises
By Vertical, 2022-2032(USD Million)
• IT and Telecom
• Consumer Goods and Retail
• Healthcare and Life Sciences
• Government and Defence
• Energy and Utilities
Regional Overview, 2022-2032 (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
Due to the widespread of the digital world, enterprises have enhanced their scale of operations by differentiating their product portfolio. Thus, to handle the entire product information right from the ideation to its implement becomes complicated and hence, led to the introduction of new solutions called project portfolio management. Additionally, the operationality of the products is growing, making their support and development more intricate. The need for making the product advancement process easier across the industry verticals has encouraged the demand for PPM solutions in the past few years. However, the complexity and cost issues associated with the project portfolio management software have been hindering the industry growth. In different enterprise applications, PPM needs massive cost and has to face difficulty in the IT infrastructure. On the other hand, it also requires cross-functional corporation, as well as needs significant investment to manage both the organizational and technical aspects of the implementation.
The global Project Portfolio Management market contains both solutions and services segments. The solutions segment of the project portfolio management component has a maximum revenue share within the project portfolio management market in 2019. The growing focus on innovation within the organizations is creating a huge prospective for new product development solutions. However, the services segment is expected to grow at a considerable CAGR over the forecast period.
Organization Size Segment
Based on the data center type segment, the market is segmented into small & medium enterprises and large enterprises. The market for large enterprises to possess the largest market share in 2019 since enterprises today are predominantly developing to match their user needs. However, the small & medium enterprise is projected to grow with a considerable growth rate in the next five years.
Based on the application, the market is segmented into BFSI, IT & telecom, government, healthcare, engineering & construction, manufacturing, and others. BFSI sector is witnessed to hold a considerable market share for the project portfolio management market in 2019. The engineering & construction sector is anticipated to grow at the highest CAGR from 2020 to 2025 owing to the growing requirement of solutions that facilitate in monitoring customer information and transactional data, subsequently offering high transparency.
North America holds the title of one of the leading Project Portfolio Management Market share region due to the expansion of demand in data centers that projects the process in positioning and designing as per the business needs. Resulting in the high demand and maximum numbers of market share. Taking Europe into the loop, the market is efficiently experiencing a high growth rate due to increasing demand for project management solutions among the businesses to lessen the cost. The surging intricacy in the business functions owing to the multiregional outsourcing activities and operations further fuel the growth of the PPM industry.
The major players of the global project portfolio management market are Microsoft, SAP SE, Oracle, Broadcom, Hexagon, Planview, Workfront, ServiceNow, Upland Software, Micro Focus, Planisware, Sciforma, and more. The project portfolio management market is fragmented with the existence of well-known global and domestic players across the globe.