Pune, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Project Portfolio Management Market Size Analysis:
“The Project Portfolio Management Market Size was valued at USD 4.75 Billion in 2023 and is expected to reach USD 8.82 Billion by 2032 and grow at a CAGR of 7.44% over the forecast period 2024-2032.”
Growing competition all around the world forces companies to lower project costs, which, in turn, increases the popularity of project portfolio management. Yet, the main issues that this type of system faces are security and privacy issues, especially the issues of cloud deployment. There are also complexity and cost issues that may stop companies from adopting the solutions. These issues are likely to hamper the adoption of PPM solutions. The rising number of multi-regional businesses and the growing popularity of automated solutions generate the demand for analytical and monitoring solutions, driving market growth.
The Project Portfolio Management market heightens in the forecast period due to the increasing need for project management software and services that allow managing and reducing project complexities. The rising number of public and private investments in R&D has spurred the development of advanced solutions. For example, mobile application-based solutions are becoming increasingly popular among organizations that eagerly purchase the solutions, encouraging vendors to develop new solutions to reach a broad consumer base.
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Major Players Analysis Listed in this Report are:
- Asana Inc.
- Workday Inc.
- Oracle Corporation, Wrike (Citrix Systems Inc.)
- Atlassian Corporation PLC
- SAP SE
- Monday.com
- Microsoft Corporation
- Servicenow Inc.
- Planview Inc. (changepoint)
Project Portfolio Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 4.75 Billion |
| Market Size by 2032 | US$ 8.82 Billion |
| CAGR | CAGR of 7.44% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •Implementing A PPM Solution Can Require a Significant Upfront Investment, Which May Be a Barrier for Smaller Organizations or Those with Limited Budgets. •A Shortage of Qualified Professionals Can Hinder the Adoption and Utilization of PPM Tools. |
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Segmentation Dynamics
By application, the BFSI segment accounted for the largest revenue share of 25% in 2023. Project portfolio management solutions help the BFSI industry in managing customer transaction data due to its complex multi-regional operation. The technological proliferation in the BFSI industry, such as mobile banking, and e-banking, has encouraged the implementation of project portfolio management solutions. Furthermore, the BFSI industry’s use of other services, such as debit, credit, and centralized fund managing systems, has led to the utilization of these solutions for database monitoring. These solutions enable an organization to monitor transactional information & customer base and therefore, help in rendering high transparency IT & Telecom segment is expected to grow at the fastest CAGR of 14.7% during the forecast period. The growth of the IT and telecom segment could be attributed to the growing complexity of IT and telecom projects, the accelerating need for real-time data, the surging demand for cloud computing, and the booming need for.
Project Portfolio Management Market Key Segmentation:
By Deployment
- Cloud
- On-premise
By Type
- Solution
- Services
By Verticals
- IT And Telecom
- Healthcare And Lifesciences
- Manufacturing
- Construction
- Retail And Consumer Goods
- BFSI
- Others
Regional Insights
North America dominated the project portfolio management market with 40%. The high adoption of advanced technologies such as cloud computing, artificial intelligence, etc. drives the software market in North America. Cloud-based solutions provide robust processing and ease of access to project portfolio management for the organizations which in turn propels the market. Additionally, the growing adoption of cloud-based solutions by SMEs would further support the market growth. Furthermore, the key players of the industry including Oracle Corporation, Microsoft Corporation, Adobe, Hewlett Packard Enterprise Development LP, Broadcom Inc., ATLASSIAN, Planview, Inc., etc. are making efforts on product launches and acquisitions that would further boost the market growth in the region.
Recent Developments
- In March 202, Cora Systems entered a partnership agreement with the company Aer Soléir, which will use the Cora platform as the organization’s PPM solution. It should be noted that Aer Soléir is included in a Dublin–based renewable energy firm that concentrates on “developing, building, and operating” multi–gigawatt renewables pipelines throughout Europe.
- In March 2023, SAP company announced a new version of the compatibility scope for project management and enterprise portfolio. A modernization of some compatibility scope items that concern Portfolio and Project Management has been introduced in the SAP S/4HANA 2023.
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Key Takeaways
- The BFSI segment has the largest market share due to its complex operations and need for analyzing, managing, and storing the data.
- The IT and telecom segment has the fastest growth due to the easy integration of EDW solutions associated with Project complexity that requires a data warehouse to manage large quantities of multi-source data.
- Geographically, North America has accounted for the largest market share which is attributed to the early adoption of advanced technology and presence of strong key players.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Project Portfolio Management Market Segmentation, by Deployment
8. Project Portfolio Management Market Segmentation, by Type
9. Project Portfolio Management Market Segmentation, by Verticals
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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