Project Portfolio Management Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: ICTM24041701 | Research Suite: Report (PDF) & Market Data (Excel)
The global market value of project portfolio management was valued at USD 4.2 billion in 2022, and a CAGR of 8.1% is expected during the forecast period. This software centrally manages and prioritizes projects and resources to achieve strategic objectives. The increasing complexity of projects is driving market growth significantly. For the success of any organization, there is a big need for better resource allocation and a desire for an improved decision-making process.
Key players in this market offer a range of solutions, including portfolio analysis, resource management, project tracking, and risk assessment. Industries such as IT, healthcare, construction, and finance heavily rely on PPM solutions to streamline their project management processes.
Impact of Covid-19
With many organizations transitioning to remote work during
the pandemic, there was a surge in demand for PPM software that facilitated
remote collaboration, project tracking, and communication among dispersed
teams. The pandemic caused disruptions in project timelines, resource
availability, and budget constraints, leading to challenges in project
execution and portfolio management. Many organizations faced delays,
cancellations, or reprioritization of projects due to the economic uncertainty
brought by the pandemic. The organization shifted its focus towards essential
projects only, which aimed at business continuity and cost reduction. To adapt
to rapidly changing circumstances, organizations have increasingly adopted
agile and flexible project management approaches supported by PPM tools. Many
organizations faced budget constraints and cost-cutting measures as a result of
the economic impact of the pandemic.
Growth Drivers
As projects became more complex and interconnected, organizations required advanced tools and methodologies to manage their project portfolios effectively. PPM solutions offer features such as portfolio analysis, resource optimization, and risk management to help organizations navigate this complexity. Organizations are increasingly prioritizing projects that align with their strategic objectives and deliver measurable business value. PPM solutions provide visibility into project portfolios, enabling better alignment with organizational goals and priorities.
Growing emphasis on digital transformation initiatives across industries drives demand for project portfolio management solutions that execute, plan, and govern digital projects. These tools facilitate collaboration, innovation, and agility in the delivery of digital initiatives. With limited resources and increasing project demand, organizations seek PPM solutions to optimize resource allocation and utilization. Efficient allocations of resources across projects maximize productivity and minimize bottlenecks, enabling growth through increased output and reduced costs.
Prioritizing innovative projects fosters competitiveness and
drives growth by enabling the organization to adapt to changing markets.
Facilitating collaboration and communication among project stakeholder’s
fosters synergy and alignment, driving growth by fostering a culture of
teamwork and shared success. Establishing key performance indicators and
regularly evaluating project performance allows for continuous improvement and
drives growth by identifying areas for optimization and investment.
Segmentation
By Component
·
Software
·
Services
By Deployment
·
On-Premise
·
Cloud-Based
·
Hosted
By Enterprise
·
Small Enterprise
·
Large and Medium Enterprise
By Application
·
Project and Portfolio Governance
·
Visibility and Reporting
·
Resource Management
·
Financial Planning and Governance
·
Others
By Vertical
·
IT and Communication
·
BFSI
·
Government
·
Engineering and Construction
·
Healthcare
·
Others
Regional Outlook
·
Asia Pacific
·
North America
·
Latin America
·
Europe
·
Middle East and Africa
Project Portfolio Management Market by
Component Segmentation
On the basis of the market the project portfolio management market is segmented into software and services. Software provides tools for planning, prioritizing, and overseeing a portfolio of projects. These software solutions typically offer features such as project tracking, resource management, financial forecasting, risk analysis, and reporting.
They help
organizations streamline workflow, improve collaboration among team members,
and make data-driven decisions to optimize project outcomes. Services offer a
range of facilities provided by consultants, implementation partners, and
training providers. Services providers help the organization maximize the value
of their investment in project portfolio management software by offering
expertise and assistance throughout the implementation.
Project Portfolio Management Market by
Deployment Segmentation
On the basis of deployment, the project portfolio management
market is segmented into on premise, cloud-based, and hosted. The cloud-based
segment is the leading one and is expected to dominate during the forecast
period. Cloud-driven PPM enhances security measures. Cloud-based project
portfolio management offers many services, such as mobile accessibility, actual
time analytics, and reporting. Large enterprises are expected to hold major
market share due to the need for managing large, distinct, and complex work
flows. The IT and telecommunications segments are also expected to dominate the
market due to increasing demand for management offices.
Regional Outlook
On the basis of the regions, the project portfolio management market is segmented into 5 types: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is the leading segment, and it is expected to dominate the market during the forecast period. With increasing demand for the protection of data from various cyber threats and to maintain the integrity of data, confidentiality, and authenticity, project portfolio management is playing an important role.
The region has a robust economy with a high level of investment in various industries, such as finance, technology, and healthcare, which necessitates efficient project management practices. The United States of America is a mature market for project management software and services, with many established vendors and consultants providing specialized solutions. The region’s emphasis on innovation and competitiveness drives organizations to adopt advanced project portfolio management techniques to stay ahead in the market. The project portfolio management market is significantly growing in Europe, and it is just behind the North American market.
European companies are increasingly recognizing
the importance of strategic project management to achieve their organizational
goals and deliver value to stakeholders. Increasing adoption of digital
transformation initiatives, expanding infrastructure projects, and a burgeoning
startup ecosystem. As economies in the region continue to develop, there is a
growing recognition among organizations of the need for efficient project
management practices to drive innovation, ensure delivery on time and within
budget, and maximize returns on investment. The Asia-Pacific region presents
immense opportunities for vendors and service providers in the project
portfolio management space, with a growing demand for tailored solutions to
meet the diverse needs of businesses across different industries and markets.
Key Players
·
Oracle Corporation
·
Microsoft Corporation
·
SAP SE
·
HEXAGON AB
·
ATLASSIAN
·
Planview, Inc
·
ServiceNow
·
Broadcom Inc
·
Hewlett Packard Enterprise Development
·
Adobe
· Other Players