Project Portfolio Management Market Size to Surpass USD 7.95 billion by 2030, exhibiting a CAGR of 7.7%
Fortune Business Insights
Updated 4 min read
Fortune Business Insights
As per the report by Fortune Business Insights, the global Project Portfolio Management Market size is projected to reach USD 7.95 billion by 2030, at a CAGR of 7.7% during the forecast period.
Pune, India, June 20, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global project portfolio management market size was valued at USD 4.48 billion in 2022 and is projected to grow from USD 4.74 billion in 2023 to USD 7.95 billion by 2030, exhibiting a CAGR of 7.7% during the forecast period. PPM Software Solutions Empower Small Businesses with Quick Decision-Making. Fortune Business Insights presents this information in their report titled Global Project Portfolio Management Market Forecast, 2023–2030.
The Project Portfolio Management (PPM) software solutions assist small businesses in making quick decisions. To have control over all aspects of a project, the market is witnessing rising demand for these solutions. They can be integrated with previous business process management systems to improve functions resulting in smooth operations.
Key Industry Development:
January 2021 – Planview acquired Clarizen and Changepoint. With this purchase, Planview users will access the tools and resources to plan and execute their most critical initiatives effectively.
This software centrally manages multiple projects under one umbrella in an organization.
Increased Market Readiness to Purchase Cloud-based Solutions to Boost the Market Growth
Increasing Adoption of Agile Practices in Businesses to Stimulate Market Expansion
By Component Analysis: Acceptance of PPM Solutions by IT Vendors to Surge Software Demand
Project Portfolio Management Market Size in North America was USD 2.24 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the Project Portfolio Management Market Are Oracle Corporation (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Adobe (Workfront) (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Broadcom Inc. (U.S.), ServiceNow (U.S.), HEXAGON AB (Sweden), ATLASSIAN (U.S.), Planview, Inc. (U.S.)”
Report Scope & Segmentation
Report Coverage
Details
Forecast Period
2023 to 2030
Forecast Period 2023 to 2030 CAGR
7.7%
2030 Value Projection
USD 7.95 Billion
Base Year
2022
Project Portfolio Management Market Size in 2022
USD 4.48 Billion
Historical Data for
2019 to 2021
No. of Pages
170
Segments covered
Component, Deployment, Enterprise Type, Application, Vertical and Geography
Traditional waterfall management is not always effective. Thus, companies adopt agile business models for effective management of activity, cost, equipment, and resource. Agile business practices assist in maintaining the capabilities of a company during changing business environments. These factors will increase the project portfolio management market share. As per a survey by significant players, around 37% of the time can be saved when working on a project using agile principles.
On the contrary, data breaching concerns and budget constraints may stifle the project portfolio management market growth.
Segments:
By Component
Software
Services
Integration and Deployment
Training and Consulting
Support and Maintenance
By Deployment
On-premise
Cloud-based
Hosted
By Enterprise Type
Large Enterprises
Small and Medium Enterprises (SMEs)
By Application
Project and Portfolio Governance
Portfolio Dashboards and Analytics
Visibility and Reporting
Resource Management
Financial Planning and Management
Others
By Vertical
IT and Telecommunications
BFSI
Government
Engineering & Construction
Healthcare
Others
By Region
North America
South America
Europe
Middle East & Africa
Asia Pacific
Regional Insights
Adoption of Advanced Technologies in North America to Aid Growth
North America dominates the market due to the integration of cutting-edge technologies such as AI, cloud, and others and the launch of innovative products by market leaders in the region.
Asia Pacific is predicted to grow at the highest CAGR of 10.6% during the forecast period. Rising digitization and implementation of technology drive the market in Asia Pacific.
Competitive Landscape
Market Players Focus on Acquisitions to Increase their Market Share
The project portfolio management industry is expected to observe huge demand from new and existing players for the implementation and upgrading of PPM software and solutions for customers. For instance, Hexagon AB acquired Project mates in January 2023. Project mates now operates under Hexagon's Geosystems division, serving various sectors and clients with 100,000+ ongoing projects in North America.
Quick Buy -Project Portfolio Management Market Research Report:
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