In 2021, the global project portfolio management market was valued at USD 4.4 billion. By 2032, the market is anticipated to expand at a CAGR of 5.2%, reaching a value of USD 7.8 billion. The cloud's greatest revenue-generating deployment is anticipated, with a predicted CAGR of 4.2% from 2022 to 2032.
The primary factors that influence market growth are:
| Attributes | Details |
|---|---|
| Global Project Portfolio Management Market Size (2022) | USD 4.7 Billion |
| Global Project Portfolio Management Market Size (2032) | USD 7.8 Billion |
| Global Project Portfolio Management Market CAGR (2022 to 2032) | 5.2% |
| USA Project Portfolio Management Market Size (2032) | USD 2.8 Billion |
| Key Companies Covered | Broadcom Inc.; Micro Focus; Microsoft Corporation; SAP; Oracle Corporation; Planisware; Planview, Inc.; Changepoint Corporation.; Wrike.; Hexagon AB.; Sciforma; Servicenow, Inc.; Upland Software, Inc.; Workfront, Inc. |
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North America dominated the project portfolio management industry with the greatest revenue share. Due to significant infrastructural improvements and the spread of beginning businesses, the region is anticipated to maintain its supremacy during the anticipated timetable.
Businesses operating in the region's industrial sector are using business intelligence and analytics solutions, and analytics-based marketing tactics are a key factor in the project portfolio management market's expansion. Additionally, businesses in the region with digital infrastructure are implementing PPM solutions to start collaborative decision-making to increase project success rates.
Several end-use industries in the U.S. are using project portfolio magnet services, including healthcare, manufacturing, BFSI, and construction. The country's financial status enables the major regional businesses to invest a generous amount in cutting-edge systems and technology for efficient project execution.
To effectively manage the entire business operations and cut down the additional expenditures, companies are relying on PPM. This has made the project portfolio management market of the state more hospitable for growth.
Regional industry leaders use business methods like mergers and acquisitions to expand their clientele and service offerings. For instance, Tempo Software purchased ALM Works in December 2021 for an unannounced sum to help its clients in Massachusetts to make better-project-related decisions.
MCAD (Mechanical Computer-Aided Design) is in great demand in countries like the United States and Canada. In project software design, ECAD (Electronic Computer-Aided Design) also supports market growth. Additionally, the North American project portfolio management market is expanding due to businesses' increased emphasis on fostering employee collaboration and boosting team effectiveness.
In addition, the substantial presence of numerous well-known project portfolio management solution providers in North America, including Microsoft Corporation, Oracle Corporation, and Workfront, is projected to considerably fuel market expansion in this region.
Project portfolio management market participants are forming strategic alliances to provide cloud-based project management solutions and boost their net sales. For instance, Capgemini and Orange teamed together to create Bleu, a new firm, in May 2021 to provide cloud services in France.
This company will offer comprehensive project portfolio management and cloud services to businesses in France that strictly comply with the rules governing French state sovereignty.
Numerous commercial organizations place a strong emphasis on increasing project cost effectiveness without sacrificing functionality, which has given rise to potential prospects for cloud-based solutions in the project portfolio management market. To create cloud-based project portfolio management systems, major market players are financing their R&D exertions.
For example, DigitalOcean Holdings, Inc. introduced serverless cloud-based project management solutions in May 2022, offering scalable, affordable, and quick computing solutions for startups and small organizations.
To enhance the security of their project portfolio management software and services, market participants are deploying various security measures and improving their internal software development processes. For their present customers, industry participants often provide security upgrades to enhance the ability of their project portfolio management software & services to guard against growing digital threats.
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As per the Project Portfolio Management Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Project Portfolio Management Market increased at around 5.2% CAGR.
The global project portfolio management market is developing due to factors such as the desire to maximize project investment value, the increasing complexity of corporate projects, and the increased need for collaboration and monitoring tools.
The usage of cloud-based PPM-integrated applications and the lowering of project failure rates via the use of smart PPM techniques are likely to provide appealing chances for the Project Portfolio Management Market growth.
PPM improves project strategy alignment by introducing clarity and consistency to Project Management processes. According to a Project Management Institute, organizations that undervalue Project Management as a strategic competence experience 50% more project failures on average.
Portfolio management may appear to be an extra expense at first, but in reality, it saves money. It inhibits the approval of substandard initiatives that would waste resources from the start. Portfolio management, on the other hand, emphasizes investments that enhance the company’s strategic goals.
By providing continuous monitoring and management, PPM may also assist in eliminating underperforming projects from the pipeline. Long-term financial performance across the company is driven by these elements.
The increasing use of PPM in the healthcare industry is another factor boosting the market growth. These technologies assist healthcare organizations in managing and evaluating a large number of activities by organizing projects into strategic portfolios and optimizing procedures for greater efficiency.
Other factors such as expanding urbanization, widespread software use in the healthcare and life sciences sectors, and active research and development in the information technology industry are projected to further propel the market.
The global project portfolio management (PPM) market size is growing in sync with the need to maximize project investment value and optimize corporate processes. The use of cloud-based Project Portfolio Management solutions, as well as smarter ways to lower project failure rates, are expected to move the project portfolio management market forward.
The use of smart procedures for projects in project portfolio management systems is one of the major components driving the future prospects of the PPM sector. Smart solutions break down the project into smaller segments that can be tested after each stage, and any improvements may be handled in the following phase rather than redoing the entire project, saving the organization time and money.
Cloud and project portfolio management technology convergence offers practical commercial applications such as remote access and monitoring, real-time data analytics, and computerized programming. The growing reliance of contemporary business and corporate operations on cloud technology has prepared the way for the market for project portfolio management systems to grow steadily throughout the forecast period.
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North America is the most lucrative region with the highest projected growth. As a consequence of a high number of enterprises investing heavily in projects each year, the PPM sector in this region has grown dramatically.
As a result of technological advancements such as cloud computing and Bring your own Device, users have been pushed to accept more PPM solutions with extended integration platforms.
Mechanical computer-aided design is in high demand in countries such as the United States and Canada, while electronic computer-aided design in project software design is also contributing to market growth. Furthermore, organizations' increased focus on encouraging employee cooperation and enhancing team efficiency is driving market growth in North America.
The United States is expected to account for the highest market of USD 2.8 Billion by the end of 2032 which accounts for approximately 36% of total sales. PPM has grown in popularity, and it is now being utilized to improve governance in a variety of industries, including capital projects, research and development activities, post–merger and acquisition (M&A) integrations, and even Six Sigma programs within plants and factories.
Some businesses are even establishing project portfolio management systems to manage the whole portfolio, with enterprise portfolio management offices in charge of giving supervision and insight into work being done across the organization (EPMOs).
KPMG and ServiceNow have expanded their collaborative agreement to offer environmental, social, and governance (ESG) solutions and services that complement KPMG products and assist organizations in revolutionizing risk management, resilience procedures, and operations.
This solution and service relationship extension combines KPMG specialists' extensive knowledge and sector insights with ServiceNow's flagship digital workflow platform. ServiceNow ESG Management and Reporting interacts with ServiceNow Project and Portfolio Management and Integrated Risk Management to enable clients to design, manage, govern, and report on their ESG operations.
Cloud deployment is forecasted to grow at the highest CAGR of over 4.2% from 2022 to 2032. Users may access their personal data on the cloud-based PPM platform from anywhere and at any time by utilizing mobile devices such as cell phones, tablets, and PCs. To meet the demands of digitalization and integrated end-to-end solutions, customers must be incredibly efficient and forward-thinking in managing projects from financials to operations.
Furthermore, the rising popularity of Bring Your Own Device regulations in the office has increased personal phone, laptop, and tablet usage. This has made it tough for IT to create new apps and protect access to the many platforms and mobile devices used by project managers and team members worldwide.
Mobile accessibility is seen as one of the elements driving the growth of the cloud PPM market since it keeps the project team up to date on assignments and modifications.
In the United Kingdom, Bubble has been chosen as a G-Cloud 12 supplier for the 2020 to 21 Digital Marketplace by the UK Government's Crown Commercial Service, expanding the possibilities for Project Portfolio Management (PPM) services in the public sector.
The Solutions segment is forecasted to grow at the highest CAGR of over 4.9% from 2022 to 2032. The growth elements can be related to the widespread use of multiple risk analytics systems for projecting future threats and developing risk mitigation measures.
PPM solutions are dependable for forecasting since they focus on risk management Benefit/Cost Ratio, Economic Value Added, Scoring Model, Payback Period, and Net Present Value. Furthermore, it enables organizations to adapt to industry developments and flourish over time.
PPM solutions in business use historical and current data to better identify possible possibilities and dangers. As a consequence, shopping patterns are analyzed and relevant insights are provided, assisting businesses in adding more value to their offers and providing customers with a better buying experience.
Large Organizations are more likely to employ PPM systems. This is because of the availability of contemporary infrastructure and huge economies of scale, which enable firms to employ the PPM solution. In today's ultra-competitive environment, large corporations are constantly developing new product lines or enhancing and replacing existing ones.
Firms may desire to combine their resources for innovative technologies, processes, and products in order to obtain scale and scope economies.
Among the leading players in the global Project Portfolio Management market are Oracle, Planview, Broadcom, SAP, and Microsoft. Over the projection period, established market players are expected to diversify their portfolios and offer one-stop solutions to combat fierce competition.
In March 2021, Symphony Technology Group, a private equity firm located in Palo Alto that invests in the software, data analytics, and software-enabled technology services industries, announced the acquisition of Sciforma, a supplier of project and portfolio management (PPM) software. STG's concept is to generate value by combining data, software, and analytics. The company recognizes that great digital leaders require PPM software that supports their strategic goals.
In January 2021, Planview announced its strategic acquisition of Clarizen and Changepoint to Accelerate Enterprise Strategy to Delivery. The acquisition is expected to strengthen Planview's position in Portfolio Management and Work Management by bringing complementing PPM solutions together to provide customers with unrivaled expertise, resources, and skills. Planview, Clarizen, and Changepoint are working together to create a one-of-a-kind platform that will help organizations improve their communication, and delivery, and thrive in this new world of work.
In April 2022, Whoz, a SaaS solution for professional services firms and large corporation IT departments that provides smart staffing and talent management as well as project portfolio management, announced a USD 26.4 million funding round led by PSG Equity, a growth equity firm that liaises with software and technology-enabled services companies to help speed up their growth and scale throughout Europe and the United States.
Similarly, recent developments related to Project Portfolio Management companies have been tracked by the team at Future Market Insights, which are available in the full report.
The global Project Portfolio Management Market is worth more than USD 4.4 Billion at present.
Value of Project Portfolio Management Market are projected to increase at a CAGR of around 5.2% during 2022 to 2032.
Value of Project Portfolio Management Market increased at a CAGR of around 5.8% during 2017 to 2021.
The global project portfolio management market is expanding as a result of the following trends: increasing corporate project complexity, higher need for collaboration and monitoring solutions, digitization, and cloud computing.
The market for Project Portfolio Management Market in US is projected to expand at a CAGR of around 5% during 2022 to 2032.
1. Executive Summary 2. Market Overview 3. Market Risks and Trends Assessment 4. Market Background 5. Key Success Factors 6. Global Market Demand Analysis 2015 to 2021 and Forecast, 2022 to 2032 7. Global Market Value Analysis 2015 to 2021 and Forecast, 2022 to 2032 8. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Organization Size 8.1. SMEs 8.2. Large Enterprises 9. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Vertical 9.1. BFSI 9.2. IT and Telecom 9.3. Consumer Goods and Retail 9.4. Healthcare and Life Sciences 9.5. Manufacturing 9.6. Government and Defense 9.7. Energy and Utilities 9.8. Others 10. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Deployment Mode 10.1. On to premises 10.2. Cloud 11. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Component 11.1. Solution 11.2. Services 11.2.1. Consulting and Implementation Services 11.2.2. Training, Support, and Maintenance Services 12. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Region 12.1. North America 12.2. Latin America 12.3. Europe 12.4. Asia Pacific 12.5. Middle East and Africa (MEA) 13. North America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 14. Latin America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 15. Europe Market Analysis 2015 to 2021 and Forecast 2022 to 2032 16. Asia Pacific Market Analysis 2015 to 2021 and Forecast 2022 to 2032 17. Middle East and Africa Market Analysis 2015 to 2021 and Forecast 2022 to 2032 18. Key Countries Market Analysis 2015 to 2021 and Forecast 2022 to 2032 19. Market Structure Analysis 20. Competition Analysis 20.1. ORACLE 20.2. PLANVIEW 20.3. BROADCOM 20.4. SAP 20.5. WORKFRONT 20.6. HEXAGON 20.7. SERVICENOW 20.8. UPLAND SOFTWARE 20.9. ONE2TEAM 20.10. MEISTERPLAN 21. Assumptions and Acronyms Used 22. Research Methodology
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Project Portfolio Management Market
