What is the Historical Analysis of the Project Portfolio Management Market Size?
The project portfolio management market has seen considerable growth due to a variety of factors.
• The market size of project portfolio management has been significantly expanding in the past few years. It is projected to increase from $5.86 billion in 2024 to $6.26 billion in 2025, with a compound annual growth rate (CAGR) of 6.9%. The growth during the historical period can be ascribed to the need for resource optimization, a rise in project failures, internationalization of businesses, budget limitations, strategic orientations, and the demand for mobile accessibility.
What is the Forecasted Market Size and CAGR for the Project Portfolio Management Market Size Evolve over the Forecast Period?
The Project Portfolio Management market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the project portfolio management market is anticipated to experience substantial growth in the upcoming years. The market is predicted to reach $9.66 billion in 2029 with a compound annual growth rate (CAGR) of 11.5%.
The accelerated growth during the forecast period could be credited to the emergence of hybrid work structures, escalated stakeholder expectations, growing concerns over cybersecurity, shifts in regulatory frameworks, improvements in user experience, and a spotlight on portfolio visibility. Noteworthy trends during this period encompass cloud-based ppm solutions, ai-powered predictive analytics, agile and hybrid project management, and integration with collaborative platforms.
What Key Factors and Trends Are Driving The Growth Project Portfolio Management Market?
The upward trend in implementations such as digitalization and automation in numerous sectors is anticipated to boost the expansion of the project portfolio management market in the future. Automation is the process of operating systems or procedures automatically, while digitalization involves the transformation of all hard copy data into an electronic format. Businesses in various sectors employ automation as a strategy to tackle labor shortages and streamline operational procedures. Project portfolio management aids in handling extensive data associated with diverse projects and organizing them into a single system that evolves due to escalating automation and digitization. For example, in 2022, a survey by UiPath, an American enterprise automation software firm, revealed that 78% of the company executives who responded are expected to invest or amplify their investments in enterprise automation, and 83% affirmed that their company was currently making investments or utilizing automation tools. As such, the rise in automation and digitalization in various sectors is propelling the project portfolio management market's growth.
What Are The Market Segments In The Project Portfolio Management Market?
The project portfolio management market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment: On Premises, Cloud
3) By Organization Size: Large Enterprises, SMEs
4) By Application: Project Management, Portfolio Management, Demand Management, Resource Management, Financial Management, Other Applications
5) By Vertical: Energy And Utilities, Government And Defense, IT And Telecom, Banking, Financial Services And Insurance, Manufacturing, Healthcare And Lifesciences, Consumer Goods And Retail, Other Verticals
Subsegments:
1) By Solution: Project Management Software, Portfolio Management Software, Resource Management Software, Reporting And Analytics Tools, Collaboration Tools
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Managed Service
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What Trends Are Shaping The Project Portfolio Management Market?
Key trends in the project portfolio management market chiefly focus on tech advancements. Major market players are introducing and merging aspects like artificial intelligence (AI) into project portfolio management applications in the bid to retain their competitive standing in the market. One prime example is from August 2024, when monday.com, an Israel-rooted firm with a focus on managing workflows and tasks, rolled out a fresh Portfolio Management Solution intended primarily for corporate clientele. This solution aims to boost team collaboration and productivity by offering portfolio managers and executives a holistic view of pertinent projects via a user-friendly platform. The underlying aim is to make project management more efficient by doing away with the intricacies involved in navigating a multitude of detailed reports.
Who Are the Key Players In The Project Portfolio Management Market?
Major companies operating in the project portfolio management market include:
• Broadcom Inc.
• Celoxis Technologies Pvt. Ltd.
• Wrike Inc.
• HP Development Company L.P.
• ServiceNow Inc.
• Planview Inc.
• Planisware S.A.S.
• Microsoft Corporation
• Oracle Corporation
• Workfront Inc.
• SAP SE
• Logic Software Inc
• ProductDossier Solution
• Sopheon Corporation.
• Cerri.com AG.
• Keyedin Inc.
• Atlassian Corporation PLC
• Upland Software Inc.
• Clarizen Inc.
• Sciforma Corporation
• Changepoint Corporation
• Mavenlink Inc.
• Project Objects Solutions Limited
• Innotas a Planview company
• Genius Project
• Deltek Inc.
• One2Team
• ProSymmetry Inc.
• Project Insight Inc.
• Meisterplan Inc.
What Are The Regional Insights Into The Project Portfolio Management Market?
North America was the largest region in the project portfolio management market share in 2024. The regions covered in the project portfolio management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
