USD 3.8 billion
Project Portfolio Management Market Size, Share, Growth Analysis, By Offering(Solutions, Services (Consulting & Advisory, Integration & Implementation, Support & Maintenance)), By Application(Project Planning & Management, Resource & Capacity Optimization, Budget & Financial Management, Reporting & Analytics), By Business Function(IT & Software Development, Operations, Marketing & Sales, Human Resources), By Deployment Mode(On-Premises, Cloud), By Organization Size(Small Enterprises, Medium Enterprises, Large Enterprises), By Vertical(Construction & Heavy Industries, IT & Telecom, BFSI, Government & Defense), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45F2074 |
Region:
Global |
Published Date: October, 2024
Pages:
165
|Tables:
115
|Figures:
77
Project Portfolio Management Market Insights
Global Project Portfolio Management Market size was valued at USD 6.2 billion in 2022 and is poised to grow from USD 6.93 billion in 2023 to USD 16.92 billion by 2031, growing at a CAGR of 11.80% during the forecast period (2024-2031).
It is expected that the growing trend of BYOD in enterprises will increase worker productivity and enable real-time project monitoring, making it possible to apply project portfolio management (PPM) systems. The need for project portfolio management tools to promote efficient decision-making and avoid complications is being driven by multi-regional businesses. The BFSI, IT, and telecom sectors are expected to adopt PPM solutions extensively in data analytics to provide convenient services to clients at reasonable prices.
In order to keep up with the fast-paced company expansion, firms have switched to employing technology-driven solutions due to the global surge in urbanisation and digitization. Over the course of the forecast period, emerging companies that use cloud-based services—primarily in developing nations like Asia Pacific—are expected to drive market expansion. Additionally, cloud-based solutions are expected to boost organisational growth and corporate productivity because of their reduced setup costs, enhanced security, and expanded collaboration capabilities.
Project-intensive businesses in a variety of industry sectors have realised the benefits of the PPM solution and are using it to streamline and automate a number of processes as well as effectively manage the lifecycle of their projects. Assuring the use of best practices, concepts, solutions, and standards throughout the project lifespan, the PPM solution gives managers and organisations the capacity to view the broad picture. The PPM solution gives firms managing many concurrent projects the correct combination of resources to finish them within a predetermined budget and timeline. Thus, the advantages provided by PPM solutions are fueling this market's expansion.
US Project Portfolio Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Software
Fastest Growth
Software
Growth Rate
7.4% CAGR
Global Project Portfolio Management Market ($ Bn)
Country Share for North America Region (%)
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Project Portfolio Management Market Segmental Analysis
Global Project Portfolio Management Market is segmented by Offering, Application, Business Function, Deployment Mode, Organization Size, Vertical, and region. Based on Offering, the market is segmented into Solutions, Services, and Managed Services. Based on Application, the market is segmented into Project Planning & Management, Resource & Capacity Optimization, Budget & Financial Management, Reporting & Analytics, Strategic Portfolio Management, Idea & Demand Management, and Team Delivery & Collaboration. Based on Business Function, the market is segmented into IT & Software Development, Operations, Marketing & Sales, Human Resources, Finance & Accounting, and Research & Development. Based on Deployment Mode, the market is segmented into On-Premises, and Cloud. Based on Organization Size, the market is segmented into Small Enterprises, Medium Enterprises, and Large Enterprises. Based on Vertical, the market is segmented into Construction & Heavy Industries, IT & Telecom, BFSI, Government & Defense, Manufacturing, Healthcare & Life Sciences, Energy & Utilities, Retail & Consumer Goods, Transportation & Logistics, Automotive, and Other Verticals. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Project Portfolio Management Market Analysis by Component
Depending on the needs of their businesses and end users, consulting and installation services aid organisations in selecting the best PPM solution. Consulting and implementation service providers make recommendations, conduct analyses, and walk their clients through the many solution types that are best suited to their particular business needs, saving them money and resources. Through in-depth insights, vendors and cloud service providers empower their clients to keep technology in line with their business plan. By investing in technologies, consulting services help clients maximize their return on investment. These variables include need analysis, pricing, and service quality, as well as market research, technological advancements, and customer interactions. Employing project specialists allows organisations to revolutionise their company processes, increase overall performance, and obtain a better strategic understanding of PPM solutions and services.
Global Project Portfolio Management Market By Component
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Project Portfolio Management Market Regional Insights
The project portfolio management market was dominated by North America in 2021, with a revenue share of 43.5%. Due to significant infrastructural improvements and the spread of beginning businesses, the region is expected to maintain its supremacy during the expected 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 market's expansion. Additionally, businesses in the area that have digital infrastructure are implementing PPM solutions to start collaborative decision-making in order to increase their project success rates.
Project portfolio magnet services are being adopted by a number of end-use industries in the US, including healthcare, manufacturing, BFSI, and construction, to effectively manage their whole business operations and cut costs. As a result, the American market is now in a good climate for growth. To improve their service offerings and customer base, regional industry players are implementing business tactics including mergers and acquisitions. For instance, in order to help its clients in Massachusetts make better decisions for their projects, Tempo Software purchased ALM Works in December 2021 for an unknown sum.
Global Project Portfolio Management Market By Region
- Largest
- Fastest
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Project Portfolio Management Market Dynamics
Project Portfolio Management Market Drivers
- In a continually changing and evolving business environment, organisations find it more and more challenging to align initiatives with their company strategy. For sound decision-making and increased project performance, transparency is essential. Organizations frequently lose focus when managing numerous projects for numerous consumers. Even successful projects may show overspending, which can result from a variety of issues, including inadequate project estimation, incorrect scheduling, inefficient resource allocation, and a lack of access to project data. The Project Management Institute (PMI) reports that 94% of high-maturity firms saw a real difference after putting the PPM in place. As a result, there is an increasing need for technology-driven PPM solutions since they give businesses a comprehensive understanding of project operations and resource management.
- Organizations will benefit from better project estimation and improved project life cycle stages thanks to the information obtained. Additionally, PPM solutions assist firms in making wise resource allocation decisions to reduce the danger of over- or under-allocation.
Project Portfolio Management Market Restraints
Data Breach to Hinder Market Growth
- The most valuable company asset, data, might be seen as needing security from online threats. Businesses that adopt new, cutting-edge digital technology expose their corporate data to risk. No matter how well-prepared a company is to deal with cybercrimes, it will never be easy to defeat these threats. Every innovation that promises to improve company processes also increases the access points for hackers and thieves into IT systems. This is the main barrier preventing businesses from adopting cloud PPM solutions. Small and Medium-sized Enterprises can readily use the affordable public cloud services (SMEs). These services, however, are more vulnerable to cyberattacks and security issues, whilst small businesses cannot afford a private cloud due to financial restrictions.
- Additionally, the accessibility of project management tools on mobile devices makes them more vulnerable to data leaks and cyberattacks. Therefore, it can be concluded that businesses in highly regulated industries are hesitant to implement cutting-edge PPM solutions due to financial restrictions or information security concerns.
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Project Portfolio Management Market Competitive Landscape
The existence of numerous major firms with sizable market shares defines the market. The market is rather cutthroat in its character. In order to share business knowledge and expertise, major businesses are placing more emphasis on either purchasing or developing partnerships with minor players. For instance, Planisware acquired software publisher NQI in March 2021 to broaden its offering of cloud solutions and grow its clientele. Planisware can now meet a wider range of needs thanks to NQI's Orchestra PPM solution. The distribution and acceptance of the cloud are key components of Orchestra PPM's business strategy. The Orchestra team at Planisware is working to enhance their software by enhancing UI/UX, hybrid PPM use cases, and work management. The following are a few of the leading companies in the project portfolio management market:
Project Portfolio Management Market Top Player's Company Profiles
- Oracle (US)
- Smartsheet (US)
- Microsoft (US)
- Asana (US)
- Servicenow (US)
- Planview (US)
- SAP (Germany)
- Atlassian (Australia)
- Adobe (US)
- Workday (US)
- GFT Technologies (Germany)
- Wrike (US)
- Monday.com (Israel)
- Opentext (Canada)
- Hexagon (Sweden)
- Broadcom (US)
- Upland Software (US)
- Sopheon (UK)
- Planisware (France)
- Planforge (Germany)
- Bestoutcome (UK)
- Celoxis (India)
- Cerri (Italy)
- Sciforma (France)
- Project Objects (Italy)
- Workotter (US)
- Ivanti (US)
- Corporater (Norway)
- Cora Systems (Ireland)
- Teamwork (Ireland)
- Keyedin Projects (UK)
- Meisterplan (Germany)
- ITM Platform (Spain)
- Acuity PPM (US)
- ProjectManager (Australia)
- Uniphi (US)
- Proggio (Israel)
- Assessteam (France)
- Triskell Software (France)
- Primetric (Poland)
- Cplace (Germany)
- Apptivo (US)
Project Portfolio Management Market Recent Developments
- In January 2021, Clarizen and Changepoint were bought by Planview in January 2021. With the help of the acquisition, Planview customers will have access to the information and tools they need to more effectively plan and carry out their most significant initiatives.
- In June 2021, For its PPM Cloud solution, Oracle introduced Project Control, Project Costing, and Project Management APIs as well as Application Composer for the Project Foundation and Project Resource Management modules in June 2021.
- In March 2021, To help people and organisations plan and prepare for COVID-19, SAP provided additional templates to its project management tool, Ruum, in March 2021.
Project Portfolio Management Key Market Trends
- Growing automation and rising digitization have boosted the demand for analytical & monitoring solutions in multi-regional enterprises, fostering market expansion. The market for project portfolio management (PPM) is expected to expand significantly during the projected period as a result of the growing need for project management tools and services to efficiently handle and lessen project complexity. The development of novel solutions, such as project portfolio management tools based on mobile applications that enable businesses to reach a wide consumer base, has also been accelerated by increased public & private funding in R&D operations.
- Project portfolio management solutions are being used more and more in data management services, and the Bring Your Own Device (BYOD) trend is becoming more and more popular across numerous industries. PPM solutions help businesses align their budgets, cut down on delays in project execution, and maximise resource effectiveness. PPM solutions are used in a variety of industries, including BFSI, engineering & construction, IT & telecom, and government, as a result of these advantages. Project managers can concentrate on other crucial responsibilities and accomplish the project's strategic goals by integrating AI technology for task automation into PPM software. In order to grow their clientele and business networks, numerous organisations are digitising their operations, which is boosting industry statistics.
Project Portfolio Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global project portfolio management market analysis, the Increasing Use of Software in PPM dominated the global Project Portfolio Management Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, North America dominated the global Project Portfolio Management Market owing to the region's highly aware and economically stable population.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.2 billion |
| Market size value in 2031 | USD 16.92 billion |
| Growth Rate | 11.80% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Project Portfolio Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Project Portfolio Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Project Portfolio Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Project Portfolio Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Project Portfolio Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Project Portfolio Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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