The global project portfolio management market size is anticipated to reach USD 12.25 billion by 2030, registering a CAGR of 13.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. Growing trend of bring your own device (BYOD) among businesses is expected to improve employee productivity and real-time project monitoring, thereby, making it feasible to implement project portfolio management (PPM) solutions. Multi-regional businesses are fueling the demand for project portfolio management solutions to foster effective decision-making and prevent complexities. Extensive use of PPM solutions in data analytics to offer convenient services to customers at low costs in the BFSI and IT and telecom sectors is anticipated to drive the market growth.
The global rise in urbanization and digitization has made businesses to switch toward using technology driven solutions to meet the rapid pace of business growth. Emerging businesses that adopt cloud-based services, mainly in developing economies such as Asia Pacific, are expected to fuel the PPM market growth over the forecast period. Furthermore, facilities such as low setup costs, improved security, and increased collaboration opportunities, provided by the cloud-based solutions are expected to increase business productivity and overall growth of an organization.
Project-intensive organizations across different industry verticals have recognized the advantages of the PPM solution and have employed it to automate and simplify several operations and efficiently manage project lifespan. The PPM solution offers managers and organizations with the capability to see the big picture, confirming the use of best practices, principles, solutions, and standards during the project lifespan. For organizations handling multiple simultaneous projects, the PPM solution allows the right set of resources to complete them on defined budget and deadline. Thus, the benefits offered by PPM solutions are propelling the growth of this market.
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The information technology segment accounted for the largest revenue share of 54.1% in 2022. It is attributed to the increasing demand for more sophisticated and user-friendly PPM software that can help businesses manage their IT projects more effectively.
The software segment accounted for the largest revenue share of 68.3% in 2022, owing to the increasing demand for more sophisticated and user-friendly PPM software that can help businesses manage their projects more effectively.
The cloud segment accounted for the largest revenue share of 52.5% in 2022 and is expected to grow at the fastest CAGR of 15.2% during the forecast period.
North America dominated the project portfolio management market, with the largest revenue share of 42.0% in 2022.
Grand View Research has segmented the global project portfolio management market based on offering, deployment, enterprise size, end use, and region:
Project Portfolio Management Solution Outlook (Revenue, USD Million, 2018 - 2030)
New product development
Project Portfolio Management Platform Outlook (Revenue, USD Million, 2018 - 2030)
Integration and Deployment
Support and Consulting
Training and Education
Project Portfolio Management Deployment Outlook (Revenue, USD Million, 2018 - 2030)
Project Portfolio Management Enterprise Size Outlook (Revenue, USD Million, 2018 - 2030)
Small & medium Enterprises
Project Portfolio Management Application Outlook (Revenue, USD Million, 2018 - 2030)
Engineering & construction
IT & telecom
Project Portfolio Management Regional Outlook (Revenue, USD Million, 2018 - 2030)
Middle East and Africa
List of Key Players of Project Portfolio Management Market
Celoxis Technologies Pvt. Ltd.
HP Development Company, L.P.
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