Dublin, May 18, 2023 (GLOBE NEWSWIRE) -- The "Project Portfolio Management Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global project portfolio management market is expected to grow from $5.13 billion in 2022 to $5.59 billion in 2023 at a compound annual growth rate (CAGR) of 9%. The project portfolio management market is expected to grow to $7.68 billion in 2027 at a CAGR of 8.2%.
The surge in activities such as automation and digitalization across various industries is expected to propel the growth of the project portfolio management market going forward. Automation is the method of controlling processes or systems by automatic means. Digitalization is the method of converting all physical data into electronic data. Companies across various industries are using automation as a tool to curb labor shortages and optimize business processes.
Project portfolio management helps in managing a large amount of data related to various projects and managing them in a single system that is generated through increasing automation and digitization. For instance, in 2022, according to a survey by UiPath, a New York-based enterprise automation software company, 78% of the responding company executives were likely to invest or increase their investment in enterprise automation and 83% said that their company was currently investing or using automation tools. Therefore, increasing automation and digitalization across various industries are driving the growth of the project portfolio management market.
Technological advancements are a key trend gaining popularity in the project portfolio management market. Major companies are innovating and integrating technologies such as artificial intelligence (AI) with project portfolio management software to sustain themselves in the market. For instance, in August 2021, Replicon, a California-based software-as-a-service (SaaS) company, launched its new 'Polaris PPM solution'. The new software uses a unique self-driving PPM technology that leverages artificial intelligence (AI) technology to analyze and make sense of the data that it collects from different devices and applications through integrations with Slack, Jira, Microsoft Project, and other software. The sensible insight is then updated within the system and is visible to the user. The unique features of this tool can perform this labor-intensive data analysis in real-time and provide instant suggestions on the best options.
In March 2021, Symphony Technology Group (STG), a California-based company investing in software, data analytics, and software-enabled technology services, acquired Sciforma for an undisclosed amount. The acquisition is expected to strengthen Sciforma's flagship cloud offerings and further accelerate innovation. Sciforma is a California-based portfolio and project management software company.
North America was the largest region in the project portfolio management market in 2022. The regions covered in the project portfolio management report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the project portfolio management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Description:
Where is the largest and fastest growing market for project portfolio management ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The project portfolio management market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Component: Solution; Services
2) By Organization Size: Large Enterprises; SMEs
3) By Deployment: On Premises; Cloud
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
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $5.59 billion |
| Forecasted Market Value (USD) by 2027 | $7.68 billion |
| Compound Annual Growth Rate | 8.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Project Portfolio Management Market Characteristics
3. Project Portfolio Management Market Trends And Strategies
4. Project Portfolio Management Market - Macro Economic Scenario
5. Project Portfolio Management Market Size And Growth
6. Project Portfolio Management Market Segmentation
7. Project Portfolio Management Market Regional And Country Analysis
7.1. Global Project Portfolio Management Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Project Portfolio Management Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
A selection of companies mentioned in this report includes
- Broadcom Inc
- Celoxis Technologies Pvt. Ltd
- Wrike
- HP Development Company L.P.
- ServiceNow
- Planview Inc
- Planisware
- Microsoft Corporation
- Oracle Corporation
- Workfront Inc
- SAP SE
- Logic Software Inc
- ProductDossier Solution
- Sopheon
- Cerri
- Keyedin Projects
For more information about this report visit https://www.researchandmarkets.com/r/o79u48
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