Selbyville, Delaware, Sept. 12, 2023 (GLOBE NEWSWIRE) --
The project portfolio management market valuation is projected to cross USD 10.2 billion by 2032, as reported in a research study by Global Market Insights Inc.
The growing number of complex projects undertaken by organizations along with the subsequent need for efficient management and coordination will influence the market growth. In addition to ensuring the alignment with strategic objectives while optimizing resource allocation, project portfolio management (PPM) offers structured frameworks for managing multiple projects. The swift advances in technology and the rising implementation of new technologies, including AI, IoT, and blockchain are also pushing the need for digital transformation projects. To that end, the growing focus of organizations on efficient project management investments and coordination practices for achieving strategic objectives and staying competitive will define the industry expansion.
The project portfolio management market from the cloud-deployed is expected to witness a lucrative growth through 2032. The popularity of remote working instigated by the COVID-19 pandemic has contributed to significant adoption of cloud-based tools as they are well-suited for distributed teams, enabling them to collaborate together on projects irrespective of their physical location. With the help of internet-enabled devices, cloud PPM also supports stakeholders in accessing project portfolio information at any time, from anywhere. The incessant need to adapt as well as respond to the ever-present technology advancements will also foster the market revenue.
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Project portfolio management market from the SMEs segment will significantly grow through 2032. The growth can be attributed to the rising importance for making informed decisions regarding project selection for ensuring optimal resource utilization across the portfolio. The growing concerns of limited resources in SMEs has stirred the need for carefully prioritizing projects and enhancing resource allocation, adding to the preference for project portfolio management to provide structured framework to evaluate projects based on potential benefits, risks, and resource requirements.
Europe project portfolio management market is estimated to record USD 2.8 billion by 2032, driven by the rising rollout of digital transformation initiatives. To cite an instance, in December 2022, the EU invested more than €4.5 billion for the 2023-24 Horizon Europe work programme as part of its goals for digital transformation. The strong emphasis on innovation in the region has led to numerous R&D investments by several organizations. Furthermore, the increasing project complexity along with the surging need for strategic alignment are other factors driving the regional market demand.
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Some of the leading companies involved in the project portfolio management companies are Oracle Corporation, Broadcom Inc., Microsoft Corporation, Hexagon AB, Atlassian Corporation, Adobe Inc., GFT Technologies, Hexagon, HPE, and Micro Focus. These industry players are focusing on innovation and investment strategies to enhance their global presence. To cite an instance, in April 2022, Proggio disclosed a $7M Series A funding round with its gen-next project portfolio management solution for accelerating its operations and growth in the U.S. while strengthening its enterprise offerings.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Project portfolio management market 360º synopsis, 2018 - 2032.
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Component trends
2.5 Deployment mode trends
2.6 Organization size trends
2.7 Industry vertical trends
Chapter 3 Project portfolio management Market Industry Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Type & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Increasing complexities of projects
3.10.1.2 Increasing demand for resource optimization
3.10.1.3 Growing adoption of agile and hybrid project management
3.10.1.4 Advancements in PPM software and technology
3.10.1.5 Rising focus of organizations on return on investment
3.10.2 Industry pitfalls & challenges
3.10.2.1 Lack of organizational commitment
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
