Pune, India, June 20, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global project portfolio management market size was valued at USD 4.48 billion in 2022 and is projected to grow from USD 4.74 billion in 2023 to USD 7.95 billion by 2030, exhibiting a CAGR of 7.7% during the forecast period. PPM Software Solutions Empower Small Businesses with Quick Decision-Making. Fortune Business Insights presents this information in their report titled Global Project Portfolio Management Market Forecast, 2023–2030.
The Project Portfolio Management (PPM) software solutions assist small businesses in making quick decisions. To have control over all aspects of a project, the market is witnessing rising demand for these solutions. They can be integrated with previous business process management systems to improve functions resulting in smooth operations.
Key Industry Development:
January 2021 – Planview acquired Clarizen and Changepoint. With this purchase, Planview users will access the tools and resources to plan and execute their most critical initiatives effectively.
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Key Takeaways
- This software centrally manages multiple projects under one umbrella in an organization.
- Increased Market Readiness to Purchase Cloud-based Solutions to Boost the Market Growth
- Increasing Adoption of Agile Practices in Businesses to Stimulate Market Expansion
- By Component Analysis: Acceptance of PPM Solutions by IT Vendors to Surge Software Demand
- Project Portfolio Management Market Size in North America was USD 2.24 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the Project Portfolio Management Market Are Oracle Corporation (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Adobe (Workfront) (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Broadcom Inc. (U.S.), ServiceNow (U.S.), HEXAGON AB (Sweden), ATLASSIAN (U.S.), Planview, Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 7.7% |
| 2030 Value Projection | USD 7.95 Billion |
| Base Year | 2022 |
| Project Portfolio Management Market Size in 2022 | USD 4.48 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 170 |
| Segments covered | Component, Deployment, Enterprise Type, Application, Vertical and Geography |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/project-portfolio-management-ppm-market-104257
Drivers & Restraints:
Adoption of Agile Business Models to Spur Growth
Traditional waterfall management is not always effective. Thus, companies adopt agile business models for effective management of activity, cost, equipment, and resource. Agile business practices assist in maintaining the capabilities of a company during changing business environments. These factors will increase the project portfolio management market share. As per a survey by significant players, around 37% of the time can be saved when working on a project using agile principles.
On the contrary, data breaching concerns and budget constraints may stifle the project portfolio management market growth.
Segments:
By Component
- Software
- Services
- Integration and Deployment
- Training and Consulting
- Support and Maintenance
By Deployment
- On-premise
- Cloud-based
- Hosted
By Enterprise Type
- Large Enterprises
- Small and Medium Enterprises (SMEs)
By Application
- Project and Portfolio Governance
- Portfolio Dashboards and Analytics
- Visibility and Reporting
- Resource Management
- Financial Planning and Management
- Others
By Vertical
- IT and Telecommunications
- BFSI
- Government
- Engineering & Construction
- Healthcare
- Others
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
Regional Insights
Adoption of Advanced Technologies in North America to Aid Growth
North America dominates the market due to the integration of cutting-edge technologies such as AI, cloud, and others and the launch of innovative products by market leaders in the region.
Asia Pacific is predicted to grow at the highest CAGR of 10.6% during the forecast period. Rising digitization and implementation of technology drive the market in Asia Pacific.
Competitive Landscape
Market Players Focus on Acquisitions to Increase their Market Share
The project portfolio management industry is expected to observe huge demand from new and existing players for the implementation and upgrading of PPM software and solutions for customers. For instance, Hexagon AB acquired Project mates in January 2023. Project mates now operates under Hexagon's Geosystems division, serving various sectors and clients with 100,000+ ongoing projects in North America.
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FAQ’s
How big is the project portfolio management market?
Project Portfolio Management Market size was USD 4.48 billion in 2022.
How fast is the project portfolio management market growing?
The Project Portfolio Management Market will exhibit a CAGR of 7.7% during the forecast period, 2023-2030
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