Fort Collins, Colorado, March 08, 2024 (GLOBE NEWSWIRE) -- Project and Portfolio Management (PPM) Market size was valued at USD 4.7 Billion in 2023 and is expected to reach a market size of USD 7.2 Billion by 2032 with a CAGR of 4.9%.
Project portfolio management solutions are becoming increasingly popular, and businesses in many industry verticals are expressing a strong desire for them. These solutions provide numerous advantages, including effective task delegation and resource management, which enhance organizational effectiveness and expedite workflow. The solutions also help businesses and organizations identify project risks and pinpoint areas where they can cut costs to improve the efficiency of their various tasks.
Technological advancements, such as the widespread adoption of IoT devices, have increased enterprise reliance on cloud-based platforms. The increasing use of cloud-based platforms for PPM solutions results from improved mobility and user-friendliness. The market is expanding due to the growing need for cloud-based software. With cloud-based solutions, businesses can quickly implement vital applications.
Furthermore, businesses' growing inclination toward Bring Your Own Device (BYOD) is fueling the market expansion. BYOD enables constant connectivity and gives workers the freedom to work when it suits them, helping to boost productivity. Additionally, it aids in operational simplification, which reduces business expenditures, operating costs, and work delays. BYOD further decreases the risk of malware attacks and the loss of private data. Project and portfolio management software offers numerous benefits when paired with BYOD, including enhanced staff productivity, increased responsiveness, process agility, and real-time monitoring. Due to the increase in project complexity, the market for BYOD-integrated project and portfolio management solutions has grown faster than expected.
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Segmentation Overview:
The global project and portfolio management market has been segmented into solutions, platform, deployment, enterprise size, application, and region. Based on solutions, the market is sub-segmented into contact card, contactless card, and multi-component card. The information technology segment held the largest market share in 2023. Project and Portfolio management solutions can help organizations effectively manage their IT projects.
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Project and Portfolio Management Market Report Highlights:
- The global project and portfolio management market is anticipated at a CAGR of 4.9% by 2032.
- The significance and effectiveness of project management techniques to businesses have been pivotal in driving market demand. Also, the prominence of cloud-based solutions enables more growth avenues for market development.
- North America is a leading market and projected to maintain a high position in the following years.
- Some prominent players in the project and portfolio management market report include Oracle Corporation, Planview, Broadcom, SAP SE, Microsoft Corporation, Adobe Inc., Hexagon AB, ServiceNow, Upland Software, Atlassian Corporation, GFT Technologies, Micro Focus, Planisware, Sciforma, and Sopheon.
Industry Trends and Insights:
- In May 2023, Deltek, a Replicon, was acquired by a project-based enterprise software provider in the U.S. The acquisition supplements Deltek’s enterprise software and information solutions portfolio for project-based organizations.
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Project and Portfolio Management Market Segmentation:
By Solutions: Information Technology, New Product Development, and others.
By Platform: Software, Services.
By Deployment: Cloud, On-premise.
By Application: BFSI, Government, Engineering & Construction, Healthcare, IT & Telecom, Others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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