Pune, April 20, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the Project Portfolio Management Market was valued at USD 4.08 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 7.4% during the forecast period of 2023 to 2030, ultimately reaching a worth of USD 7.22 billion.
Market Overview
Project portfolio management solutions provide businesses with a range of capabilities, including project scheduling, resource allocation, budget management, and risk analysis. These features enable businesses to manage their project portfolios more effectively, resulting in increased efficiency and productivity.
Market Analysis
The growing adoption of cloud-based services for remote monitoring of assignments, coupled with the surge in automation and digitalization across industries, is expected to drive the growth of the global project portfolio management market. Businesses that implement PPM solutions can gain a competitive edge by increasing their productivity and efficiency, optimizing their resources, and making informed decisions based on real-time project data. The healthcare industry is one of the fastest-growing sectors in terms of PPM adoption, as hospitals and healthcare providers seek to improve patient care and outcomes. The government sector is also expected to see significant growth in PPM adoption, as government agencies seek to improve the efficiency and effectiveness of their operations.
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Key Company Profiles Listed in this Report Are:
- Oracle Corporation
- Microsoft
- Planview, Inc.
- SAP
- Broadcom
- Changepoint Corporation
- Micro Focus
- Workfront, Inc.
- Sopheon
- Upland Software, Inc. & More
Impact of Recession on Project Portfolio Management Market Growth
The impact of a recession on the project portfolio management market can be complex, with both positive and negative effects. While a recession can lead to a decrease in demand for PPM services as companies tighten their budgets, it can also create opportunities for PPM vendors to provide value-added services that help organizations optimize their project portfolios and improve their overall operational efficiency.
Project Portfolio Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 4.08 Bn |
| Market Size by 2030 | US$ 7.22 Bn |
| CAGR | CAGR of 7.4% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segmentation | • By Offering (Software and Service) • By Deployment (Cloud and On-premise) • By Enterprise Size (Large Enterprise and Small & Medium Enterprise) • By End-Use (BFSI, Government, Engineering & Construction, Healthcare, IT & Telecom, Others) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
The project portfolio management market is witnessing a strong growth trend in North America, primarily due to the region's remarkable infrastructure developments and the emergence of startup companies. Various industries operating in North America have adopted business intelligence and analytics solutions to gain better insights into their project portfolio management. The utilization of analytics-based strategies is also contributing to the market's growth in the region. Digital infrastructure has become a crucial aspect of project portfolio management in North America. Many companies are utilizing PPM solutions to enable collaborative decision-making, which has proven to enhance project success rates significantly.
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Key Takeaway from Project Portfolio Management Market Study
- The software segment is expected to continue dominating the market as businesses continue to adopt software solutions to enhance their project management capabilities and overall productivity. The use of cloud-based PPM software solutions is gaining popularity, as they offer numerous benefits such as flexibility, scalability, and cost-effectiveness.
- The market is witnessing a significant growth trend in the small and medium enterprise (SME) segment. Over the forecast period, this segment is expected to expand at the highest compound annual growth rate (CAGR) due to various factors. The growth of foreign investments toward SMEs is expected to be one of the major drivers behind the expansion of this segment.
Recent Developments Related to Project Portfolio Management Market
- Aavenir, a leading provider of procurement and contract management software solutions, has announced the expansion of its ServiceNow Project Portfolio Management (PPM) functionality to enable the tracking of project expenses. The new feature will provide businesses with a more comprehensive view of their project financials, allowing for better cost control and optimization.
- Project Insight®, a leading provider of project portfolio management software solutions, has announced the release of its new user interface for its flagship software. The new interface is designed to improve user experience and streamline project management workflows for businesses of all sizes.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Project Portfolio Management Market Segmentation, by Offering
9. Project Portfolio Management Market Segmentation, by Deployment
10. Project Portfolio Management Market Segmentation, by Enterprise Size
11. Project Portfolio Management Market Segmentation, by End-Use
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Conclusion
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