New York, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The project portfolio management market size is slated to expand at 13% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 20.5 billion by the end of 2036, up from a revenue of USD 4.74 billion in the year 2023. This is mainly due to the increasing demand for automation of project-based activities, the need for effective time and cost management, and the escalating acceptance of agile project management practices. It is estimated that Agile projects have a success rate of 65%, and companies have experienced an average growth of 59% in revenue and profit after adopting Agile. The most popular Agile framework is Scrum, reported by 62% of respondents from over 72 countries. Agile project management is a more efficient way of managing projects, as it allows for more flexibility and faster responses to changes. This increases the demand for project portfolio management tools, which help organizations better manage their project portfolios.
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Global Project Portfolio Management Market: Key Takeaways
- The North American market is expected to have the highest growth rate
- A significant portion of growth will come from the service segment
- There will be a significant increase in market growth in Asia Pacific
Rapid Adoption of Project Portfolio Management Software and Tools to Boost Market Growth
Organizations are increasingly adopting project portfolio management (PPM) software and tools to streamline project planning and execution, while providing visibility into resource utilization and budgeting. This helps organizations prioritize projects and align them with their business objectives, leading to improved delivery of projects and better outcomes. Over 80% of project managers believe that project portfolio management plays an increasingly important role in the success of their organizations. Approximately 66% of project failures result from organizations undervaluing project management in their efforts to drive change. 67% of project managers admitted their organization supported their decision to buy project management software. Additionally, PPM software and tools enable organizations to maximize their return on investment in projects and ensure that resources are used efficiently. By providing a centralized database for storing project information, PPM software facilitates collaboration and communication between teams and departments. This allows teams to quickly access and share data, make informed decisions, and track progress in real time. This helps ensure that resources are used efficiently and projects are completed on time and within budget.
Global Project Portfolio Management Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapid Adoption of Advanced Technological Solutions to Drive the Market Growth in the North America Region
The market in North America region is estimated to garner the largest revenue by the end of 2035. North America region has the financial resources and technological capabilities to adopt advanced digital solutions, such as cloud-based PPM solutions, which can help them better plan, organize, and manage their project portfolios. Furthermore, the region has a large number of IT companies which further boosts the demand for these solutions. Further, the region has a large base of skilled project managers, which has made project portfolio management solutions more popular in the region. Approximately 1,278,380 project managers and specialists in business operations are employed in the United States. As project managers become more experienced, they develop better ways of managing projects and resources. This has enabled organizations to identify and prioritize projects more efficiently, leading to better outcomes. The availability of experienced project managers has also made it easier for organizations to adopt project portfolio management solutions.
Increasing Digital Transformations in Business To Boost The Market Growth In The Asia Pacific Region
The project portfolio management market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. This is primarily due to the growing demand for digital transformation initiatives in the region. Companies in the region are increasingly investing in digital transformation projects to improve operational efficiency and reduce costs. Moreover, the availability of advanced technologies such as artificial intelligence and machine learning in the region is further driving the market growth. Chinese and Indian companies are the leaders in AI adoption, with almost 59% of IT professionals indicating their companies have already implemented AI. In these countries, IT spending in AI is expected to grow by around 26% annually from 2021 to 2026. Artificial intelligence and machine learning enable organizations to automate mundane tasks, such as data entry and analysis, thus freeing up resources for more complex projects. Additionally, AI and ML provide insights into project performance, resource utilization, and customer sentiment, which can help organizations better understand their project portfolios.
Project Portfolio Management Segmentation by Offering
- Software
- Service
The service segment in project portfolio management market is anticipated to hold the largest revenue by the end of 2035. The services segment includes consulting, training, and implementation and integration services that help organizations build efficient project portfolio management systems that can handle complex project management tasks with ease. These services are offered by specialized vendors and consultants that have the expertise and knowledge to develop and manage these systems. Moreover, the growth of the services segment can be attributed to the increasing demand for integrated and advanced IT and digital solutions from organizations to manage their business operations. In total, 90% of businesses are engaged in digital initiatives, and 86% of senior business leaders consider digitalization to be a top priority. Companies are utilizing project portfolio management services to manage their data more efficiently in the cloud, which is allowing them to make better decisions and increase their operational efficiency.
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Project Portfolio Management Segmentation by Deployment
- Cloud
- On-premise
The cloud segment in project portfolio management market is anticipated to hold the largest revenue by the end of 2035. The collaborative nature of cloud-based solutions allows organizations to take advantage of the collective knowledge and resources of their partners for more efficient project management. Furthermore, cloud-based solutions are being rapidly adopted since they allow organizations to access project portfolio management solutions from anywhere and at any time, improving project management efficiency. In today's economy, 95% of businesses use cloud services, and 68% of enterprise infrastructure is hosted on cloud services. Approximately USD 479 billion is expected to be spent by 2023 on cloud adoption. Additionally, cloud-based project portfolio management solutions are much more cost-effective than traditional on-premise solutions and provide access to advanced analytics-based tools and services to better assess and manage projects.
Project Portfolio Management Segmentation by End User
- BFSI
- Government
- Engineering & Construction
- Healthcare
- IT & Telecom
- Others
Project Portfolio Management Segmentation by Enterprise Size
- Large Enterprise
- Small & Medium Enterprise
Few of the well-known market leaders in the global project portfolio management market that are profiled by Research Nester are Planisware Inc., EOS Software, ServiceNow, Broadcom, Celoxis Technologies Pvt. Ltd., Changepoint Corporation, HP Development Company, L.P., Oracle, Workfront, Inc., SAP, and other key market players.
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Recent Developments in the Global Project Portfolio Management Market
- A project portfolio management provider, Planisware Inc., partnered with EOS Software to integrate EOS' ITPM solution into its business operations. As a result of this collaboration, Planisware can benefit from EOS Software's ITPM solution, which automates processes like budgeting, scheduling, and resource allocation.
- Now Platform San Diego has been released by ServiceNow. With its modernized visual design and robotic process automation (RPA) features, it delivers on the promise of hyper-automation. As a result of this release, organizations will be able to create, deploy, and manage RPA bots and workflows easily. This will help them reduce manual labor, increase process efficiency, and gain a deeper understanding of their data.
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