Dublin, Oct. 03, 2024 (GLOBE NEWSWIRE) -- The "Project Portfolio Management (PPM) Market by Application (Project Planning & Management, Strategic Portfolio Management, Budget & Financial Management, Resource & Capacity Optimization, Reporting & Analytics) - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The project portfolio management market is expected to grow from USD 7.8 billion in 2024 to USD 13.7 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 11.9%
In this study, an in-depth analysis of the Project Portfolio Management market is done based on market trends, potential growth during 2019, and a forecast up to 2024-2029. Further, it gives detailed market trends, a competitive landscape, market size, forecasts, and key players' analysis of the Project Portfolio Management market. This market study analyzes the growth rate and penetration of project portfolio management across all the major regions.
The increased AI and machine learning integration into PPM platforms opens up vast efficiency gains in process smoothing. AI-driven tools prioritize, resource, and performance-track projects, automating them to reduce the time and effort required to manage project portfolios. Machine learning algorithms fine-tune accuracy and relevance in project insight, thus providing organizations with data to make informed decisions and optimize project outcomes. It automates a more efficient way of running projects, aligns more effectively with strategic goals, and produces higher-quality results to ensure success across the entire portfolio.
Key vendors providing project portfolio management solutions and services include Oracle (US), Smartsheet (US), Microsoft (US), Asana (US), ServiceNow (US), Planview (US), SAP (Germany), Atlassian (Australia), Wrike (US), Monday.com (Israel), GFT Technologies (Germany), Adobe (US), Workday (US), OpenText (Canda).
As per offering, services will grow at the highest CAGR during the forecast period.
Services ranging from professional to managed services are instrumental in making the PPM solutions efficient and effective. Professional services entail consulting and advisory, implementation, training, and support for facilitating an organization's selection, deployment, and optimization of the right PPM tools. Such services will give expert advice on best practices and ensure seamless transitions into new systems.
Managed services, however, are associated with the post-implementation ongoing management and maintenance of PPM systems, including updates, monitoring, and problem resolution. Through managed services, an organization can outsource the management of a PPM system to get consistent performance, freeing the internal team's capacity for core business activities. Given the growing demand for customized and efficient PPM solutions, services are expected to register the highest CAGR over the forecast period.
As per services, professional services will hold the largest share during the forecast period.
Professional services bridge the gap between an organization's vision and attaining PPM capabilities through consulting and advisory, integration and implementation, and support and maintenance. Consulting and advisory services help improve PPM processes within organizations and align projects with strategic business objectives. Integration and implementation ensure the smooth rollout of PPM solutions, integrated cohesively with current systems and workflows.
This also goes for system performance maintenance, troubleshooting services, and assurance of continued efficiency of PPM tools. Such professional services are there to enhance organizational project management abilities for better decision-making and improved project results. This shall enable an organization to ensure that applied PPM tools are helping drive overall business success and strategic objectives.
As per organization size, the small enterprises will grow with the highest CAGR during the forecast period.
Smaller businesses with less than 250 workers generally seek affordable, scalable, and easy-to-deploy Project Portfolio Management (PPM) solutions. These companies use tools that make project tracking, resource allocation, and task management easier without the need for complicated IT support or setups. Cloud-based or modular PPM solutions are frequently chosen due to their flexibility, cost-effectiveness, and quick deployment abilities. Small businesses strive to use PPM to boost project visibility, enhance collaboration, and align with business objectives to manage their restricted resources efficiently.
Furthermore, PPM solutions offer essential information for strategic planning and decision-making, enabling small organizations to enhance project results and stimulate growth. Even though they are small, these businesses gain a lot from organized project management, which helps them use resources effectively and makes it easier to grow as they expand.
The report provides insights on the following pointers:
- Analysis of critical drivers (need for enhanced ROI, rapidly increasing BYOD trend among organizations, need for efficient workflow and transparency, growing demand for advanced PPM tools due to increasing project complexities), restraints (high implementation costs, resistance to change within organizations, data security, and privacy concerns), opportunities (adoption of cloud-based solutions, rising demand for digital transformation, the advent of digitalization to open new avenues for business, adoption of AI-driven tools, increasing emphasis on sustainability and environmental, social, and governance (ESG) goals), and challenges (ensuring practical user training and adoption, customization and integration complexities, navigating diverse methodologies and practices) influencing the growth of the project portfolio management market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the project portfolio management market.
- Market Development: In-depth understanding of upcoming technologies, research & development efforts, and new product & service releases in the project portfolio management market.
- Market Diversification: Comprehensive details on the latest products & services, unexplored regions, recent advancements, and investments in the project portfolio management market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and Oracle (US), Smartsheet (US), Microsoft (US), Asana (US), ServiceNow (US), Planview (US), SAP (Germany), Atlassian (Australia), Wrike (US), Monday.com (Israel), GFT Technologies (Germany), Adobe (US), Workday (US), OpenText (Canda) among others in the project portfolio management market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 341 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $7.8 Billion |
| Forecasted Market Value (USD) by 2029 | $13.7 Billion |
| Compound Annual Growth Rate | 11.9% |
| Regions Covered | Global |
Companies Featured
- Oracle
- Smartsheet
- Microsoft
- Asana
- Servicenow
- Planview
- SAP
- Atlassian
- Adobe
- Workday
- Gft Technologies
- Wrike
- Monday.com
- Opentext
- Hexagon
- Broadcom
- Upland Software
- Sopheon
- Planisware
- Planforge
- Bestoutcome
- Celoxis
- Cerri
- Sciforma
- Project Objects
- Workotter
- Ivanti
- Corporater
- Cora Systems
- Teamwork
- Keyedin Projects
- Meisterplan
- Itm Platform
- Acuity Ppm
- Projectmanager
- Uniphi
- Proggio
- Assessteam
- Triskell Software
- Primetric
- Cplace
- Apptivo
For more information about this report visit https://www.researchandmarkets.com/r/da79lt
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