Project Portfolio Management Market Size Growing at 12.6% CAGR, Set to Reach USD 16,777 Million By 2030
Acumen Research and Consulting recently published report titled “Project Portfolio Management Market and Region Forecast, 2022 - 2030”
TOKYO, Feb. 02, 2023 (GLOBE NEWSWIRE) -- The Global Project Portfolio Management Market Size accounted for USD 5,841 Million in 2021 and is estimated to achieve a market size of USD 16,770 Million by 2030 growing at a CAGR of 12.6% from 2022 to 2030.
Project Portfolio Management Market Overview
Project Portfolio Management (PPM) is a solution which is used in managing a company's portfolio of projects to align with its strategic objectives and optimize resource allocation. The Project Portfolio Management market size has grown significantly in recent years, driven by the increasing demand for effective project management solutions across various industries.
PPM solutions enable organizations to prioritize, allocate, and manage resources more effectively, resulting in improved project delivery and better overall business performance. PPM tools offer a range of features, including project planning and scheduling, risk management, resource allocation, and project tracking and reporting. PPM market size is growing rapidly, with organizations of all sizes and across all industries recognizing the benefits of using PPM solutions. The market for project portfolio management is expected to continue to grow as organizations seek to improve their project delivery and overall business performance.
One of the key applications of Project Portfolio Management can be seen in the IT industry, where it is used to manage and prioritize the delivery of software development projects. PPM is also widely used in engineering, construction as well as in consulting firms to manage multiple projects and allocate resources effectively.
Another unique application of PPM is in the pharmaceutical industry, where it is used to manage the research and development of new drugs. This includes tracking the progress of clinical trials, allocating resources to research teams, and managing the approval process with regulatory agencies.
PPM is also progressively being used in the finance industry, where it is used to manage complex portfolios of financial products, including stocks, bonds, and derivatives. This allows financial institutions to optimize their portfolios and minimize risk while maximizing returns.
NGOs and charities also use project portfolio management to manage their program portfolio and allocate resources effectively. This enables them to achieve their mission and goals more efficiently and effectively.
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Project Portfolio Management Market Report Coverage:
Project Portfolio Management Market
Project Portfolio Management Market Size 2021
USD 5,841 Million
Project Portfolio Management Market Forecast 2030
USD 16,770 Million
Project Portfolio Management Market CAGR During 2022 - 2030
Project Portfolio Management Market Analysis Period
2018 - 2030
Project Portfolio Management Market Base Year
Project Portfolio Management Market Forecast Data
2022 - 2030
By Offering, By Revenue, By Enterprise Size, By End-Use, And By Geography
Project Portfolio Management Market Regional Scope
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled
Oracle, Microsoft Corporation, Celoxis Technologies Pvt. Ltd., Planview, Changepoint Corporation, Broadcom Corporation, HP Development Company, SAP SE, Workfront, and ServiceNow.
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Project Portfolio Management Market Highlights and Statistics
The global Project portfolio management market size in 2021 stood at USD 5.841 Billion and is set to reach USD 16.77 Billion by 2030, growing at a CAGR of 12.6%
Increasing need for effective project management and resource allocation in organizations of all sizes and across all industries are some of the reasons why the PPM market size is growing.
Major players in the project portfolio management market include Microsoft, Oracle, Planisware, CA Technologies, and HP.
PPM solutions are offered through cloud-based and on-premises deployment models. The cloud-based deployment model shall be seeing the fastest growth due to its ease of use and accessibility.
End-user industries: The IT industry is the largest adopter of PPM solutions. The construction, engineering, and consulting firms also have a good demand for project portfolio management market. The pharmaceutical, finance, and non-profit sectors are also growing adopters of PPM.
The use of PPM solutions has the capability to improve project delivery, better resource allocation, and increased overall business performance.
Some challenges faced by organizations implementing PPM include resistance to change, lack of skilled employees, and integration with existing systems.
Trends in the Project Portfolio Management Market
Focus on providing good quality User Experience: PPM solution providers are placing a greater emphasis on user experience, with the development of intuitive and user-friendly interfaces.
Increased Adoption by SMEs: Small and medium-sized enterprises (SMEs) are increasingly adopting PPM solutions, as they seek to improve their project delivery and compete with larger organizations.
Integration with Artificial Intelligence and Machine Learning technologies: PPM solutions are increasingly incorporating AI and ML technologies to automate processes and provide advanced analytics and insights.
Integration with Other Tools: PPM solutions are being integrated with other tools such as project management, resource planning, and financial management systems to provide a comprehensive solution.
Real-time Analytics and Reporting: PPM solutions are offering real-time analytics and reporting capabilities to provide organizations with real-time insights into their projects and portfolios.
Greater Collaboration and Communication: PPM solutions are enabling greater collaboration and communication between project teams and stakeholders, resulting in improved project delivery.
Emphasis on Portfolio Optimization: PPM solutions are focusing on portfolio optimization, helping organizations prioritize and allocate resources to their most strategic projects.
Increasing Demand for Mobile Access: The demand for mobile access to PPM solutions is growing, as organizations seek to manage their projects on-the-go.
Project Portfolio Management Market Dynamics
High demand for efficient Project Management: Organizations across various industries are realizing the importance of effective project management and are seeking solutions that can help them manage their portfolios of projects more efficiently.
Growing Complexity of Projects: With the increasing complexity of projects, organizations are looking for solutions that can help them better manage project risks, resources, and timelines.
Adoption of Agile Methodologies: The growing adoption of agile methodologies, which emphasize flexibility and collaboration, has led to a higher demand for PPM solutions that can support agile project management.
Improved need for resource allocation: Organizations are seeking solutions that can help them allocate resources more effectively, resulting in improved project delivery and overall business performance.
Cloud technology acceptance: The emergence of cloud technology has made it easier for organizations to adopt PPM solutions, as cloud-based solutions offer scalability, flexibility, and lower upfront costs.
Rising Importance of Data Analytics: The increasing importance of data analytics in project management has led to a higher demand for PPM solutions that can provide data-driven insights and help organizations make better decisions.
Growing Importance of Compliance: The growing importance of compliance with regulatory requirements, such as Sarbanes-Oxley and GDPR, has led to a higher demand for PPM solutions that can help organizations meet these requirements.
Project Portfolio Management Market Growth Hampering Factors
Complex User Interfaces: Some PPM solutions have complex user interfaces, which can be difficult to use and may discourage adoption.
Inadequate Training: Organizations may not provide adequate training to their employees on how to use PPM solutions, which can result in limited adoption and ineffective usage.
Customization Limitations: Some PPM solutions may not offer customization options, which can limit their effectiveness for organizations with specific requirements.
Incomplete Integration of existing data systems with PPM solutions can lead to data inaccuracies, hindering the effectiveness of these solutions.
Limited Scalability: Some PPM solutions may not be scalable, making it difficult for organizations to expand their usage as their needs change.
Reluctance of some organizations to adopt new technologies including PPM solutions, resulting in limited adoption.
Inadequate Support: Some PPM solutions may not offer adequate support, making it difficult for organizations to resolve issues and effectively use these solutions.
Lack of Integration with Other Tools: Some PPM solutions may not integrate well with other tools and processes, making it difficult for organizations to fully utilize these solutions.
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By Deployment Models
By Enterprise Size
Project Portfolio Management Market Overview By Region
North America: North America has the largest project portfolio management market share. The region is home to major players in the IT industry, which drives the adoption of PPM solutions. Additionally, the presence of several leading IT consulting firms in North America further fuels the growth of the PPM market share in the region.
Europe: Europe has the second-largest project portfolio management market, with a growing demand for these solutions among organizations in the region. Europe has a thriving construction and engineering industry, which drives the demand for PPM solutions in the region.
Asia-Pacific: Asia-Pacific has the fastest growing project portfolio management market share amongst all other regions, with countries like India and China experiencing a high demand for these solutions. The IT and software development industries in Asia-Pacific are thriving, driven by the demand for PPM solutions in the region. India also has a robust IT industry as well as a highly skilled population of software engineers.
The MEA and Latin American regional growing project portfolio management market share is growing at a good enough pace due to demand for these solutions among organizations in the region. The construction and engineering industries in Latin America are growing, driving the demand for PPM solutions in the region.
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Project Portfolio Management Market Key Players
Microsoft, CA Technologies, Planview, Deltek, Oracle, SAP, Innotas, HP, Planisware, and EasyVista. Other players in the market include Clarizen, Wrike, Asana, CollabNet, EasyVista Inc., ProjecTools, LLC, Daptiv and Workfront.
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