According to Precision Business Insights (PBI), the latest report, the market value of project portfolio management market size is expected to be worth USD 4,652.1 million in 2022 which is expected to grow at a CAGR of 10.2% during 2022-2028. The major factors driving the market are the increase in activities such as digitization and automation in various industries such as government, telecom, healthcare, engineering and construction, and BFSI, the increase in the adoption of cloud-based solutions, and improving project investment valuation.
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Services to Dominate the Project Portfolio Management Market:
Based on segment type, the service segment holds the highest market share. The main reason for the rise of this segment is its effective customer care. Implementation and consulting services offer analysis, suggestions, and guidance to customers through solutions that fit their business requirements that save cost and resources and can drive global scale growth of market project portfolio management. Moreover, many organizations are hiring project experts who use project portfolio management solutions to enhance overall organizational performance and convert their business operations and can also drive market growth.
North America Project Portfolio Management Market:
North America leads the global project portfolio management market size due to technological advancements and digitalization of business operations. North America led the global market due to the embedded research infrastructure, increasing funding from the public and private sector, and increasing collaborations with global key players have contributed to the increase in Project Portfolio Management sales in the region. this. Moreover, the major factor driving the market in this region is the emerging startups in this region and the adoption of project portfolio management services by various industries such as healthcare, BFSI, construction, and manufacturing to manage the business efficiently and reduce. cost.
Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by the market players
The global project portfolio management market further shows that key players are implementing strategies such as product collection expansion through research and development activities, product launches, acquisitions, mergers, and strategic alliance to improve their market position and boost market revenue share. In March 2022, Planisware launched various new products and features including PM Go! which is a lightweight project management platform for occasional project managers. In February 2022, Oracle launched a workflow manager that helps field service teams provide support.
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The project portfolio management market is segmented based on, segment, deployment mode, application, end users, and region.
Based on segment, the market is segmented into the following:
• Software
• Service
Based on deployment mode, the market is segmented into the following:
• Clouds
• In place
Based on application type, the market is segmented into the following:
• Project and Portfolio Management
• Portfolio Dashboards and Analytics
• Visibility and Reporting
• Resource Management
• Financial Planning and Management
• Others
Based on end users, the market is segmented into the following:
• BFSI
• Manage
• Engineering and Construction
• Taking care of your health
• IT and Telecom
• Others
Based on region, the market is segmented into the following:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
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Profiles of key players in the project portfolio management market report are Microsoft Corporation, SAP SE, Adobe (Workfront), Hewlett Packard Enterprise Development LP, Broadcom Inc., ServiceNow, HEXAGON AB, ATLASSIAN, and Planview, Inc.
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