The global Project Portfolio Management Market size is estimated to grow from USD 5.89 billion in 2022 to USD 23.56 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period.
Project Portfolio Management helps align project goals with business strategy, inform decision making, improve the project selection process, minimize risk, maximize business impact, optimize of resource utilization across the enterprise, delivering projects within time and budget, increasing ROI, boosting productivity with improved team collaboration, creating assets and sharing best practices.
In addition, the Global Application Portfolio Management market study also covers several factors such as market status, key market trends, growth forecast, and growth opportunities. Furthermore, we analyze the challenges faced by the Global Application Portfolio Management market in terms of global and regional basis.
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Key Players Mentioned in Global Application Portfolio Management Market Research Report: Planview, ServiceNow, LeanIX, Orbus Software, CAST Highlight, ASG, CA Technologies, Astadia, GDS Link, Capgemini, Cloudbyz, BCX, Melillo Consulting, AaronRichards
Global Application Portfolio Management Market Segmentation:
Application Portfolio Management Market Types:
Services, Software.
Application Portfolio Management Market Applications:
Large Enterprises, Small and Medium Enterprises (SMEs)
Regional overview
North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa are the provincial order of the global Application Portfolio Management market.
Project portfolio management software helps businesses improve productivity, increase the speed of innovation, and adapt to rapidly changing economic conditions and competitive dynamics. Additionally, PPM software offers capabilities such as time tracking, data analytics, and expense management. Increasing penetration of connected devices in emerging economies such as Brazil, China, and India is expected to keep the industry’s growth prospects positive. Increasing investments in research and development activities encourage the development of innovative solutions such as mobile application-based project portfolio management solutions, which allow access to a wide base of consumer. All these factors are driving the growth of the PPM market.
Project portfolio management is a useful solution because it improves the organization’s flexibility towards change and makes the introduction of new projects easy. Additionally, analysis and monitoring techniques are introduced to monitor projects for anomalies and delays and request necessary steps to streamline them and subsequently achieve higher returns. Furthermore, with the help of PPM solutions, companies can put more emphasis on achieving targets by focusing on strategies rather than on project operations themselves. Additionally, it provides techniques such as scoring techniques, heuristic models, visual, or mapping techniques for assessing various projects.
Learning objective:
– To provide a detailed analysis of the market structure along with a forecast of the various segments and sub-segments of the global Application Portfolio Management Market.
-Provide information on factors affecting market growth. To analyze the Application Portfolio Management Market based on various factors-price analysis, supply chain analysis, Gate Five force analysis, etc.
-Provide historical and forecast revenue by market segments and sub-segments for four major geographies and their countries – North America, Europe, Asia, Latin America and Rest of the World.
-Provide country level market analysis related to current market size and future prospects.
– To provide country level market analysis for segment by application, product type and sub-segments.
Offering Insights
The services segment consists of integration and deployment, support and maintenance, and training and consulting services. The service segment is expected to witness rapid growth during the forecast period. The rising demand can be attributed to innovative services offered by market players such as process analysis, process improvement, and reporting and analysis. Developments in project portfolio management services such as work communication facility, assignment management policies, and program facilitation services assist organizations in comparing macro-environmental factors that lead to with increased productivity and ROI.
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Deployment Insights
The on-premise segment dominates the project portfolio management market in 2019 as it is a classical approach that has existed since the dawn of the computer age. The on-premise solution offers total control over the software as all sensitive data is stored internally and there is no risk of exposing it to a third-party. On-premise deployment further allows more options for customizations. However, companies are increasingly moving towards using cloud-based solutions because on-premise solutions have higher operational costs. Another factor is the high maintenance requirements as it becomes the responsibility of the organization to upgrade and scale the solution when needed.
Enterprise Size Insights
The small and medium business segment is expected to expand at the highest CAGR during the forecast period. The growth of foreign investments towards SMEs is expected to drive the growth of the segment. Growing SMEs in emerging economies and increasing penetration of information technology services are further contributing to the growth of the segment. These solutions offer effective monitoring and control of business functions and help with business optimization and decision making for SMEs.
End-Use Insights
Project portfolio management solutions facilitate the BFSI industry in managing customer transaction data due to its complex multi-regional operations. The proliferation of technology in the BFSI industry, such as mobile banking and e-banking, has encouraged the implementation of project portfolio management solutions. Furthermore, the use of other services by banks such as debit, credit, and centralized fund management systems has led to the use of these solutions for database monitoring. These solutions facilitate tracking of transaction data, customer information, and subsequently help in providing high transparency.
Regional Perspectives
North America leads the project portfolio management market, with the largest revenue share of 43.5% in 2020. The region is expected to continue its dominance over the projected timeline due to major infrastructure advancement and proliferation of startup companies. Various industrial companies operating in the region are implementing business intelligence and analytics solutions, and analytics-based strategies are playing an important role in driving market growth. Moreover, companies with digital infrastructure are using PPM solutions to initiate collaborative decision-making to improve their regional project success rate.
In the US, various end-use sectors such as healthcare, manufacturing, BFSI, and construction use project portfolio magnet services to efficiently manage overall business operations and eliminate overhead costs. This has created a favorable environment for market expansion with US Industry players operating in the region adopting business strategies such as mergers and acquisitions to enhance their service offerings and client base . For example, in December 2021, Tempo Software acquired ALM Works for an undisclosed amount to help its clients make better decisions for their projects in Massachusetts.
Table of contents:
1 Scope of Study
2 Market by Type
3 Market by Application
4 Global Application Portfolio Management Competitor Landscape by Company
5 Global Application Portfolio Management Market Size by Region
6 Regional and Country Level Segments
7 Company Profile
8 Industry Chain Analysis and Sales Channels
9 Research Findings and Conclusions
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