NEW YORK, July 1, 2022 / PRNewswire/ – According to the latest market research report published by P&S Intelligence, project portfolio management market generated income of $ 4,634.4 million in 2021, which is on its way to hitting $ 8,161.8 million by 2030, at a 6.5% compound annual growth rate between 2021 and 2030. This is due to the need for acquisition of 360o view resource management and project operations, growing complexity of business projects, and advancing the need for monitoring and collaboration tools.
Every aspect of a well -known business has been greatly influenced by the digital revolution. One of the biggest changes is probably the blurring of boundaries between IT services and areas previously seen as more important to a company, such as operations and strategy. Corporate leaders have been pushed by this change to go beyond their comfort zones and improve the skills and understanding of their employees.
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Key Findings of the Project Portfolio Management Market Report
- The BFSI category has the largest share in the project portfolio management market, at approximately 28%. The growing complexity of banking operations is one of the major drivers driving the market in this sector.
- Demand for PPM solutions will grow at a CAGR of 7.3% in the healthcare sector in the coming years. This can be attributed to the digitalization of healthcare processes and the increasing demand for efficient handling of medical history and other patient data.
- Similarly, the cloud category is expected to grow at a CAGR of more than 6.7% in the coming years. It can be attributed to the extensive practical use of business applications, including real-time data analytics, automatic scheduling, and tracking and remote access, integration with cloud PPM systems.
- The APAC project portfolio management market is forecast to advance at a 6.9% CAGR in the forecast years. This is due to growing foreign investment, which encourages the development of economies, thus driving the evolution of SMEs.
- Due to the rising demand for resource management capabilities, China is the world’s leading exporter of electronics, fueling the demand for PPM solutions. Due to the business analysis of data monitoring solutions and capabilities, the broad telecom industry is in China is also expected to boost demand for them.
The bring-your-own-device (BYOD) policy is a major trend of the project portfolio management market in companies around the world. This helps streamline processes, reducing business costs, operational costs, and task delays. A PPM solution has several advantages when combined with BYOD, including enhanced process agility, increased worker productivity, and real-time tracking.
Browse a detailed report on Project Portfolio Management Market Size, Trends, Emerging Opportunities, and Top Key Players by 2030
To stay ahead of the competition, key players have recently engaged in a variety of market initiatives, including acquisitions, client wins, and product launches and enhancements. Some of these players are Micro Focus International plc, Upland Software Inc., ServiceNow, Hexagon AB, Workfront Inc., Microsoft Corporation, SAP SE, Broadcom Inc., Planview Inc., and Oracle Corporation.
Project Portfolio Management Market Report Scope
According to the Size of the Organization
- Large businesses
- Small and medium sized enterprises (SMEs)
Via Deployment Mode
By Industry Vertical
- Taking care of your health
- Government and Defense
- IT and Telecom
- North America
- South Korea
- Latin America
- Middle East at Africa
- Saudi Arabia
- South Africa
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