With 7.3% CAGR, Project Portfolio Management Market Size

Pune, India, Aug. 09, 2022 (GLOBE NEWSWIRE) — The global Project Portfolio Management Market the size will be valued at USD 4.09 billion in 2021 and will reach USD 4.29 billion in 2022. The market size is expected to reach USD 7.01 billion in 2029, showing a CAGR of 7.3% during the forecast period. The increasing demand for 360-degree project cycle insight and rapid digitization is expected to drive the growth of the industry. Fortune Business Insights™ provides this information in its report titled “Project Portfolio Management (PPM) Market, 2022-2029”

Major Industrial Developments

January 2021: Planview completed the acquisition of Clarizen and Changepoint and allowed its consumers to access the resources and tools necessary for effective planning and execution of important initiatives.

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PPM Market Report Scope:

Report Scope Details
Forecast Period 2022-2029
Forecast Period 2022 to 2029 CAGR 7.3%
2029 Value Projection USD 7.01 Billion
Base Year 2021
PPM Market Size in 2021 USD 4.09 Billion
Historical Data for 2018-2020
Number of Pages 170
Growth factor Strong Demand for Cloud-Based PPM Services to Propel Market Growth
Increasing Adoption of Cloud-based Solutions Enhanced Industry Development

Drivers and Restraints
Strong Demand for Cloud-Based PPM Services to Propel Market Growth

Project Portfolio Management (PPM) is a software responsible for managing multiple projects under a single umbrella in an organization. Furthermore, the increasing demand for cloud-based software services is expected to enhance the growth of the industry. Moreover, improvements in cloud-based applications and the increasing reliance of contemporary businesses and companies on cloud technology are expected to boost the industry’s development. Also, the widespread adoption of portable computing devices is expected to enhance the growth of the market.

However, the lack of data confidentiality may hinder the growth of the industry.

Regional Perspectives

Increasing Penetration of Advanced Technologies to Drive Market Growth in North America

North America is expected to dominate the Project Portfolio Management Market share due to increasing penetration of advanced technologies. The market in North America is valued at USD 2.02 billion in 2021 and is expected to gain a significant share of the global market share in the coming years. Furthermore, stable processing and easy accessibility of PPM can enhance the development of the industry.

In Asia Pacific, the increasing number of players and their focus on expanding their geographical presence is expected to enhance the software demand. Moreover, the growing digitalization and acceptance of technology is expected to enhance the growth of the market.

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Impact of COVID-19

Increasing Adoption of Cloud-based Solutions Enhanced Industry Development

This market has been positively impacted during the COVID-19 pandemic due to the increasing adoption of cloud-based solutions. A sudden increase in COVID-19 cases has led to the closure of manufacturing facilities. This factor has led to the adoption of digitization by some companies. The abundance of data and the need for efficient management tools have enhanced the use of Project Portfolio Management (PPM) services. The adoption of the software allows manufacturers to effectively carry out tasks during the pandemic. These factors influenced the growth of the industry during the pandemic.

Segments

Software Segment to Dominate Market Share Attributed to High PPM Adoption by Vendors

By segment, the market is divided into services and software.

The software segment is expected to hold a large market share due to high acceptance of PPM by vendors. Further, availability of other features with flexible pricing is expected to enhance the demand of the software.

Cloud-based Deployment Segment to Witness Highest CAGR Due to Scalability and Flexibility

Based on deployment, the market is segmented into on-premise, cloud-based, and hosted.

The cloud-based segment is expected to grow due to flexible pricing, easy upgrades, accessibility, and maintenance packages. Furthermore, lower cost, flexibility, and scalability are expected to enhance the growth of the Project Portfolio Management market.

Large Business Segment to Dominate Market Share Due to Strong Demand for Unique and Complex Workflows

By enterprise size, the market is classified into large enterprises Small and Medium Enterprises (SMEs).

The large enterprise segment is expected to dominate, attributable to strong demand for unique and complex workflows. Further, the strong demand for the software due to its ability to maintain commercial capability is expected to boost the growth of the market.

Portfolio Dashboards and Segment Analytics to Witness Highest CAGR Due to the Ability to Prioritize Project Activities

Based on application, the market is categorized into project and portfolio management, portfolio dashboards and analytics, visibility and reporting, resource management, financial planning and management, and others.

The portfolio dashboard and analytics segment is expected to hold a dominant market share, owing to the software’s ability to prioritize project activities. Further, effective management capabilities are expected to enhance segmental growth.

IT and Telecommunication to Hold Dominant Share Due to Strong Demand for Project Management Offices

By vertical, the market is classified into IT and telecommunications, BFSI, government, engineering and construction, healthcare, and others.

The IT and telecommunications segment is expected to hold a dominant share of the market, owing to strong demand for project management offices. Furthermore, expanding business networks, evolving corporate needs, and increasing corporate rivalry can enhance segmental growth.

Regionally, it is combined with North America, Europe, Asia Pacific, South America, and the Middle East and Africa.

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Report Scope

The report provides a detailed analysis of the leading segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. In addition, it analyzes regional developments and the strategies undertaken by key market players.

Competitive Landscape

Prominent Players Enter into Partnerships to Enhance Brand Image

Prominent players operating in the market have entered into partnerships to enhance their brand image. For example, Siemens and SAP partnered to develop Siemens Teamcenter software in July 2020. This development can increase its client’s business value and enhance brand image. Furthermore, companies have opted for partnerships, mergers, acquisitions, and research & development to strengthen their market position.

Companies Profiled in the Project Portfolio Management Market Report

  • Oracle Corporation (US)
  • Microsoft Corporation (US)
  • SAP SE (Germany)
  • Adobe (Workfront) (US)
  • Hewlett Packard Enterprise Development LP (US)
  • Broadcom Inc. (USA)
  • ServiceNow (US)
  • HEXAGON AB (Sweden)
  • ATLASSIAN (US)
  • Planview, Inc. (USA)

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Key Points in TOC:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Strategy
    • Data Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short Term Effects
      • Long Term Effects
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Combined SWOT Analysis of Key Players
    • Global Project Portfolio Management (PPM) Key Players Market Share Insights and Analysis, 2021
  • Global Project Portfolio Management Market Size Estimates and Forecasts, By Segments, 2018-2029
    • Key Findings
    • By Share (USD)
      • Software
      • Services
        • Integration and Deployment
        • Training and Consulting
        • Support and Maintenance
    • By Deployment (USD)
      • In place
      • Cloud-based
      • Hosted
    • By Enterprise Size (USD)
      • Big Business
      • Small and Medium Enterprises (SMEs)
    • By Application (USD)
      • Project and Portfolio Management
      • Portfolio Dashboards and Analytics
      • Visibility and Reporting
      • Resource management
      • Financial planning and management
      • Other (Time and Risk Management)
    • Via Vertical (USD)
      • IT and Telecommunications
      • BFSI
      • Government
      • Engineering and Construction
      • Taking care of your health
      • Other (Manufacturing, etc.)
    • By Region (USD)
      • North America
      • South America
      • Europe
      • Middle East and Africa
      • Asia-Pacific
  • North America Project Portfolio Management (PPM) Market Size Estimates and Forecasts, By Segments, 2018-2029

TOC continued…!

FAQs:

How big is the project? portfolio market management?

The global PPM Market size is valued at USD 4.09 billion in 2021 and will reach USD 4.29 billion in 2022. The PPM market size is expected to reach USD 7.01 billion in 2029, showing a CAGR of 7.3% during the forecast period .

What are the leading players in the PPM Market?

Oracle Corporation, Microsoft Corporation, SAP SE, Adobe, Hewlett Packard Enterprise, Development LP, Broadcom Inc., ServiceNow, HEXAGON AB, ATLASSIAN, Planview, Inc.

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