Project Portfolio Management Market Size, Share & Segmentation by Offering (Software and Service), by Deployment (Cloud and On-premise), by Enterprise Size (Large Enterprise and Small & Medium Enterprise), by End-Use (BFSI, Government, Engineering & Construction, Healthcare, IT & Telecom, Others), by Regions and Global Market Forecast 2023-2030

Report Scope & Overview: 

The Project Portfolio Management Market size was valued at USD 4.08 Bn in 2022 and is expected to reach USD 7.22 Bn by 2030, growing at a CAGR of 7.4% over the forecast period 2023-2030.

Project Portfolio Management aids in the alignment of project goals with business strategy, informing decision making, improving project selection process, minimizing risk, maximizing business impact, optimizing resource utilization across the enterprise, delivering projects on time and within budget, increasing ROI, boosting productivity with improved team collaboration, creating assets, and sharing best practices.

The increasing use of cloud-based services for remote assignment monitoring is a critical element that is projected to considerably contribute to market growth. The increased use of automation and digitalization in industries such as healthcare, government, BFSI, telecom, and engineering and construction has increased the demand for monitoring and analytical solutions to boost productivity and business efficiency. This greatly encourages the use of project portfolio management (PPM) systems.

Project portfolio management is an effective approach since it enhances an organization's adaptability to change and makes it simple to launch new projects. Furthermore, evaluation and monitoring procedures are added to track projects for abnormalities and delays and to initiate appropriate actions to simplify them and produce greater returns. Furthermore, with the aid of PPM solutions, businesses can focus more on meeting objectives by concentrating on strategy rather than project operations. It also gives strategies for assessing various projects, such as scoring systems, heuristic models, visual, or mapping tools.

MARKET DYNAMICS:

KEY DRIVERS:

• Getting an overall view of project operations and resource management.

• Growing interest in cloud-based PPM solutions.

RESTRAINTS:

• Organizational concerns about data confidentiality.

OPPORTUNITY:

• Using agile methodologies to reduce project costs and failure rates.

CHALLENGES:

• Choosing the best solutions that meet the demands of the company.

• Bringing together contemporary PPM solutions and historical systems.

IMPACT OF COVID-19:

The COVID-19 epidemic has exacerbated worldwide stock market volatility, with dramatic drops followed by some extraordinary rebounds. Because of the volatility and uncertainty, investment management organizations must undertake sweeping adjustments to areas such as corporate procedures and product development if they are to survive. COVID-19 will have less of an impact on the portfolio management software sector because customers can still invest in cloud-based portfolio management software.

MARKET ESTIMATION:

Over the projection period, the service industry is expected to increase rapidly. The increasing demand may be ascribed to the market participants' novel services such as process evaluation, process improvement, and reporting and analysis. During the projected period, the support and maintenance service category is predicted to grow the quickest. The rising tendency of Small and Medium Enterprises (SMEs) to implement project portfolio management systems has influenced the need for support and maintenance services.

As a traditional solution that has existed since the dawn of the computer era, the on-premise segment led the project portfolio management market in 2021. Because all sensitive data is held internally, there is no chance of it being exposed to a third party with an on-premise solution. The on-premise implementation provides even more customization choices. Over the projected period, the cloud sector is predicted to develop at a breakneck pace. Cloud-based solutions provide cost-effectiveness and flexibility, which increases user preference for their adoption. Cloud solutions provide increased scalability, cheaper deployment costs, and continuous development.

Over the projected period, the small and medium enterprise category is predicted to grow at the fastest CAGR. Foreign investment in SMEs is likely to increase, driving the segment's development. Growing SMEs in emerging markets, as well as increased penetration of information technology services, are driving the segment growth. Over the projected period, the big enterprise sector is likely to dominate the market. This is due to the availability of high capital and affordability, which allows large enterprises to use PPM systems.

Due to its complicated multi-regional operation, project portfolio management systems help the BFSI business handle client transaction data. The growth of technology in the BFSI business, such as mobile banking and e-banking, has aided in the application of project portfolio management systems. Furthermore, the need of these solutions for database monitoring has resulted from banks' use of other services such as debit, credit, and centralized money managing systems. Over the projection period, the healthcare category is predicted to increase significantly. The healthcare business confronts several challenges, including inconsistent data quality as a result of numerous complex initiatives.

KEY MARKET SEGMENT:

On The Basis of Offering

• Software

• Service

On The Basis of Deployment

• Cloud

• On-premise

On The Basis of Enterprise Size

• Large Enterprise

• Small & Medium Enterprise

On The Basis of End-Use

• BFSI

• Government

• Engineering & Construction

• Healthcare

• IT & Telecom

• Others

REGIONAL ANALYSIS:

The project portfolio management software industry is dominated by North America. Some of the reasons driving market expansion include increased acceptance of such tools by various verticals such as healthcare and manufacturing, as well as considerable investment by multinational corporations in numerous high-profile initiatives. Furthermore, the presence of a number of suppliers in North America, offering complete solutions to organizations, is propelling the region's overall market. whereas Europe comes in second place in the market.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The major key players are Oracle Corporation, Microsoft, Planview, Inc., SAP, Broadcom, Changepoint Corporation, Micro Focus, Workfront, Inc., Sopheon, Upland Software, Inc.

Frequently Asked Questions (FAQ) :