With 7.3% CAGR, Project Portfolio Management Market Size worth USD 7.01 Billion in 2029
According to Fortune Business Insights, the global Project Portfolio Management Market size is projected to reach USD 7.01 billion in 2029, at CAGR of 7.3% during forecast period [2022 - 2029]; Rising Demand for 360-degree Perspective Project Cycle to Foster Industry Growth
Pune, India, Aug. 09, 2022 (GLOBE NEWSWIRE) -- The global Project Portfolio Management Market size was valued at USD 4.09 billion in 2021 and reached USD 4.29 billion in 2022. The market size is expected to touch USD 7.01 billion by 2029, exhibiting a CAGR of 7.3% during the forecast period. Rising demand for 360-degree perspective project cycle and rapid digitization are expected to propel industry progress. Fortune Business Insights™ provides this information in its report titled “Project Portfolio Management (PPM) Market, 2022-2029”
Key Industry Development
January 2021: Planview completed the acquisition of Clarizen and Changepoint and allowed its consumers to access resources and tools required for effective planning and execution of crucial initiatives.
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PPM Market Report Scope:
| Report Coverage | 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 |
| No. of Pages | 170 |
| Growth Factor | Strong Demand for Cloud-Based PPM Services to Propel Market Growth |
| Increasing Adoption of Cloud-based Solutions Enhanced Industry Progress |
Drivers and Restraints
Strong Demand for Cloud-Based PPM Services to Propel Market Growth
Project Portfolio Management (PPM) is a software responsible for the management of multiple projects under a single umbrella in an organization. Furthermore, the rising demand for cloud-based software services is expected to enhance industry growth. Moreover, improvements in cloud-based applications and the increasing reliance of contemporary businesses and companies on cloud technology are expected to bolster industry progress. Also, the extensive adoption of portable computing devices is expected to enhance the market growth.
However, lack of data confidentiality may hinder the industry’s growth.
Regional Insights
Rising Penetration of Advanced Technologies to Propel Market Growth in North America
North America is expected to dominate the Project Portfolio Management Market share due to the rising penetration of advanced technologies. The market in North America was valued at USD 2.02 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the robust processing and easy accessibility of PPM may enhance industry progress.
In Asia Pacific, the rising number of players and their focus on expanding their geographical presence are expected to enhance the software’s demand. Furthermore, growing digitalization and technology acceptance is expected to enhance the market growth.
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COVID-19 Impact
Increasing Adoption of Cloud-based Solutions Enhanced Industry Progress
This market was positively impacted during the COVID-19 pandemic due to the rising adoption of cloud-based solutions. The sudden spike in COVID-19 cases led to the closure of manufacturing facilities. This factor led to the adoption of digitization by several companies. The abundance of data and the need for efficient management tools enhanced the adoption of Project Portfolio Management (PPM) services. The software’s adoption allowed manufacturers to effectively execute tasks during the pandemic. These factors influenced the industry growth during the pandemic.
Segments
Software Segment to Dominate Market Share Attributable to High Acceptance of PPM by Vendors
By component, the market is bifurcated into services and software.
The software segment is expected to hold a major market share due to high acceptance of PPM by vendors. Further, the presence of other features with flexible pricing is expected to enhance the software demand.
Cloud-based Deployment Segment to Witness Highest CAGR Owing 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 costs, flexibility, and scalability are expected to enhance the Project Portfolio Management market growth.
Large Enterprises Segment to Dominate Market Share Due to Strong Demand for Distinct and Complex Workflows
As per enterprise size, the market is classified into large enterprises Small and Medium Enterprises (SMEs).
The large enterprises segment is expected to dominate, attributable to the strong demand for distinct and complex workflows. Further, strong demand for the software due to its ability to maintain commercial competency is expected to bolster the market growth.
Portfolio Dashboards and Analytics Segment to Witness Highest CAGR Owing to its Ability to Prioritize Project Activities
Based on application, the market is categorized into project and portfolio governance, 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 abilities are expected to enhance the segmental growth.
IT and Telecommunication to Hold Dominant Share Owing to Strong Demand for Project Management Offices
By vertical, the market is classified into IT and telecommunications, BFSI, government, engineering & construction, healthcare, and others.
The IT and telecommunication segment is expected to hold a dominant market share, owing to the strong demand for project management offices. Furthermore, expanding business networks, evolving company needs, and rising corporate rivalry may enhance segmental growth.
Regionally, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Report Coverage
The report provides a detailed analysis of the top 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. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Competitive Landscape
Prominent Players Enter Partnerships to Enhance Brand Image
Prominent players operating in the market enter into partnerships to enhance their brand image. For example, Siemens and SAP partnered to develop Siemens' Teamcenter software in July 2020. This development may increase its client business value and enhance brand image. Furthermore, companies opt for partnerships, mergers, acquisitions, and research & development to bolster their market position.
Companies Profiled in the Project Portfolio Management Market Report
- Oracle Corporation (U.S.)
- Microsoft Corporation (U.S.)
- SAP SE (Germany)
- Adobe (Workfront) (U.S.)
- Hewlett Packard Enterprise Development LP (U.S.)
- Broadcom Inc. (U.S.)
- ServiceNow (U.S.)
- HEXAGON AB (Sweden)
- ATLASSIAN (U.S.)
- Planview, Inc. (U.S.)
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Major Points in TOC:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated 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 Component (USD)
- Software
- Services
- Integration and Deployment
- Training and Consulting
- Support and Maintenance
- By Deployment (USD)
- On-premise
- Cloud-based
- Hosted
- By Enterprise Size (USD)
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- By Application (USD)
- Project and Portfolio Governance
- Portfolio Dashboards and Analytics
- Visibility and Reporting
- Resource management
- Financial Planning and management
- Others (Time and Risk Management)
- By Vertical (USD)
- IT & Telecommunication
- BFSI
- Government
- Engineering & Construction
- Healthcare
- Others (Manufacturing, and others)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Project Portfolio Management (PPM) Market Size Estimates and Forecasts, By Segments, 2018-2029
FAQs:
How big is the project portfolio management market?
The global PPM Market size was valued at USD 4.09 billion in 2021 and reached USD 4.29 billion in 2022. The PPM market size is expected to touch USD 7.01 billion by 2029, exhibiting a CAGR of 7.3% during the forecast period.
What are the top 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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