Project Portfolio Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Project Portfolio Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global project portfolio management market size reached US$ 5.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.0 Billion by 2028, exhibiting a growth rate (CAGR) of 9.8% during 2023-2028. The growing demand to manage liquidity and enhance the rate of investment (ROI), rising usage of cloud-based services for remote monitoring and real-time data analysis, and increasing need to reduce project costs and failure represent some of the key factors driving the market.

Project portfolio management (PPM) relies on several tools and solutions to manage tasks and analyze return that is associated with a project. It is cost-effective and increases efficiency while offering enhanced visibility, governance, and transparency. It provides real-time project progress or updates and controls workload management in an organization efficiently. It closely monitors and reviews changes, eliminates inefficiency, and maximizes returns. It also improves decision-making, enhances accountability, and easily tracks business priorities. It assists in forecasting the risks and returns to keep the portfolio balanced and focused on achieving increased productivity. It also aids in maintaining a portfolio aligned with the business strategy, objectives, and goals of an organization. Besides this, it is beneficial in predicting problems, managing budgets, enhancing communication, and increasing timely project deliveries. As a result, PPM is widely employed in the energy and utility, defense, information and technology (IT), telecommunication, manufacturing, healthcare, and banking, financial services, and insurance (BFSI) industries across the globe.  

Project Portfolio Management Market Trends:

At present, the increasing demand for PPM to gain a 360-degree view of project operations and resource management represents one of the key factors impelling the growth of the market. Apart from this, the growing demand for PPM due to the increasing need to decrease the complexities in a project around the world is positively influencing the market. In addition, the rising demand for PPM, as it manages liquidity and ensures a higher rate of investment (ROI) in a business, is supporting the growth of the market. Moreover, the increasing demand for cloud-based services for remote monitoring, real-time data analytics, and automatic scheduling of project operations in an organization is propelling the growth of the market. Besides this, the growing demand for PPM due to the rising popularity of using personal devices, such as laptops and tablets, in a workplace across the globe is offering a positive market outlook. Additionally, the increasing demand for PPM in reducing project costs and failure by eliminating unwanted multitasking and decreasing resource workload is offering lucrative growth opportunities to industry investors. Furthermore, the rising adoption of PPM, as it enhances the adaptability of organizations and makes it easy to introduce new projects, is strengthening the growth of the market.   

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global project portfolio management market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, solution type, deployment type, organization size and vertical.

Component Insights:

Software
Services

The report has provided a detailed breakup and analysis of the project portfolio management market based on the component. This includes software and services. According to the report, software represented the largest segment.

Solution Type Insights:

Information Technology Solutions
New Product Development Solutions
Others

A detailed breakup and analysis of the project portfolio management market based on the solution type has also been provided in the report. This includes information technology solutions, new product development solutions, and others. According to the report, information technology solutions accounted for the largest market share.

Deployment Type Insights:

On-premises
Cloud-based

A detailed breakup and analysis of the project portfolio management market based on the deployment type has also been provided in the report. This includes on-premises and cloud-based. According to the report, on-premises accounted for the largest market share.

Organization Size Insights:

Large Enterprises
Small and Medium Enterprises

A detailed breakup and analysis of the project portfolio management market based on the organization size has also been provided in the report. This includes large enterprises and small and medium enterprises. According to the report, large enterprises accounted for the largest market share.

Vertical Insights:

Energy and Utilities
Government and Defense
IT and Telecom
Banking, Financial and Insurance Services
Manufacturing
Healthcare and Life Science
Consumer Goods and Retail
Others

A detailed breakup and analysis of the project portfolio management market based on the vertical has also been provided in the report. This includes energy and utilities, government and defense, IT and telecom, banking, financial and insurance services, manufacturing, healthcare and life science, consumer goods and retail, and others. According to the report, BFSI accounted for the largest market share.

Regional Insights:

North America

United States
Canada

Asia Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America (the United States and Canada) was the largest market for project portfolio management. Some of the factors driving the North America project portfolio management market included the growing need for better decision-making to enhance project success rate, increasing infrastructural advancements, rising demand for cloud-based services, etc.      

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global project portfolio management market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Broadcom Inc., Celoxis Technologies Pvt. Ltd., Changepoint Corporation, Clarizen Inc., HP Development Company, Innotas, Keyedln Solutions LLC, Microsoft Corporation, Oracle Corporation, Planisware, Planview Inc., SAP SE, Workfront Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report:

How has the global project portfolio management market performed so far, and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global project portfolio management market?
What is the impact of each driver, restraint, and opportunity on the global project portfolio management market?
What are the key regional markets?
Which countries represent the most attractive project portfolio management market?
What is the breakup of the market based on the component?
Which is the most attractive component in the project portfolio management market?
What is the breakup of the market based on the solution type?
Which is the most attractive solution type in the project portfolio management market?
What is the breakup of the market based on the deployment type?
Which is the most attractive deployment type in the project portfolio management market?
What is the breakup of the market based on the organization size?
Which is the most attractive organization size in the project portfolio management market?
What is the breakup of the market based on the vertical?
Which is the most attractive vertical in the project portfolio management market?
What is the competitive structure of the global project portfolio management market?
Who are the key players/companies in the global project portfolio management market?