Project Portfolio Management Market Size (2022 – 2027)
The Project Portfolio Management Market was worth US$ 4.09 billion in 2021 and is projected to reach the valuation of US$ 6.42 billion by 2027 and is predicted to register a CAGR of 6.27% from 2022-to 2027.
Companies have numerous challenges in keeping their jobs and efficiency while optimizing all assets, such as finances, time, and resources, as a result of increasing difficulties in managing various initiatives, including the development of a commission of inquiry into a massive amount of data. To address this issue, Project Portfolio Management (PPM) was established, as well as PPM software, which would handle an organization's project management duties. This project portfolio management software assists businesses in increasing efficiency, speeding up innovation, and adapting to quickly changing economic trends and competitive dynamics.
Companies have numerous challenges in keeping their jobs and efficiency while optimizing all assets, such as finances, time, and resources, as a result of increasing difficulties in managing various initiatives, including the development of a commission of inquiry into a considerable amount of data. To address this issue, Project Portfolio Management (PPM) was established, as well as PPM software, which would handle an organization's project management duties. This project portfolio management software assists businesses in increasing efficiency, speeding up innovation, and adapting to quickly changing economic trends and competitive dynamics.
Project Portfolio Management Market Growth:
The growing trend of bringing your personal device into the workplace is predicted to boost employee productivity and real-time project monitoring, making project portfolio management (PPM) solutions more practical. Multi-regional companies are driving demand for project portfolio management software to help them make better decisions and avoid complexity. During the estimated period, the widespread usage of PPM solutions in data analytics to provide accessible services to clients at low prices in the BFSI, IT, and telecom industries is expected to fuel market expansion.
Project Portfolio Management Market Drivers:
With the growing number of difficulties in treatment projects, PPM-based solutions are in great demand all over the world. Factors such as the expanding bring your own device (BYOD) trend and the degree of mobility are expected to fuel demand. Employees can use their personal devices in the field, which not only saves money but also ensures a high level of employee satisfaction. As a result, several businesses have already deployed this module in order to improve project management efficiency. With respect to software-as-a-service (SaaS) based PPM solutions, the most significant aspects to look for are market growth rate and existing issues, as well as installation, operation, and safety considerations.
When dealing with several projects for multiple clients, businesses frequently lose focus. Even successful projects can overspend due to a variety of causes, including inadequate project estimation, imprecise scheduling, inefficient resource allocation, and a lack of visibility into project data. As a result, demand for technology-driven PPM solutions is increasing, as these solutions enable firms to have a 360-degree picture of project operations and resource management. This data would aid organizations in improved project estimation and project life cycle improvement. Furthermore, PPM solutions assist firms in effectively allocating resources to reduce the danger of over-or under-allocation.
Project Portfolio Management Market Restraints:
Data is the most valuable organizational asset, and it must be safeguarded from cyber threats. Organizations that adopt new advanced digital technologies expose their corporate data to danger. No matter how well-prepared a business is to deal with cybercrime, defeating, these attacks will always be a problem. By giving new entrance points to IT infrastructure, any technology that promises to enhance business operations also provides more entry points for hackers and cybercriminals. This is the primary barrier that prevents businesses from adopting cloud PPM solutions. Small and medium-sized companies can readily use low-cost public cloud services (SMEs). These services, however, are more vulnerable to cyberattacks and security issues, and small businesses cannot afford a private cloud due to financial constraints.
Furthermore, project management tools that are accessible through mobile devices are more vulnerable to cyberattacks and data loss. As a result, it's reasonable to conclude that firms in highly regulated industries are hesitant to embrace current PPM solutions due to financial limits or concerns about data security.
Project Portfolio Management Market Segmentation:
By Service Offered
During the projection period, the services segment is expected to increase rapidly. The rise in demand can also be ascribed to novel services provided by participants in the market evaluation, process improvement, and report and analysis processes.
By Deployment Type
Currently, On-premise leads the market, but Cloud-based is likely to overtake it in the following years, helping to meet the demand for high-tech advancements in the workplace. The rising status of solutions has also fuelled market competition, resulting in the establishment of a large number of SaaS suppliers offering specialized PPM solutions.
By Organisation Size
The SMEs segment is predicted to increase at the fastest rate throughout the projection period. Despite the various business models and frameworks used by organizations across industries, SMEs still lack a single robust roadmap that combines the applicable concepts of portfolio management and innovation management at the same time. SME profitability has increased significantly as a result of their quick embrace of digitalization and automation. Because of the aggressive competition in the market, SMEs are investing in PPM solutions and services, as well as implementing data-driven strategies to make better business decisions. SMEs, in comparison to large corporations, experience resource constraints and require a more strategic business and planning process to manage project difficulties.
By Vertical
By industry, the BFSI segment dominated the global project portfolio management market share in 2021 owing to its transparency control and advanced financial assessment features. Moreover, the healthcare sector is expected to grow at the fastest pace in the forecasted period, owing to the fact that PPM in healthcare facilities improves decision-making capabilities and operational efficiencies.
Global Project Portfolio Management Market Regional Analysis:
The Project Portfolio Management Market Report includes the segmentation of regions:
Until 2021, North America controlled this market. The region's financial status allows it to invest aggressively in current technology and tools for successful project activities. Furthermore, the existence of numerous well-known and dependable solution providers in North America, such as Microsoft, Oracle, Sybase, and Workfront, is likely to accelerate significantly market expansion.
The majority of APAC countries are rapidly investing in enterprise mobility and cloud technologies. With the rising adoption of these solutions, businesses are eager to implement PPM approaches to meet their business optimization goals. The financial services and government sectors are the two areas that are most interested in adopting PPM for better project and portfolio management. During the projected period, this area is expected to be the revenue generator segment. Planview, Daptiv, and Clarizen are some of the active PPM suppliers in this region. The growing necessity for enterprises to embrace simulation techniques in order to successfully manage complicated projects would help the PPM market in China grow. Leading Indian companies prefer PPM to cut operating expenses and manage large, complex projects across several verticals.
During the forecast period, the Europe Project Portfolio Management Market is expected to increase at a 15.4 per cent CAGR (2022-2027).
During the projected period, the Latin America, Middle East, and Africa Project Portfolio Management Market is predicted to grow at a Compounded Annual Rate of 18.8%. (2022-2027). Automation and digitalization are becoming more prevalent in industries such as healthcare, government, BFSI, telecommunications, and engineering and construction, necessitating the use of monitoring and analytical solutions to improve productivity and efficiency.
Project Portfolio Management Market Key Players:
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