Overview and Scope
Cloud project portfolio management refers to a complete integrated solution that improves organizations’ efficiency on projects. It is employed to handle the organization’s group of projects and processes that are selected and managed to offer better returns on project investments. The portfolio is selected to fulfil the organization’s goals, and also allows the project team to manage the project’s overall risk.
Sizing and Forecast
The cloud project portfolio management market size has grown strongly in recent years. It will grow from $6.65 billion in 2023 to $7.25 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to shift from on-premises to cloud-based solutions, increased demand for centralized project management, scalability and flexibility requirements, cost-efficiency and reduced infrastructure, rise in project complexity and data volume..
The cloud project portfolio management market size is expected to see rapid growth in the next few years. It will grow to $10.96 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to increasing cloud adoption across industries, increasing demand for scalable and agile solutions, focus on remote work and collaboration tools, enhanced security and compliance measures, focus on user experience and adoption.. Major trends in the forecast period include rise in remote work and distributed teams, integration with emerging technologies, agile and adaptive project management methodologies, focus on user experience and ease of adoption, real-time reporting and analytics capabilities..
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Segmentation & Regional Insights
The cloud project portfolio management market covered in this report is segmented –
1) By Component: Solution, Services
2) By Organization Size: Small and Medium-sized Enterprises (SMEs), Large Enterprises
3) By Deployment Model: Private Cloud, Public Cloud, Hybrid Cloud, Other Deployments
4) By Industry Vertical: BFSI, Healthcare & Life Sciences, IT & Telecommunication, Manufacturing, Government & Public Sectors, Other Industry Verticals
North America was the largest region in the cloud project portfolio management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud project portfolio management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
High adoption of cloud analytics is expected to propel the growth of the cloud project portfolio management market. Cloud analytics refers to the application of analytic algorithms in the cloud against data in a private or public cloud. These cloud analytics involves scalable cloud computing with analytics software to identify data in patterns and extract new insights. Cloud services offer the easiest ways for organizations to get involved in the cloud. According to Gartner, a US-based consulting firm, the worldwide spending on public cloud services is estimated to increase from $332.3 billion in 2021 to $397.5 billion in 2022. Cloud application services are forecasted to reach $145.3 billion by the end of 2022. The spending on cloud services is expected to boost demand for cloud project portfolio management solutions industry during the forecast period.
Key Industry Players
Major companies operating in the cloud project portfolio management market report are Oracle Corporation, Hewlett Packard Enterprise Company LP, SAP SE, Changepoint Corporation, Upland Software Inc., Clarizen Inc., Workfront Inc., Microsoft Corporation, Planview Inc., Mavenlink, Servicenow Inc., Hexagon AB, Micro Focus International plc, ONEPOINT Projects GmbH, Broadcom Corporation, Keyedin Inc., Planisware, Sciforma Corporation, Wrike Inc., LiquidPlanner Inc., Smartsheet Inc., Celoxis Technologies Pvt Ltd., Zoho Corporation Pvt Ltd., WorkOtter LLC, Project Objects Ltd., Genius Project, Innotas AG, Project Insight, EasyVista Inc., ProjectManager. com Inc.
The cloud project portfolio management market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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