What Are The Forecasted Market Size And Growth Rates For Global Cloud Project Portfolio Management Market?
The cloud project portfolio management market size has seen substantial growth in recent years. It is projected to grow from $7.09 billion in 2024 to $7.65 billion in 2025 at a compound annual growth rate (CAGR) of 7.9%. This growth can be attributed to the 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, growing to $12.57 billion in 2029 at a compound annual growth rate (CAGR) of 13.2%. An increase in 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 are the primary factors contributing to this growth.
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What Are The Key Growth Drivers Of The Cloud Project Portfolio Management Market?
The high adoption of cloud analytics is expected to propel the growth of the cloud project portfolio management market. Cloud analytics refer to the application of analytic algorithms in the cloud against data in a private or public cloud. These cloud analytics involve 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 during the forecast period.
What Are The Major Components Of The Global Cloud Project Portfolio Management Market?
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
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Which Major Players Are Operating In The Cloud Project Portfolio Management Market?
Major players in the cloud project portfolio management market include 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.
What Are The Emerging Trends In The Cloud Project Portfolio Management Market?
Strategic partnerships are a key trend gaining popularity in the cloud project portfolio management market. For example, Planview, partnered with Cherwell, a UK-based provider of service and cloud-based IT service management solutions. In addition, a US-based Upland Software firm pushed its corporate vision with PPM software and has already teamed up with a US-based Microsoft software company. This collaboration allows project team members to interact, communicate, exchange documents, and arrange meetings straight from their PPM solution using Microsoft Teams and Upland’s interface.
Which Region Is Set To Grow The Fastest In The Cloud Project Portfolio Management Market?
North America was the largest region in the cloud project portfolio management market in 2024. However, 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.
What Does The Cloud Project Portfolio Management Market Report 2025 Offer?
Cloud project portfolio management refers to a complete integrated solution that improves organizations’ efficiency on projects. It enables the organization’s project team to manage the project’s overall risk. The Cloud Project Portfolio Management Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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