The project portfolio management global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Project Portfolio Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The project portfolio management market size has grown strongly in recent years. It will grow from <b>$5.55 billion in 2023 to $5.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. </b> The growth in the historic period can be attributed to demand for resource optimization, increasing project failures, globalization of businesses, budget constraints, strategic alignments, demand for mobile accessibility.
The project portfolio management market size is expected to see strong growth in the next few years. It will grow to <b>$8.56 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. </b> The growth in the forecast period can be attributed to rise of hybrid work models, increasing stakeholder expectations, increasing cybersecurity concerns, evolving regulatory landscape, user experience enhancement, focus on portfolio visibility. Major trends in the forecast period include cloud-based ppm solutions, agile and hybrid project management, ai-driven predictive analytics, agile and hybrid project management, integration with collaboration platforms.
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Scope Of Project Portfolio Management Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Project Portfolio Management Market Overview
Market Drivers –
The surge in activities such as automation and digitalization across various industries is expected to propel the growth of the project portfolio management market going forward. Automation is the method of controlling processes or systems by automatic means. Digitalization is the method of converting all physical data into electronic data. Companies across various industries are using automation as a tool to curb labor shortages and optimize business processes. Project portfolio management helps in managing a large amount of data related to various projects and managing them in a single system that is generated through increasing automation and digitization. For instance, in 2022, according to a survey by UiPath, a New York-based enterprise automation software company, 78% of the responding company executives were likely to invest or increase their investment in enterprise automation and 83% said that their company was currently investing or using automation tools. Therefore, increasing automation and digitalization across various industries are driving the growth of the project portfolio management market.
Market Trends –
Technological advancements are a key trend gaining popularity in the project portfolio management market. Major companies are innovating and integrating technologies such as artificial intelligence (AI) with project portfolio management software to sustain themselves in the market. For instance, in August 2021, Replicon, a California-based software-as-a-service (SaaS) company, launched its new ‘Polaris PPM solution’. The new software uses a unique self-driving PPM technology that leverages artificial intelligence (AI) technology to analyze and make sense of the data that it collects from different devices and applications through integrations with Slack, Jira, Microsoft Project, and other software. The sensible insight is then updated within the system and is visible to the user. The unique features of this tool can perform this labor-intensive data analysis in real-time and provide instant suggestions on the best options.
The project portfolio management market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment: On Premises, Cloud
3) By Organization Size: Large Enterprises, SMEs
4) By Application: Project Management, Portfolio Management, Demand Management, Resource Management, Financial Management, Other Applications
5) By Vertical: Energy and Utilities, Government and Defense, IT and Telecom, Banking, Financial Services and Insurance, Manufacturing, Healthcare and Lifesciences, Consumer Goods and Retail, Other Verticals
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Regional Insights –
North America was the largest region in the project portfolio management market share in 2023. The regions covered in the project portfolio management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the project portfolio management market report are Broadcom Inc., Celoxis Technologies Pvt. Ltd., Wrike Inc., HP Development Company L.P., ServiceNow Inc., Planview Inc., Planisware S.A.S., Microsoft Corporation, Oracle Corporation, Workfront Inc., SAP SE, Logic Software Inc, ProductDossier Solution, Sopheon Corporation., Cerri.com AG., Keyedin Inc., Atlassian Corporation Plc, Upland Software Inc., Clarizen Inc., Sciforma Corporation, Changepoint Corporation, Mavenlink Inc., Project Objects Solutions Limited, Innotas a Planview company, Genius Project, Deltek Inc., One2Team, ProSymmetry Inc., Project Insight Inc., Meisterplan Inc.
Table of Contents
1. Executive Summary
2. Project Portfolio Management Market Report Structure
3. Project Portfolio Management Market Trends And Strategies
4. Project Portfolio Management Market – Macro Economic Scenario
5. Global Project Portfolio Management Market Size and Growth
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31. Global Project Portfolio Management Market Competitive Benchmarking
32. Global Project Portfolio Management Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Project Portfolio Management Market
34. Project Portfolio Management Market Future Outlook and Potential Analysis
35. Appendix
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