Project Portfolio Management Market Growth potential, Key Insights And Forecast To 2034

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What Can We Expect for the Project Portfolio Management Market Size and Growth Forecast?
The project portfolio management market size has demonstrated impressive growth in recent years, expanding from $5.86 billion in 2024 to projected earnings of $6.26 billion in 2025. This growth signifies a compound annual growth rate (CAGR) of 6.9%. Factors contributing to this growth include an increasing demand for resource optimization and mobile accessibility, as well as the emergence of strategic alignments due to globalization of businesses. Budget constraints and rising project failures have also enhanced the demand for project portfolio management.
Future forecasts for the project portfolio management market remain positive, with the market predicted to grow to $9.66 billion by 2029, indicating a compound annual growth rate (CAGR) of 11.5%. This expansion may be attribued to a combination of factors including, increasing stakeholder expectations, the rise of hybrid work models, evolving regulatory landscapes, user experience enhancement, focus on portfolio visibility, and crucially, growing cybersecurity concerns. Major upcoming trends include cloud-based project portfolio management solutions, the application of AI-driven predictive analytics, and the integration with collaboration platforms.
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What Are the Key Growth Drivers of the Project Portfolio Management Market?
A surge in automation and digitalization across various industries has acted as a critical catalyst in driving the growth of the project portfolio management market. Automation refers to the process of controlling systems or processes without significant human intervention, while digitalization involves transitioning physical data into digital formats. Companies are increasingly leveraging automation to address labor shortages and optimize business processes. In line with this, project portfolio management is becoming critical in managing and streamlining the vast amounts of data generated through increasing automation and digitization. According to a 2022 survey by UiPath, a US-based automation software company, 78% of company executives plan to invest or increase their investment in enterprise automation.
What are the Major Segments in the Global Project Portfolio Management Market?
The sectors covered in this report encompass:
– By Component: Solution, Services
– By Deployment: On Premises, Cloud
– By Organization Size: Large Enterprises, SMEs
– By Application: Project Management, Portfolio Management, Demand Management, Resource Management, Financial Management, Other Applications
– 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
Who Are The Major Players in the Cloud Project Portfolio Management Market?
Significant companies operating in the project portfolio management market include 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, and ProductDossier Solution, among others.
What Are Emerging Trends in the Project Portfolio Management Market?
Technological advancements are emerging as a key trend in the project portfolio management market. Companies are integrating technologies like artificial intelligence (AI) into project portfolio management software to maintain a competitive edge. For instance, in August 2024, monday.com, an Israel-based task and workflow management company, unveiled a new portfolio management solution aimed at enterprise customers. This solution seeks to enhance team collaboration and productivity by offering portfolio managers and executives a detailed overview of relevant projects via an intuitive interface.
Which Region Dominates the Project Portfolio Management Market?
The project portfolio management market was most extensive in North America in 2024, followed by Western Europe. The report analysis provides insights into regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
How Does the Project Portfolio Management Market Define Itself?
Project portfolio management revolves around managing all processes, related to different tasks and projects, through a unified system. It facilitates the monitoring and controlling options, increasing an organization’s efficiency by simplifying its project management. The Project Portfolio Management Market research report from The Business Research Company presents global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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