project portfolio management Market Growth & Forecast [2031]

Report Description

Project Portfolio Management Market Outlook

The global project portfolio management market size was valued at USD 6.64 Billion in 2022 and is likely reach to USD 11.60 Billion by 2031, expanding at a CAGR of 6.4% during the forecast period, 2023–2031. The growth of the market is attributed to the expanding use of cloud-based services for remote assignment monitoring.

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Project portfolio management (PPM) is a method used by project managers and project management organizations (PMOs) to assess the possibility of a project's success. Managers of the organization can see and examine the entire extent of using project portfolio management for effective execution of projects.

The PPM method supports the basic idea of project management by providing a clear path that allows project managers to establish flexible timelines for completing the task. PPM is a powerful movement in automation and digitalization across industries including healthcare, BFSI, government, IT & telecom, and engineering.

Moreover, a rise in the bring your device (BYOD) trend and enterprises' increasing focus on achieving quicker Return on Investment (ROI) are pushing the demand for PPM solutions.

Increased investments in R&D have aided the creation of novel solutions such as mobile application-based project portfolio management systems, which provide businesses access to a large customer base.

The COVID-19 pandemic outbreak is establishing the framework for future commercial expansion. It has had a significant impact on all organizations' operating activities.

As a result, the need for real-time project and portfolio monitoring dashboards is projected to rise in response to the growing requirement to monitor critical business and resource operations remotely.

Market Trends, Drivers, Restraints, and Opportunities

• Rapid construction activities have sparked high demand for monitoring and analytical solutions to complete task timely and efficiency are driving market growth.
• Increasing complexity of projects as well as the requirement for timely and effective management services present another key factors boosting the market.
• High demand for PPM solutions as it ensures the necessity for a 360-degree view of project operations and resource management play a key role for the market expansion.
• Security and privacy considerations particularly in the case of cloud deployment, are important hurdles that can hamper the implementing of PPM solutions.
• Complexity and high cost of PPM technologies are two main roadblocks for the market.
• Cloud-based software is becoming popular and enterprises are increasingly adopting the Bring Your Device (BYOD) trend. Hence this factor is anticipated to create immense opportunities for the market players during the forecast period. 

Scope of Project Portfolio Management Market Report

The report on the global project portfolio management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Project Portfolio Management Market Segment Insights

On-premise segment is expected to grow at a rapid pace

Based on deployments, the project portfolio management market is bifurcated into on-premise and cloud-based. The on-premise segment is expected to grow rapidly during the forecast period as it is a traditional method that has been existing since the dawn of the computer era.

On-premise implementation provides even more customization choices of organizations. However, the cloud-based segment is anticipated to hold a key share of the market in the coming years due to the requirement of high maintenance solution for companies to upgrade and grow their system.

Furthermore, cloud-based PPM systems enable greater operational management across numerous business channels. The adoption of cloud PPM solutions across sectors is likely to be fueled by these advantages.

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Support & maintenance segment to expand at a considerable CAGR

On the basis of offering, the market is divided into service and software. The service segment is further segmented into training & consulting, support & maintenance, and integration & deployment. The support & maintenance segment is projected to expand at a considerable CAGR during the forecast period.

The rising adoption of PPM system among small and medium businesses (SMEs) to ensure effective support and maintenance services present another key driver of the market. These services make project scoping, planning, and change administration methods more efficient in SMEs.

The services offer several benefits such as on-the-job communication, assignment regulating regulations, and improved program facilitation services that contribute to higher productivity and ROI.

Large enterprise segment to dominate the market

Based on enterprises, the project portfolio management market is bifurcated into small & medium enterprise and large enterprise. During the projected period, the large enterprise segment is likely to dominate the market due to wide use of the solutions among large corporations to ensure competitive edge in the market.

On the other hand, the small & medium enterprise segment is expected to account for a key market share owing to the extensive adoption of the systems by small and medium business organizations. The expansion of the segment is likely to be fueled by an increase in foreign investments in SMEs.

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BFSI segment to exhibit a fast growth rate

In terms of end-users, the market is fragmented into engineering & construction, healthcare, IT & telecom, BFSI, government, and others. The overall share of the healthcare segment in the market is projected to increase significantly in the coming years.

Healthcare business normally face several challenges in handling a large volume of inconsistent data and numerous complex initiatives.

On the other hand, the BFSI segment is anticipated to register a high CAGR during the forecast period as using the solutions help banking and financial organizations to easily operate complicated multi-regional operations by ensuring effective business handle of client transaction data.

Technological advancements have aided the adoption of project portfolio management systems in the BFSI business such as mobile banking and e-banking.

Project Portfolio Management Market Regional Outlook

North America is anticipated to constitute a key market share

In terms of regions, the project portfolio management market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period.

The region's financial situation allows the key regional players to make significant investments in cutting-edge technology and systems for effective project execution.

However, the market of the Asia Pacific is anticipated to expand at a rapid pace during the forecast period. The rising usage of wireless devices as mobile phones, laptops, and tablets is driving the growth of the PPM market in this region.

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