Project Portfolio Management Market:
The GMI Research’s latest analysis reveals that the Project Portfolio Management Market is slated to register a significant CAGR over the forecast period. This is attributed to the emerging digitalization trend and automation across sectors, rapid industrialization, rising demand for a 360-degree view into project operations and resource management to obtain a high return on investment (ROI).
Project Portfolio Management Market’s leading Manufacturers:
- Oracle Corporation
- Microsoft Corporation
- Planview, Inc.
- Broadcom, Inc.
- SAP SE
- Hexagon AB
- Workfront, inc.
- Planisware
- Bubble Ltd.
- ServiceNow, Inc.
Project Portfolio Management Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
Some of the major factors responsible for the growth of the project portfolio management market include the emerging trend of digitalization and automation across sectors, rapid industrialization, rising demand for a 360-degree view into project operations, and resource management to obtain a high return on investment (ROI). Moreover, analyzing a large amount of data, rising complexities in handling various projects, the requirement for optimizing financial resources, and hardship in managing the workspace efficiency are some other factors boosting the growth of the project portfolio market size.
Project portfolio aids in performing, planning, monitoring, managing, analyzing current and projected projects, predicting potential problems, and reviewing progress toward operational goals due to which it is particularly utilized across various sectors like financial services and insurance (BFSI), manufacturing, banking, defense, energy, and telecommunication. In addition to this, the high adoption of cloud-based services for the remote monitoring of assignments, the introduction of AI for automation in project management, and the emerging project portfolio market trend of bringing your own device (BYOD) service is projected to bring lucrative opportunities for the market. On the other hand, the factor hindering the growth of the project portfolio management market share in terms of revenue include the high investment and complexity of the PPM software. Moreover, the limited awareness associated with the benefits of PPM and the shortage of skilled experts will hamper the growth of the market.
Deployment Size Segment Drivers
Based on deployment size, the cloud PPM is predicted to rise at a higher CAGR over the coming years due to several benefits like easy accessibility, easy upgradation, the sharing of infrastructure among numerous users and offices remotely, decreased cost of implementation and development of cloud PPM solution, and high level of scalability. Additionally, the strong adoption of cloud computing environments across sectors that include BFSI, manufacturing, telecommunication, and healthcare will further propel the growth of the market.
Component Segment Drivers
Based on the component, the service is anticipated to rise at a higher CAGR due to the strong demand for customization of portfolio programs, program recovery, program mobilization, and the requirement for support and maintenance services.
Project Portfolio Management Market Segmentation:
Segmentation by Component:
- Solution
- Services
Segmentation by Deployment Mode:
- On-Premise
- Cloud
Segmentation by Organization Size:
- SMEs
- Large Enterprises
Segmentation by Industry Vertical:
- BFSI
- IT and Telecom
- Consumer Goods and Retail
- Healthcare and Life Sciences
- Manufacturing
- Government and Defence
- Energy and Utilities
- Other
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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