Project Portfolio Management Market:
Growth opportunities in the Project Portfolio Management Market look promising over the next six years. This is mainly due to rapid industrialization and soaring drift in favor of automation across several industry verticals.
Project Portfolio Management Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Rapid industrialization, increasing inclination towards the acquisition of digitalization and mechanization, and augmenting demand for a 360-degree view into project operations and resource management to attain high return on investment (ROI) are some of the crucial drivers supplementing the growth of the project portfolio management market. Also, the mounting complications in managing projects, inspecting a massive amount of data, trouble in administering the effectiveness of workspace, and the need for progressing financial resources and time will further strengthen the project portfolio management market size.
In addition, the PPM assist the enterprises to plan, perform, handle, supervise, and analyze present goals, predict possible problems and review progress towards the operational targets and manage budgets and address stakeholders concerns, due to which it is implemented across different industry verticals including energy, telecommunication, banking financial services and insurance (BFSI), defense, and manufacturing. Moreover, the surging adoption of cloud-based services for the distant survey of assignments, escalating tendency of bringing your own device (BYOD) service, and incorporating AI for automation in project management is forecasted to provide several growth opportunities to the market. However, excessive investments and complications associated with the software will hamper the market growth. Additionally, the insufficient awareness about the benefits of PPM and inadequacy of skilled competence may further curb the project portfolio management market share.
Organization Size Segment Drivers
Based on the organization size, small and medium enterprises are projected to witness a faster CAGR during the forecast period. This is primarily attributed to the amplifying number of SMEs. In accordance with the World Bank, small and medium enterprises exhibit approximately 90% of businesses, and it is predicted to provide 600 million jobs by 2030. Additionally, accelerating penetration of connected devices, software as a service (SaaS), and assimilation of cloud computing services in SMEs is further bolstering the market growth.
Project Portfolio Management Market’s leading Manufacturers:
- ServiceNow, Inc
- Workfront, Inc.
- SAP SE,
- Planview, Inc.
- Oracle Corporation
- Bubble Ltd.
- Planisware
- Hexagon AB
- Broadcom, Inc.
- Microsoft Corporation
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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