Project Portfolio Management Market
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What Is the Expected CAGR for the Project Portfolio Management Market Through 2025?
In recent years, the size of the project portfolio management market has seen robust growth. The market value, estimated at $5.86 billion in 2024, is anticipated to escalate to $6.26 billion in 2025, clocking a compound annual growth rate (CAGR) of 6.9%. The historical growth pattern is linked to factors such as the need for optimal resource utilization, a rise in project failures, the global expansion of businesses, budget restrictions, strategic adjustments, and the requirement for mobile accessibility.
What’s the Projected Size of the Global Project Portfolio Management Market by 2029?
The market size of project portfolio management is predicted to expand swiftly in the forthcoming years, reaching a value of $9.66 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 11.5%. The growth during the forecast period can be ascribed to the emergence of hybrid work methodologies, escalating stakeholder expectations, growing cybersecurity issues, evolving regulatory environment, focus on improving user experience, and a robust emphasis on portfolio visibility. Upcoming trends for the forecast duration encompass cloud-based project portfolio management solutions, agile and hybrid project management, AI-powered predictive analytics, and integration with collaboration platforms.
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Top Growth Drivers in the Project Portfolio Management Industry: What’s Accelerating the Market?
The proliferation of automation and digitalization activities across different sectors is anticipated to fuel the expansion of the project portfolio management market in the future. Automation is the procedure of managing systems or processes by automatic means, whereas digitalization is the process by which all tangible data are converted into digital format. Companies in diverse sectors are leveraging automation to address labor shortages and streamline business operations. Project portfolio management is instrumental in handling large volumes of data associated with different projects and managing these within a consolidated system that is born out of amplified automation and digitization. For example, a 2022 survey from UiPath, an American enterprise automation software firm, revealed that 78% of the surveyed company executives were prone to invest or amplify their investment in enterprise automation, and 83% reported that their company was already investing or using automation tools. Consequently, the rise in automation and digitalization across various industries is propelling the growth of the project portfolio management market.
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What Trends Will Shape the Project Portfolio Management Market Through 2029 and Beyond?
The rise of technology is a significant trend being witnessed in the project portfolio management market. Leading businesses are embracing innovation and merging artificial intelligence (AI) with project portfolio management software to stay competitive. For example, in August 2024, monday.com, a company based in Israel specializing in task and workflow management, introduced a new Portfolio Management Solution targeted at corporate clients. The concept behind this solution is to strengthen teamwork and efficiency by providing portfolio managers and executives a simplified, comprehensive view of pertinent projects. The aim is to make project management more efficient by doing away with the need to sift through numerous detailed reports.
What Are the Main Segments in the Project Portfolio Management Market?
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
Subsegments:
1) By Solution: Project Management Software, Portfolio Management Software, Resource Management Software, Reporting And Analytics Tools, Collaboration Tools
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Managed Service
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Which Top Companies are Driving Growth in the Project Portfolio Management Market?
Major companies operating in the project portfolio management market 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.
Which Regions Will Dominate the Project Portfolio Management Market Through 2029?
North America was the largest region in the project portfolio management market share in 2024. The regions covered in the project portfolio management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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