Global Project Portfolio Management Market Size To Worth USD 18.35 Billion By 2033 | CAGR OF 13.37%
Category: Information & TechnologyGlobal Project Portfolio Management Market Size To Worth USD 18.35 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Project Portfolio Management Market Size is Expected to Grow from USD 5.23 Billion in 2023 to USD 18.35 Billion by 2033, at a CAGR of 13.37% during the forecast period 2023-2033.
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Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Project Portfolio Management Market Size, Share, and COVID-19 Impact Analysis, By Solution (Information Technology, New Product Development, and Others), By Services (Software and Services), By Deployment (Cloud and On-Premise), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/project-portfolio-management-market
Portfolio management is one of the key project management functions because it puts all of the organization's projects under unified management and would include intake processes, authorizing potential projects, assignment of the project manager, and tracking, which helps to keep the projects in line with business objectives and strategies. High productivity and business efficiency in diverse domains such as health, government, BFSI, telecom, engineering, and construction make monitoring and analytical solutions imperative. These comprise automation and digitalization, and their application is highly encouraging for the use of project portfolio management (PPM) solutions. The Project Portfolio Management (PPM) market will grow considerably in the forecast period because of the increasing demand for project management software & services to provide efficient management and reduce complexity regarding projects. However, especially in cloud deployment, the security and privacy issues, complexity, and cost-related issues about implementing project portfolio management solutions are significant barriers for a company. All these make it quite a significant barrier to its adoption therefore, these factors can adversely impact the adoption of project portfolio management solutions.
The information technology segment is predicted to hold the greatest market share through the forecast period.
Based on the solution, the project portfolio management market is classified into information technology, new product development, and others. Among these, the information technology segment is predicted to hold the greatest market share through the forecast period. The need for more sophisticated and user-friendly project portfolio management (PPM) software, which can help businesses manage their IT projects more successfully, is the reason for the segment's growth. IT projects are often complex, requiring the coordination of multiple teams and resources.
The software segment is predicted to hold the greatest market share through the forecast period.
Based on the solution, the project portfolio management market is classified into software and services. Among these, the software segment is predicted to hold the greatest market share through the forecast period. The segmental growth is attributed to the growing demand for more sophisticated and user-friendly project portfolio management software so that businesses can manage their projects more successfully. Moreover, small and medium-sized businesses are increasingly adopting PPM software to improve the efficiency of their project management practices.
The cloud segment is anticipated to hold the greatest market share during the projected timeframe.
Based on the deployment, the project portfolio management market is divided into cloud and on-premise. Among these, the cloud segment is anticipated to hold the greatest market share during the projected timeframe. The segment's growth is because cloud-based solutions are more affordable and flexible, and users are more likely to choose to use them. More scalability, cheaper implementation costs, and continuous development are offered by cloud systems.
North America is estimated to hold the largest share of the project portfolio management market over the forecast period.
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North America is estimated to hold the largest share of the project portfolio management market over the forecast period. It is expected that the region will continue to be dominant for the duration of the projected timeline because of the notable progress made in infrastructure and the growth of startup businesses. The market is expanding due to analytics-based strategies, and several regional industrial companies are putting business intelligence and analytics solutions into practice.
Asia Pacific is predicted to have the highest CAGR growth in the project portfolio management market over the forecast period. The need for compliance, the appealing features of cloud computing, the rise in large-scale project adoption, the growing use of project portfolio management software, and the rise in government initiatives are some of the reasons for the growth.
Major key players in the project portfolio management market include Broadcom, Celoxis Technologies Pvt. Ltd., Changepoint Corporation, HP Development, Company, L.P., ServiceNow, Planview, Inc., Planisware, Microsoft, Oracle, Workfront, Inc., and Others.
Recent Developments
- In January 2023, Hexagon AB acquired Projectmates, a SaaS-based provider of project management software for business construction. Thus, Projectmates served various industries and client groups with over 100,000 ongoing projects in North America while working as a part of Hexagon's Geosystems division.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the project portfolio management market based on the below-mentioned segments:
Global Project Portfolio Management Market, By Solution
- Information Technology
- New Product Development
- Others
Global Project Portfolio Management Market, By Platform
- Software
- Services
Global Project Portfolio Management Market, By Deployment
- Cloud
- On-Premise
Global Project Portfolio Management Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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