Global Project Portfolio Management Market Insights Forecasts to 2033   

• The Global Project Portfolio Management Market Size was Valued at USD 5.23 Billion in 2023
• The Market Size is Growing at a CAGR of 13.37% from 2023 to 2033
• The Worldwide Project Portfolio Management Market Size is Expected to Reach USD 18.35 Billion by 2033
• Asia Pacific is Expected to Grow at the fastest CAGR during the forecast period.

The Global Project Portfolio Management Market Size is Anticipated to Exceed USD 18.35 Billion by 2033, Growing at a CAGR of 13.37% from 2023 to 2033.     

Market Overview

Portfolio management is a crucial aspect of project management, involving the centralized management of an organization's projects, including the intake process, authorizing potential projects, assigning project managers, and monitoring to ensure they align with the business's goals and strategies. One key element that is anticipated to have a major impact on market expansion is the increasing use of cloud-based services for the remote monitoring of assignments. Project portfolio management helps companies become more productive, innovate more quickly, and adjust to the ever-changing competitive landscape and economic conditions. For instance, to integrate the EOS Integrated Technology Portfolio Management (ITPM) solution into Planisware Inc.'s business operations, the project portfolio management provider Planisware Inc. partnered with EOS Software in December 2021. To track projects for irregularities and delays and take the required action to streamline them and ultimately achieve higher returns, review and monitoring techniques are also introduced.      

Report Coverage

This research report categorizes the project portfolio management market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the project portfolio management market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the project portfolio management market.

Driving Factors

The growing digitization and the surging demand for automation have driven the demand for analytical & monitoring solutions by multi-regional companies, thus helping the market grow. The Project Portfolio Management (PPM) market will grow substantially in the forecast period with the increasing need for project management software & services to ensure efficient management and complexity reduction related to projects. Moreover, increased investments in R&D activities by the public as well as private groups have fueled innovation solutions development, such as the development of mobile application-based project portfolio management solutions, thereby making it easier for firms to reach an enormous consumer base. Project portfolio management is a helpful remedy because it facilitates the introduction of new projects and increases the organization's flexibility in the face of change which drives the market.   

Restraining Factors

The major challenges for a company while implementing project portfolio management solutions are security and privacy issues, especially for cloud deployment, and complexity and cost issues involved with project portfolio management solutions. All of these are significant barriers to its adoption, and therefore, these factors can impact the adoption of project portfolio management solutions adversely.

Market Segmentation

The project portfolio management market share is classified intosolution, platform, and deployment.  

• The information technology segment is estimated to hold the largest market share through the projected 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 estimated to hold the largest market share through the projected period. The segmental growth is attributed to the need for more advanced and approachable project portfolio management (PPM) software that can assist companies in managing their IT projects more successfully. IT projects are frequently complicated and call for the management of numerous teams and resources.

• The software segment is estimated to hold the largest market revenue share through the projected period.

Based on the platform, the project portfolio management market is classified into software and services. Among these, the software segment is estimated to hold the largest market share through the projected period. A growing need for project portfolio management software that is more advanced and easy to use so that companies can manage their projects more successfully. Furthermore, PPM software is being embraced by small and medium-sized enterprises more frequently to enhance the effectiveness of their project management procedures.

• The cloud segment is anticipated to hold the largest market share through the forecast period.

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 largest market share through the forecast period.  The segmental growth is attributed to cloud-based solutions being more flexible and cost-effective, users are more likely to choose to adopt them. Cloud systems provide more scalability, lower implementation costs, and ongoing development.

Regional Segment Analysis of the Project Portfolio Management Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the project portfolio management market over the predicted timeframe.   

North America is anticipated to hold the largest share of the project portfolio management market over the predicted timeframe. The region's dominance is anticipated to persist over the anticipated timeline due to significant advancements in infrastructure and the proliferation of startup companies. Analytics-based strategies are driving the growth of the market, and various industrial companies operating in the region are implementing business intelligence & analytics solutions. Additionally, project portfolio management solutions are being used by businesses with digital infrastructure to start collaborative decision-making and increase their project success rate in the area.  

Asia Pacific is expected to grow at the fastest CAGR growth of the project portfolio management market during the forecast period. The rise in growth can be attributed to several factors, including the rising use of project portfolio management software, the rise in large-scale project adoption, the need for compliance, the appeal of cloud computing, and the increase in government initiatives.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the project portfolio management market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Broadcom
• Celoxis Technologies Pvt. Ltd.
• Changepoint Corporation
• HP Development Company, L.P.
• ServiceNow
• Planview, Inc.
• Planisware
• Microsoft
• Oracle
• Workfront, Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2023, Aer Soleir and Cora Systems announced a collaboration agreement for the use of the Cora platform as the project portfolio management (PPM) solution. Dublin-based Aer Soleir is a renewable energy company that specializes in building, developing, and operating multiple gigawatt pipelines of renewable energy projects throughout Europe.

• In March 2023, OnePlan, a leading supplier of software for strategic portfolio management, recently announced the release of a new versatile portfolio management solution that enhances Jira's features. The goal of this new solution is to help businesses make data-driven decisions, align work with strategic objectives, and gain visibility and control over their portfolios.

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