Summary
Major players in the project portfolio management market are Broadcom Inc., Celoxis Technologies Pvt. Ltd., Wrike, HP Development Company L.P., ServiceNow, Planview Inc., Planisware, Microsoft Corporation, Oracle Corporation, Workfront Inc., SAP SE, Logic Software Inc., ProductDossier Solution, Sopheon, Cerri, and Keyedin Projects.
The global project portfolio management market is expected to grow from $5.13 billion in 2022 to $5.59 billion in 2023 at a compound annual growth rate (CAGR) of 9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The project portfolio management market is expected to grow to $7.68 billion in 2027 at a CAGR of 8.2%.
The project portfolio management market includes revenues earned by entities by providing services such as portfolio management, demand management, project/ solution management, and business outcome management.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Project portfolio management is the concept of managing all processes through a single system. It manages the monitoring and controlling options, making project management easier for organizations and increasing their efficiency.
North America was the largest region in the project portfolio management market in 2022. The regions covered in the project portfolio management report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of project portfolio management are solution, and services.Project portfolio management software solutions refer to software that helps project managers manage all the projects under a single portfolio.
The various organization size includes large enterprises, and SMEs and is deployed through on-premise and cloud. These are applicable in project management, portfolio management, demand management, resource management, financial management, and others and are used by energy and utilities, government and defense, it and telecom, banking, financial services, and insurance, manufacturing, healthcare, and life sciences, consumer goods and retail, and others.
The surge in activities such as automation and digitalization across various industries is expected to propel the growth of the project portfolio management market going forward.Automation is the method of controlling processes or systems by automatic means.
Digitalization is the method of converting all physical data into electronic data.Companies across various industries are using automation as a tool to curb labor shortages and optimize business processes.
Project portfolio management helps in managing a large amount of data related to various projects and managing them in a single system that is generated through increasing automation and digitization.For instance, in 2022, according to a survey by UiPath, a New York-based enterprise automation software company, 78% of the responding company executives were likely to invest or increase their investment in enterprise automation and 83% said that their company was currently investing or using automation tools.
Therefore, increasing automation and digitalization across various industries are driving the growth of the project portfolio management market.
Technological advancements are a key trend gaining popularity in the project portfolio management market.Major companies are innovating and integrating technologies such as artificial intelligence (AI) with project portfolio management software to sustain themselves in the market.
For instance, in August 2021, Replicon, a California-based software-as-a-service (SaaS) company, launched its new ’Polaris PPM solution’.The new software uses a unique self-driving PPM technology that leverages artificial intelligence (AI) technology to analyze and make sense of the data that it collects from different devices and applications through integrations with Slack, Jira, Microsoft Project, and other software.
The sensible insight is then updated within the system and is visible to the user. The unique features of this tool can perform this labor-intensive data analysis in real-time and provide instant suggestions on the best options.
In March 2021, Symphony Technology Group (STG), a California-based company investing in software, data analytics, and software-enabled technology services, acquired Sciforma for an undisclosed amount.The acquisition is expected to strengthen Sciforma’s flagship cloud offerings and further accelerate innovation.
Sciforma is a California-based portfolio and project management software company.
The countries covered in the project portfolio management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The project portfolio management market research report is one of a series of new reports that provides project portfolio management market statistics, including project portfolio management industry global market size, regional shares, competitors with a project portfolio management market share, detailed project portfolio management market segments, market trends and opportunities, and any further data you may need to thrive in the project portfolio management industry. This project portfolio management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
