Project Portfolio Management Market Size, Share, Growth Analysis, By Deployment(Cloud And On-premise), By Component(Software And Services), By Organization Size(Large And Small-Medium), By Vertical(BFSI, IT & Telecom) - Industry Forecast 2024-2031

Project Portfolio Management Market Drivers

• In a continually changing and evolving business environment, organisations find it more and more challenging to align initiatives with their company strategy. For sound decision-making and increased project performance, transparency is essential. Organizations frequently lose focus when managing numerous projects for numerous consumers. Even successful projects may show overspending, which can result from a variety of issues, including inadequate project estimation, incorrect scheduling, inefficient resource allocation, and a lack of access to project data. The Project Management Institute (PMI) reports that 94% of high-maturity firms saw a real difference after putting the PPM in place. As a result, there is an increasing need for technology-driven PPM solutions since they give businesses a comprehensive understanding of project operations and resource management.

• Organizations will benefit from better project estimation and improved project life cycle stages thanks to the information obtained. Additionally, PPM solutions assist firms in making wise resource allocation decisions to reduce the danger of over- or under-allocation.

Project Portfolio Management Market Restraints

Data Breach to Hinder Market Growth

• The most valuable company asset, data, might be seen as needing security from online threats. Businesses that adopt new, cutting-edge digital technology expose their corporate data to risk. No matter how well-prepared a company is to deal with cybercrimes, it will never be easy to defeat these threats. Every innovation that promises to improve company processes also increases the access points for hackers and thieves into IT systems. This is the main barrier preventing businesses from adopting cloud PPM solutions. Small and Medium-sized Enterprises can readily use the affordable public cloud services (SMEs). These services, however, are more vulnerable to cyberattacks and security issues, whilst small businesses cannot afford a private cloud due to financial restrictions.

• Additionally, the accessibility of project management tools on mobile devices makes them more vulnerable to data leaks and cyberattacks. Therefore, it can be concluded that businesses in highly regulated industries are hesitant to implement cutting-edge PPM solutions due to financial restrictions or information security concerns.