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 size was valued at USD 3.8 billion in 2019 and is poised to grow from USD 4.08 billion in 2023 to USD 7.22 billion by 2031, growing at a CAGR of 7.4% in the forecast period (2024-2031).

It is expected that the growing trend of BYOD in enterprises will increase worker productivity and enable real-time project monitoring, making it possible to apply project portfolio management (PPM) systems. The need for project portfolio management tools to promote efficient decision-making and avoid complications is being driven by multi-regional businesses. The BFSI, IT, and telecom sectors are expected to adopt PPM solutions extensively in data analytics to provide convenient services to clients at reasonable prices.

In order to keep up with the fast-paced company expansion, firms have switched to employing technology-driven solutions due to the global surge in urbanisation and digitization. Over the course of the forecast period, emerging companies that use cloud-based services—primarily in developing nations like Asia Pacific—are expected to drive market expansion. Additionally, cloud-based solutions are expected to boost organisational growth and corporate productivity because of their reduced setup costs, enhanced security, and expanded collaboration capabilities.

Project-intensive businesses in a variety of industry sectors have realised the benefits of the PPM solution and are using it to streamline and automate a number of processes as well as effectively manage the lifecycle of their projects. Assuring the use of best practices, concepts, solutions, and standards throughout the project lifespan, the PPM solution gives managers and organisations the capacity to view the broad picture. The PPM solution gives firms managing many concurrent projects the correct combination of resources to finish them within a predetermined budget and timeline. Thus, the advantages provided by PPM solutions are fueling this market's expansion.

US Project Portfolio Management Market is poised to grow at a sustainable CAGR for the next forecast year.