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).

The existence of numerous major firms with sizable market shares defines the market. The market is rather cutthroat in its character. In order to share business knowledge and expertise, major businesses are placing more emphasis on either purchasing or developing partnerships with minor players. For instance, Planisware acquired software publisher NQI in March 2021 to broaden its offering of cloud solutions and grow its clientele. Planisware can now meet a wider range of needs thanks to NQI's Orchestra PPM solution. The distribution and acceptance of the cloud are key components of Orchestra PPM's business strategy. The Orchestra team at Planisware is working to enhance their software by enhancing UI/UX, hybrid PPM use cases, and work management. The following are a few of the leading companies in the project portfolio management market: 'Workfront', 'ServiceNow', 'Upland Software', ' Planview, Inc. ', ' Microsoft Corporation ', ' Oracle Corporation ', ' SAP SE ', ' Planisware S.A.S. ', ' Clarizen, Inc. ', ' Smartsheet Inc. ', ' Changepoint Corporation ', ' CA Technologies, Inc. ', ' Deltek, Inc. ', ' Atlassian Corporation Plc ', ' Wrike, Inc. ', ' Mavenlink, Inc. ', ' LiquidPlanner, Inc. ', ' WorkOtter LLC ', ' Innotas, Inc. ', ' Genius Project SAS '

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.

Growing automation and rising digitization have boosted the demand for analytical & monitoring solutions in multi-regional enterprises, fostering market expansion. The market for project portfolio management (PPM) is expected to expand significantly during the projected period as a result of the growing need for project management tools and services to efficiently handle and lessen project complexity. The development of novel solutions, such as project portfolio management tools based on mobile applications that enable businesses to reach a wide consumer base, has also been accelerated by increased public & private funding in R&D operations.

The project portfolio management market was dominated by North America in 2021, with a revenue share of 43.5%. Due to significant infrastructural improvements and the spread of beginning businesses, the region is expected to maintain its supremacy during the expected timetable. Businesses operating in the region's industrial sector are using business intelligence and analytics solutions, and analytics-based marketing tactics are a key factor in the market's expansion. Additionally, businesses in the area that have digital infrastructure are implementing PPM solutions to start collaborative decision-making in order to increase their project success rates.