Market Size of Cloud Project Portfolio Management Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 17.00 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Cloud Project Portfolio Management Market Analysis
The Cloud Project Portfolio Management (PPM) Market is expected to grow at a CAGR of 17% over the forecast period 2021 to 2026. Cloud PPM is emerging at an accelerated pace, which is the combination of cloud and PPM and helps in collaborative scheduling, planning, and faster & effective decision-making. The massive adoption of cloud analytics enhanced business effectiveness for SMEs are some of the determinants promoting the growth of this market.
- The growing requirement for large-scale project management is one of the principal growth factors for the cloud-based project portfolio management market. According to a PMI survey, 87% of senior executives believed their organization fully understood project management's value. A survey by Wellingtone Limited as of 2019 indicates that 83% of respondents said that they have one or more PMOs.
- Cloud-based project portfolio management software automates processes to ensure maximum output by managing resources and maintaining a regular follow-up. Additionally, implementing this software in large scale online project management also increases productivity and sales.
- For instance, as per a survey by Capterra Inc., as of 2019, 76% of respondents indicated that they used their project management software for task management. According to a survey by the same source, as of 2019, 65% of respondents said project management software has a positive impact on projects being completed on time.
- Furthermore, various factors such as easy accessibility, enterprise mobility, and real-time collaboration of geographically scattered business units have boosted the BYOD trend. Mobile accessibility keeps the project team updated about the tasks and updates; consequently, it is recognized as one of the factors encouraging the growth of the cloud PPM market.
- For instance, according to a survey in 2018 by the Department for Digital, Culture, Media, and Sport (UK), 45% of UK businesses supported bringing your own device (BYOD). Among the total number of UK businesses, 60% of finance or insurance firms (105 firms out of the 1,519 firms) were also firms where BYOD occurred.
- Moreover, the automation of business processes decreases the response time, increases productivity, and ensures efficient process management. Besides, the system's accountability will also increase since the data is centrally accessible by numerous users, providing an instant and real-time update of current work-in-progress.
- Also, security and privacy concerns among enterprises regarding confidential data further hamper the growth of the market. As per the Identity Theft Resource Center, as of 2019, the number of data breaches in the United States amounted to 1,473, with over 164.68 million sensitive records exposed.
Cloud Project Portfolio Management Industry Segmentation
The cloud project portfolio management is an excellent and integrated solution that dramatically changes how project-driven organizations operate, allowing efficient and productive project management while assuring more intelligent business decisions. It is useful in several applications such as project execution management offering, project financial management offering, among others.
By Deployment Model | |
Public Cloud | |
Private Cloud | |
Hybrid Cloud |
By Application (Qualitative Analysis) | |
Portfolio Management | |
Demand Management | |
Project Management | |
Resource Management | |
Financial Management | |
Other Applications |
By Industry Vertical | |
BFSI | |
Healthcare & Life Sciences | |
IT & Telecommunication | |
Manufacturing | |
Government & Public Sectors | |
Other Industry Verticals |
Geography | |
North America | |
Europe | |
Asia-Pacific | |
Latin America | |
Middle East & Africa |
Cloud Project Portfolio Management Market Size Summary
The Cloud Project Portfolio Management (PPM) market is experiencing significant growth, driven by the increasing need for efficient project management solutions across various industries. This market is characterized by the integration of cloud technology with project portfolio management, facilitating collaborative scheduling, planning, and decision-making processes. The adoption of cloud analytics has proven to enhance business effectiveness, particularly for small and medium enterprises (SMEs). The demand for large-scale project management solutions is a key factor propelling market expansion, as organizations recognize the value of project management in achieving strategic goals. Cloud-based PPM software automates processes, optimizes resource management, and improves productivity, making it an essential tool for businesses aiming to streamline operations and boost sales. The trend towards Bring Your Own Device (BYOD) and mobile accessibility further supports market growth by enabling real-time collaboration and updates for geographically dispersed teams.
North America holds a dominant position in the Cloud Project Portfolio Management market, largely due to the increasing adoption of cloud-based solutions by companies in the region. The focus on enhancing workforce collaboration and efficiency is a significant driver of market growth, with organizations leveraging advanced enterprise solutions to improve project tracking and control. The healthcare and life sciences sectors are anticipated to experience the highest growth rates, benefiting from reduced equipment installation times, improved patient care, and enhanced operational efficiency. The competitive landscape of the market is marked by the presence of major players such as Broadcom Corporation, Hewlett Packard Enterprise Development LP, Changepoint Corporation, Clarizen, Inc., and Microsoft Corporation, who are actively engaging in strategies like expansions, partnerships, and product launches to strengthen their market positions.
Cloud Project Portfolio Management Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness Porter's Five Forces Analysis
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1.2.1 Threat of New Entrants
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1.2.2 Bargaining Power of Buyers/Consumers
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1.2.3 Bargaining Power of Suppliers
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Deployment Model
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2.1.1 Public Cloud
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2.1.2 Private Cloud
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2.1.3 Hybrid Cloud
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2.2 By Application (Qualitative Analysis)
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2.2.1 Portfolio Management
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2.2.2 Demand Management
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2.2.3 Project Management
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2.2.4 Resource Management
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2.2.5 Financial Management
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2.2.6 Other Applications
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2.3 By Industry Vertical
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2.3.1 BFSI
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2.3.2 Healthcare & Life Sciences
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2.3.3 IT & Telecommunication
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2.3.4 Manufacturing
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2.3.5 Government & Public Sectors
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2.3.6 Other Industry Verticals
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2.4 Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia-Pacific
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2.4.4 Latin America
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2.4.5 Middle East & Africa
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Cloud Project Portfolio Management Market Size FAQs
What is the current Cloud Project Portfolio Management Market size?
The Cloud Project Portfolio Management Market is projected to register a CAGR of 17% during the forecast period (2024-2029)
Who are the key players in Cloud Project Portfolio Management Market?
Broadcom Corporation, Hewlett Packard Enterprise Development LP, Changepoint Corporation, Clarizen, Inc. and Microsoft Corporation are the major companies operating in the Cloud Project Portfolio Management Market.