Project Portfolio Management Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.79 Billion |
| Market Size (2029) | USD 7.01 Billion |
| CAGR (2024 - 2029) | 3.90 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Project Portfolio Management Market Analysis
The Global Project Portfolio Management Market size is estimated at USD 5.79 billion in 2024, and is expected to reach USD 7.01 billion by 2029, growing at a CAGR of 3.9% during the forecast period (2024-2029).
Project portfolio management is the centralized management of an organization's project portfolios. However, even if they are not linked to each other or have no connection at all, the projects shall be administered centrally through a portfolio, which confers considerable advantages in monitoring and managing rival resources.
- In order to maximize organizational performance, project portfolio management will assess possible projects on the basis of their likelihood of success and associated risks before assigning funds, staff, or time limits. In order to ensure that the current initiatives are closely linked with the overall strategy and objectives of the company, high-level controls and monitoring shall also be included.
- The change in work culture and the move toward remote teams drive the growth of the PPM Market. The constant changes in startups and large enterprises allow employees to work from home or a hybrid model, which enhances productivity, raises employee morale, lowers stress levels for most workers, and saves operating expenses. As the practice grows in popularity, many have called it the future of work, and yet, businesses often take remote workers for granted, even those participating in hybrid models. Thus, implementing project portfolio management solutions provides various benefits to businesses.
- The cloud-based project portfolio management market comprises the sale of cloud PPM solutions that manage an organization's range of projects and processes, which are chosen and managed to deliver better returns on investment in project investments. The portfolio shall meet the organization's objectives and allow project management to take care of overall risk. The need for PPM is driven by a growing demand for cloud-based solutions and services.
- Furthermore, organizations spend a lot of time and money creating the right talent pool. Hence, when all the resources' skills and competencies are tapped to their maximum potential, it enhances overall efficiency and profitability. Improved resource utilization is a growing concern in project-focused businesses, resulting in an increased focus on optimization through metrics, government, and management.
Project Portfolio Management Market Trends
Recent Changes in Work Culture and Move Toward Remote Teams Driving the Market
- There is a growing acceptance of change in the future of work and work culture, and the idea of an office is gradually fading. Although the concept of constant change is generally supported by entrepreneurs and new companies, large enterprises around the world are also faced with this reality.
- The COVID-19 pandemic has had a profound and rapid impact on workplace culture. People have come to realize that they can do most of their work remotely.
- Companies like Twitter, Facebook, Square, Shopify, and others announced a permanent work-from-home policy. Hybrid models are offered by a lot of other companies. The mode of communication is changing in the workplace. The focus on primarily digital approaches, including Slack, e-mail, and shared project management tools like workdays, has been intensified.
- Multiple responsibilities within an organization are affected by the new drive for accountability in different sectors, and it is usually necessary to cooperate and communicate between teams and offices on a geographical basis.
- With limited resources, holding managers accountable for their efficient use is crucial. Stakeholders are also demanding greater transparency to understand the value delivered by major projects and ongoing services. Business units, once satisfied with project plans and budgets, now expect updates and metrics that demonstrate actual performance.
North America to Account for a Significant Share
- Compared to the rest of the regional markets, North America holds a significant revenue share. In view of the region's budgetary situation, technology and resources for the effective implementation of projects may be provided. In addition, the market's growth in this region is expected to be driven substantially by a strong presence of some well-established project portfolio management solution providers such as Microsoft Corporation, Oracle Corporation, and Workfront.
- As a result of the significant progress in infrastructure and the emergence of new companies, North America is expected to retain its dominance throughout the forecast period of the study. The implementation of business intelligence and analytics solutions and strategies, which play a key role in driving the market’s growth, are carried out by various industrial companies active in the region.
- Companies are developing project portfolio management tools. In order to identify data synchronization patterns in critical end users such as BFSI or government initiatives, integration techniques and tools are currently being used most effectively.
- In addition, to increase the success rate of their projects in the region, companies with digital infrastructures are using PPM solutions to initiate collective decision-making. In the United States, various end-use sectors such as healthcare, manufacturing, BFSI, and construction are adopting project portfolio management services to manage overall business operations and eliminate extra costs efficiently.
Project Portfolio Management Industry Overview
The global project portfolio management market is fragmented, with several major players vying for more market share. The shift in the work environment has also led to an increase in competition among the players.
Some of the major players in the market are Service Now, Microsoft Corporation, Atlassian Corporation Plc, Asana Inc., and Oracle Corporation among others.
Project Portfolio Management Market Leaders
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Service Now
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Microsoft Corporation
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Atlassian Corporation Plc
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Asana Inc.
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Oracle Corporation
*Disclaimer: Major Players sorted in no particular order
Project Portfolio Management Market News
- July 2024: Cora Systems, a provider of strategic project and portfolio management (PPM) solutions, has unveiled a strategic partnership with Twenty5. This collaboration aims to deliver an upgraded solution for program management, spanning from bid to delivery. Twenty5 specializes in empowering its clients to confidently estimate and price their proposals, enabling them to secure more lucrative projects.
- July 2024: HP Inc. launched a portfolio of AI PCs1 leveraging the power of AI to enhance productivity, creativity, and user experiences in hybrid work settings. Workers continue to struggle with disconnection and digital fatigue in an ever-evolving hybrid work environment. Most employees believe that AI will open up new opportunities for enjoying their jobs and making them easier, but they need the right tools and technology to do so.
Project Portfolio Management Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Assessment of COVID-19 Impact on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Recent Changes in Work Culture and Move toward Remote Teams has Made It Imperative to Develop a Centralized View of Task Management and Resource Utilization
5.1.2 Long-term Cost Benefits Enabled by Timely Use of Planning & Scheduling Tools, Coupled with Growing Demand for Cloud-based PPM
5.1.3 Integration of Several Allied Modules and Collaborations Have Increased the Span of PPM to Cover the Entire Workspace Related Tasks
5.2 Market Challengess
5.2.1 Challenges Pertaining to Integration and Security Albeit Being Addressed by Recent Advancements
6. MARKET SEGMENTATION
6.1 By Deployment Type
6.1.1 Cloud
6.1.2 On-premise
6.2 By Type
6.2.1 Solution
6.2.2 Services
6.3 By End-user Verticals
6.3.1 IT And Telecom
6.3.2 Healthcare And Lifesciences
6.3.3 Manufacturing
6.3.4 Construction
6.3.5 Retail And Consumer Goods
6.3.6 BFSI
6.3.7 Other End-user Verticals
6.4 By Geography***
6.4.1 North America
6.4.2 Europe
6.4.3 Asia
6.4.4 Latin America
6.4.5 Middle East and Africa
6.4.6 Australia and New Zealand
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Oracle Corporation
7.1.2 Servicenow Inc.
7.1.3 Microsoft Corporation
7.1.4 Atlassian Corporation PLC
7.1.5 Asana Inc.
7.1.6 SAP SE
7.1.7 Wrike (citrix Systems Inc.)
7.1.8 Monday.com
7.1.9 Workday Inc.
7.1.10 Planview Inc. (changepoint)
7.1.11 Smartsheet Inc.
7.1.12 Upland Software Inc.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
Project Portfolio Management Industry Segmentation
Project portfolio management software is utilized for several purposes in a project, like planning, scheduling, resource allocation, and change management. It enables project managers, stakeholders, and users to control costs and handle budgeting, quality, and documentation. This can also be leveraged as an administration system.
The project portfolio management market is segmented by deployment type (cloud and on-premise), type (solution and services), end-user vertical (IT and telecom, healthcare and life sciences, manufacturing, construction, retail and consumer goods, and BFSI), and geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa ). The report offers market forecasts and size in value (USD) for all the above segments..
| By Deployment Type | |
| Cloud | |
| On-premise |
| By Type | |
| Solution | |
| Services |
| By End-user Verticals | |
| IT And Telecom | |
| Healthcare And Lifesciences | |
| Manufacturing | |
| Construction | |
| Retail And Consumer Goods | |
| BFSI | |
| Other End-user Verticals |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Latin America | |
| Middle East and Africa | |
| Australia and New Zealand |
Project Portfolio Management Market Research FAQs
How big is the Project Portfolio Management Market?
The Project Portfolio Management Market size is expected to reach USD 5.79 billion in 2024 and grow at a CAGR of 3.9% to reach USD 7.01 billion by 2029.
What is the current Project Portfolio Management Market size?
In 2024, the Project Portfolio Management Market size is expected to reach USD 5.79 billion.
Who are the key players in Project Portfolio Management Market?
Service Now, Microsoft Corporation, Atlassian Corporation Plc, Asana Inc. and Oracle Corporation are the major companies operating in the Project Portfolio Management Market.
Which is the fastest growing region in Project Portfolio Management Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Project Portfolio Management Market?
In 2024, the North America accounts for the largest market share in Project Portfolio Management Market.
What years does this Project Portfolio Management Market cover, and what was the market size in 2023?
In 2023, the Project Portfolio Management Market size was estimated at USD 5.56 billion. The report covers the Project Portfolio Management Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Project Portfolio Management Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Project Portfolio Management Industry Report
Statistics for the 2023 Project Portfolio Management market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Project Portfolio Management analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
