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United States Project Portfolio Management Market Size (2024 - 2029)

The United States project portfolio management market is experiencing significant growth, driven by the increasing adoption of solutions that align organizational objectives with project planning, enhance decision-making, and provide governance oversight. This market is evolving as users demand more dynamic functionalities, leading to a shift from traditional tools to more integrated software solutions. The transition is further accelerated by the need for effective management of remote work environments, a trend intensified by the COVID-19 pandemic. Project portfolio management is poised to play a crucial role in guiding industries towards strategic goals, particularly in the context of industry 4.0 initiatives.

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Market Size of United States Project Portfolio Management Industry

United States Project Portfolio Management Market Size
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 6.50 %
Market Concentration Medium

Major Players

United States Project Portfolio Management Market Major Players

*Disclaimer: Major Players sorted in no particular order

US Project Portfolio Management Market Analysis

  • The United States project portfolio management market is expected to register a CAGR of 6.5% during the forecast period (2022 - 2027).
  • Implementing project portfolio management solutions offer several benefits to businesses. It caters to alignment between organization objectives and projects; makes decision-making easier around project conflicts; takes the personal bias out of project planning; emphasizes the importance of focusing on the long-term view; helps the project management office turn down projects which are not aligned with business priorities; supports to create governance and oversight into the management of projects.
  • Project portfolio management is still a growing market with tremendous growth potential. The year 2021 witnessed increasing adoption of project portfolio management solutions compared to 2020. For instance, according to the PMO Outlook Report 2022, in 2021, 30% of respondents were using spreadsheets and other free tools, while in 2022, that decreased to 21%. This downward trend was mostly countered by adopting more project portfolio management solutions in 2021. The report indicated that the project portfolio management software adoption rate increased from 22% in 2020 to 28% in 2021. This shift is evident in highlighting the importance of the centralized data in organizations that are aimed to gain from real-time insights available in a strategic tool.
  • The market for portfolio management solutions is in transition as users pressure established market players to offer dynamic business operations. To extend the product functionalities of PPM solutions, end-users can install optional content add-ins and configure integrations. For instance, Clarity, a PPM platform, offers integration options to work with data from multiple sources. Users have the flexibility to integrate the right set of add-ins and modules as per the business requirement.
  • As industry 4.0 is a long-term evolutionary process, project portfolio management can guide the implementation of industry 4.0 projects to become an instrument of company strategy. In the industry, top management support, project sponsors, steering committee, and multiskilled teams are seen as primary success factors for industry 4.0 projects. Project professionals can collaborate through traditional or agile approaches to supplement their abilities and deliver the project's objectives. Project portfolio management is set to enable structural capability leading various industries towards industry 4.0 strategic goals as it contributes to successful project implementation.
  • The trend toward remote work has been continuously growing for the past decades. However, the effect of COVID-19 has significantly accelerated this trend in an extremely short time, forcing companies, irrespective of their size, to adapt quickly to the self-isolation measures recommended by governments across the country. With the COVID-19 pandemic requiring more people to work remotely, the project portfolio management software has become an essential tool for the companies as it can help manage the remote working environment and deliver projects efficiently.

US Project Portfolio Management Industry Segmentation

Project portfolio management analyzes and optimizes the costs, technologies, resources, and processes for all the programs and projects within a portfolio. This process is utilized by project managers and Project Management Offices (PMO) to analyze the possible return on undertaking a project. Through consolidating and organizing every piece of data about proposed and current projects, project portfolio managers deliver forecasting and business analysis for companies seeking to invest in newer projects.

The market is segmented by deployment (on-premise and cloud) and by end user (IT, professional services and BFSI, engineering and construction, manufacturing, energy, utilities and water treatment, education). The study analyzes the trends of the key players in the industry and includes the impact of COVID-19 on the market.

By Type
Solution
Services
By Deployment
On-Premise
Cloud
By End User
IT and Telecom
Healthcare and Lifescience
Engineering and Construction
Manufacturing
Energy, Utilities and Water Treatment
Education
Other End Users
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United States Project Portfolio Management Market Size Summary

The United States project portfolio management market is experiencing significant growth, driven by the increasing need for businesses to align projects with organizational objectives and enhance decision-making processes. The adoption of project portfolio management solutions is on the rise, as companies seek to eliminate personal biases in project planning and focus on long-term strategic goals. The market is evolving, with cloud-based solutions gaining traction due to their ability to support collaborative scheduling and real-time insights. The shift towards remote work, accelerated by the COVID-19 pandemic, has further underscored the importance of these tools in managing projects efficiently across distributed teams. As organizations embrace Industry 4.0, project portfolio management is becoming a crucial component in guiding strategic initiatives and ensuring successful project implementation.

The competitive landscape of the United States project portfolio management market is characterized by the presence of major players such as Oracle Corporation, ServiceNow Inc., and Microsoft Corporation, among others. These companies are leveraging innovations and technological advancements to expand their market presence through both organic and inorganic growth strategies. The market is witnessing a trend towards cloud-based solutions, driven by factors such as easy accessibility, enterprise mobility, and the rising use of Bring Your Own Device (BYOD) practices. This transition is facilitated by the demand for large-scale project management and the need for agile project management methods in IT infrastructure projects. As a result, project portfolio management tools are increasingly being integrated into IT processes to optimize resource allocation and enhance governance standards.

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United States Project Portfolio Management Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Dynamics

      1. 1.2.1 Market Drivers

      2. 1.2.2 Market Challenges

    3. 1.3 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Solution

      2. 2.1.2 Services

    2. 2.2 By Deployment

      1. 2.2.1 On-Premise

      2. 2.2.2 Cloud

    3. 2.3 By End User

      1. 2.3.1 IT and Telecom

      2. 2.3.2 Healthcare and Lifescience

      3. 2.3.3 Engineering and Construction

      4. 2.3.4 Manufacturing

      5. 2.3.5 Energy, Utilities and Water Treatment

      6. 2.3.6 Education

      7. 2.3.7 Other End Users

United States Project Portfolio Management Market Size FAQs

The United States Project Portfolio Management Market is projected to register a CAGR of 6.5% during the forecast period (2024-2029)

Oracle Corporation, ServiceNow Inc., Microsoft Corporation, Atlassian Corporation PLC and SAP SE are the major companies operating in the United States Project Portfolio Management Market.

United States Project Portfolio Management Report Snapshots

United States Project Portfolio Management Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)