According to IMARC Group’s latest report, titled “Project Portfolio Management Market: Industry Trends, Share, Size, Opportunity and Forecast 2022-2027,” Offers a comprehensive analysis of the industry, which comprises insights on project portfolio management market.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The global project portfolio management market reached a value of US$ 5.2 Billion in 2021. Project portfolio management (PPM) is used in the analysis of projects and programs within an organization to optimize cost, resources, and technologies. It can be deployed on-premises and on the cloud for performing numerous tasks, such as portfolio governance, status and time reporting, business analytics, and team collaboration. It also involves outcome management, schedules, programs, and change requests. It provides real-time information about the work progress and assists in predicting potential problems, managing budgets, and various scoring and visual mapping techniques. Apart from this, it is employed to decrease overspending and insufficiencies by predicting and proactively managing the risks. At present, it finds extensive applications in information technology (IT) and telecom, healthcare, manufacturing, retail, and banking, financial and insurance services (BFSI) industries for strategic alignment of projects and evaluation of the resource capacity.
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Market Trends
Rapid digitization and the growing need for the automotive workplace represent one of the key factors positively influencing the market. In addition, the dynamic and hypercompetitive business environment and the widespread adoption of cloud-based services for real-time data analytics and remote access and monitoring are catalyzing the demand for PPM. This, in confluence with the increasing use of portable computing devices and the rising penetration of connected devices to facilitate better communication among team members, is creating a positive market outlook. Besides this, the increasing utilization of PPM in the healthcare industry to integrate a variety of delivery systems for performance management of the equipment and services is strengthening the market growth. For instance, PPM software monitors and tracks all the projects in the portfolio, which allow robust scheduling and capacity management of resources. This, in turn, increases efficiency and supports risk management, which is creating a favorable market outlook. Additionally, leading service providers are constantly investing in upgrading portfolio management capabilities through various techniques, such as investment mix optimization, schedule development, and forecasting. They are also focusing on integrating advanced prioritization algorithms for increasing dependencies, which is bolstering the market growth. In line with this, the rising need to support agile mythologies for gaining end-to-end project transparency is providing a thrust to the market growth. Furthermore, increasing investments in research and development (R&D) activities to integrate modern technologies, such as artificial intelligence (AI) and machine learning (ML), are driving the market. In addition, the rising focus on integrating natural language processing to aid sentiment analysis is anticipated to propel the market growth. Looking forward, IMARC Group expects the market to reach US$ 9.2 Billion by 2027, exhibiting a CAGR of 10.05% during 2022-2027.
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List of Key Companies Covered in this Market Report:
Broadcom Inc.
Celoxis Technologies Pvt. Ltd.
Changepoint Corporation
Clarizen, Inc.
HP Development Company
Innotas
Keyedn Solutions LLC
Microsoft Corporation
Oracle Corporation
Planisware
Planview Inc.
SAP SE
Workfront Inc.
The report has segmented the market on the basis of component, solution type, deployment type, organization size, vertical and geography
Breakup by Component:
Software
Services
Breakup by Solution Type:
Information Technology Solutions
New Product Development Solutions
Others
Breakup by Deployment Type:
On-premises
Cloud-based
Breakup by Organization Size:
Large Enterprises
Small and Medium Enterprises
Breakup by Vertical:
Energy and Utilities
Government and Defense
IT and Telecom
Banking, Financial and Insurance Services
Manufacturing
Healthcare and Life Science
Consumer Goods and Retail
Others
Breakup by Geography:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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