NEW YORK, July 1, 2022 /PRNewswire/ -- According to the latest market research report published by P&S Intelligence, the project portfolio management market generated revenue of $4,634.4 million in 2021, which is on the path to hitting $8,161.8 million by 2030, at a 6.5% compound annual growth rate between 2021 and 2030. This is because of the need for obtaining a 360o view into resource management and project operations, growing complexity of enterprise projects, and advancing demand for monitoring and collaboration tools.
Every aspect of a prominent business has been highly influenced by the digital revolution. One of the biggest changes has perhaps been the blurring of the borders between IT services and areas that were once seen as more crucial to a firm, such as operations and strategies. Corporate leaders have been pushed by this shift to go above their comfort zones and improve their employees' skills and understanding.
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Key Findings of Project Portfolio Management Market Report
- The BFSI category accounts for the largest share in the project portfolio management market, of roughly 28%. The growing complexity of banking operations is one of the main drivers boosting the market in this sector.
- The demand for PPM solutions will grow at a CAGR of 7.3% in the healthcare sector in the coming years. This can be attributed to the digitalization of healthcare processes and the rise in the demand for the efficient handling of medical history and other patient data.
- Similarly, the cloud category is projected to progress at a CAGR of over 6.7% in the coming years. This can be ascribed to the wide practical usage of business applications, including real-time data analytics, automated scheduling, and monitoring and remote access, integrating cloud PPM systems.
- The APAC project portfolio management market is predicted to advance at a 6.9% CAGR during the forecast years. This will be because of the growing foreign investments, which encourage the development of economies, thus driving the evolution of SMEs.
- Due to the surging demand for resource management capabilities, China is the world's top exporter of electronics, which fuels the need for PPM solutions. Due to the solutions' business analysis and data monitoring capabilities, the extensive telecom industry in China is also projected to boost the demand for them.
The bring-your-own-device (BYOD) policy is a major project portfolio management market trend among companies all over the world. It assists in streamlining processes, which reduces business expenses, operational costs, and task delays. A PPM solution has several advantages when combined with BYOD, including enhanced process agility, higher worker productivity, and real-time monitoring.
Browse detailed report on Project Portfolio Management Market Size, Trends, Emerging Opportunities, And Top Key Players By 2030
To keep ahead of the competition, key players have recently engaged in a variety of market initiatives, including acquisitions, client wins, and product launches and improvements. Some of these players are Micro Focus International plc, Upland Software Inc., ServiceNow, Hexagon AB, Workfront Inc., Microsoft Corporation, SAP SE, Broadcom Inc., Planview Inc., and Oracle Corporation.
Project Portfolio Management Market Report Coverage
By Component
- Solutions
- Services
By Organization Size
- Large enterprises
- Small and mid-size enterprises (SMEs)
By Deployment Mode
- Cloud
- On Premises
By Industry Vertical
- Healthcare
- Manufacturing
- Government & Defense
- IT & Telecom
- BFSI
- Retail
Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
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