DELRAY BEACH, Fla., Sept. 23, 2024 /PRNewswire/ -- The global Project Portfolio Management (PPM) Market Project Portfolio Management Market is expected to grow from USD 7.8 billion in 2024 to USD 13.7 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period, according to new research report by MarketsandMarkets. The increasing adoption of AI and machine learning will further fuel the growth of the PPM market in the future. The heightened demand for enhanced project control, resource efficiency, and strategic alignment is forecasted to foster increased adoption of PPM solutions across IT, construction, and finance industries. Increased investments in advanced analytics and automation tools will likely further boost the market growth, thus helping make better decisions based on data across complex project portfolios.
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348 - Tables
63 - Figures
340 - Pages
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Scope of the Report
Report Metrics | Details |
Market Size Available For Years | 2019-2029 |
Base Year Considered | 2023 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Segments Covered | Offering, Application, Business Function, Deployment Mode, Organization Size, Vertical and Region |
Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
Companies Covered | Oracle (US), Smartsheet (US), Microsoft (US), Asana (US), ServiceNow (US), Planview (US), SAP (Germany), Atlassian (Australia), Wrike (US), Monday.com (Israel), GFT Technologies (Germany), Adobe (US), Workday (US), OpenText (Canda), Hexagon (US), Broadcom (US), Upland Software (US), Sopheon (US), Planisware (US), Planforge (US), Bestoutcome (UK), Celoxis (India), Project Objects (Ireland), Worlotter (US), Ivanti (US), Corporator (US), Cora Systems (US), Teamwork (US), Sciforma (US), Cerri (Switzerland), Keydin (US), Meisterplan (Germany), ITM Platform (UK), Acuity PPM (US), Projectmanager (US), Uniphi (Australia), Proggio (Israel), Assessteam (US), Triskell Software (US), Primetric (Poland), Cplace (Germany), Apptivo (US). |
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As per application, the strategic portfolio management will grow at the highest CAGR during the forecast period.
SPM is one of the most essential tools in the PPM sector and focuses on strategic orientation in investment in projects, which supports value enhancement of organizations and leads to business success. Regarding this, Strategic Portfolio Management empowers the organization to manage and communicate their projects sufficiently effectively and prioritize through optimized portfolio processes so that resources can be paid towards those most influential initiatives. SPM focuses on strategic alignment in connecting projects with an organization's long-term objectives, fostering a single approach to realizing business success. Similarly, governance and compliance are used to promote control over projects and ensure that what is delivered aligns with the set industry and organizational standards. Such an all-inclusive approach enables decision-making and reduces risk through which strategic goals can be achieved with effective optimization of the project portfolio management process.
As per vertical, IT & telecom holds the largest share during the forecast period.
The IT & telecom industry is one of the key segments in the PPM market, mainly comprising complex and large projects. In the IT industry, the need for PPM solutions is relatively high for managing software development projects effectively so that proper control can be exercised over time, budget, and resources. Thus, PPM tools get heavily involved in telecommunication activities, whether network expansion, infrastructure up-gradation, or technology rollouts, due to the features available for task coordination, risk management, and strategic alignment. Furthermore, PPM is also utilized within the telecom industry to drive operational optimization and improve customer service and satisfaction. This vertical's increased use of PPM solutions is necessitated due to better project visibility, resource optimization, and harmony with the set business objectives.
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As per region, Asia Pacific will grow at the highest CAGR during the forecast period.
The PPM market in the Asia Pacific region is rapidly expanding, driven by established economies like China, Japan, and Australia and emerging markets such as India. Foreign investments are pivotal in this growth, bolstering economic development and fostering SME growth. In 2023, India's Ministry of Electronics and Information Technology reported a 12% increase in IT spending, reflecting the region's commitment to technological advancement and PPM solutions. China's vast telecom sector, a leading global electronics supplier, is experiencing rising demand for PPM solutions to enhance resource management and business analytics. The market is further propelled by frequent project delays, workforce shortages, and a growing number of first-time users, particularly in the BFSI and government sectors. Significant investments are also being made in cloud computing and mobile work environments, with Singapore allocating USD 4.4 billion for digital infrastructure improvements. These factors collectively position Asia Pacific as a critical player in the global PPM market, driven by its solid technological foundation and strategic financial investments.
Top Key Companies in Project Portfolio Management (PPM) Market:
Some of the key players operating in the Project Portfolio Management Market are - Oracle (US), Smartsheet (US), Microsoft (US), Asana (US), ServiceNow (US), Planview (US), SAP (Germany), Atlassian (Australia), Wrike (US), Monday.com (Israel), GFT Technologies (Germany), Adobe (US), Workday (US), OpenText (Canda).
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