Project Portfolio Management Market Strategies and Opportunities Forecast 2022-28

According to Precision Business Insights (PBI), the latest report, the market value of the project portfolio management market size is expected valued at USD 4,652.1 million in 2022 which is expected to grow at a CAGR of 10.2% over 2022-2028. The primary factors that drive the market are the increase in activities such as digitalization and automation across various industries such as government, telecom, healthcare, engineering and construction, and BFSI, the increase in adoption of cloud-based solutions, and enhancing the valuation of project investment.

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Service to Dominate the Project Portfolio Management Market:
Based on component type, the service segment holds the highest market share. The major factor for the rise of this segment is that it caters effectively to the clients. Implementation and consulting services offer analysis, suggestions, and guidance to the customers through solutions that fit their business requirements which saves cost and resources and can drive the growth of the global project portfolio management market size. Apart from this, many organizations hire project experts that use project portfolio management solutions to enhance the overall performance of the organization and convert their business operations and can also drive the growth of the market.

North America Project Portfolio Management Market:
North America leads the global project portfolio management market size due to technological advancements and the digitalization of business operations. North America leads the global market due to entrenched research infrastructure, increasing funding from public and private sectors, and rising collaborations among global key players have contributed to increasing the sales of Project Portfolio Management in this region. Apart from this, the major factor that drives the market in this region are evolving start-up in this region and the adoption of project portfolio management services by various industries such as healthcare, BFSI, construction, and manufacturing to manage the business efficiently and reduce costs.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players
The global project portfolio management market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In March 2022, various new products and features were launched by Planisware including PM Go! which is a lightweight project management platform for occasional project managers. In February 2022, workflow manager was launched by Oracle which helps the field service teams in providing support.

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The project portfolio management market is segmented based on, component, deployment mode, application, end users, and region.
Based on the component, the market is segmented into the following:
• Software
• Service

Based on the deployment mode, the market is segmented into the following:
• Cloud
• On-premise

Based on the application type, the market is segmented into the following:
• Project and Portfolio Governance
• Portfolio Dashboards and Analytics
• Visibility and Reporting
• Resource Management
• Financial Planning and Management
• Others

Based on the end users, the market is segmented into the following:
• BFSI
• Government
• Engineering & Construction
• Healthcare
• IT & Telecom
• Others

Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the project portfolio management market report are Microsoft Corporation, SAP SE, Adobe (Workfront), Hewlett Packard Enterprise Development LP, Broadcom Inc., ServiceNow, HEXAGON AB, ATLASSIAN, and Planview, Inc.

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