Global Project Portfolio Management Market to Hit US$ 9.2 Billion by 2027, CAGR of 10.05%

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.

The global project portfolio management market reached a value of US$ 5.2 Billion in 2021. Project portfolio management, or PPM, represents numerous tools and solutions utilized by organizations for prioritizing and managing tasks within dependent, interrelated, and connected projects. In terms of the solution types, they can be categorized into information technology solutions and new product development solutions. Project portfolio management systems help to gauge potential costs and returns on a particular project and consolidate data for business analytics and forecasting market trends. They assist in predicting potential problems, managing budgets, addressing the concerns of stakeholders through several heuristic models, reviewing progress toward operational goals, scoring techniques, etc. As a result, project portfolio management services find extensive applications across various sectors, including energy, manufacturing, telecommunication, defense, banking, healthcare, retail, information technology (IT), etc.

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Market Trends

The emerging trend of digitization across the globe and the escalating need for automation in multiple industries are primarily driving the project portfolio management market. In addition to this, the growing integration of cloud computing services and the expanding penetration of connected devices, especially in small and medium-sized organizations, are acting as significant growth-inducing factors. Moreover, the introduction of advanced solutions by leading PPM vendors that can support agile methodologies to achieve end-to-end project transparency, minimize failure rates, and control project costs are further bolstering the market growth. Besides this, the increasing adoption of the solution by the healthcare establishments for managing and evaluating a large number of projects by grouping them into strategic portfolios and streamlining the operations for improved efficiencies is expected to propel the project portfolio management market over the forecasted period. 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

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