Project Portfolio Management Market Research Report | USD 9.16 Billion by 2027 at CAGR of 9.9%

According to the report, the global project portfolio management (PPM) market valued at $4.33 billion in 2019, and is anticipated to generate $9.16 billion by 2027, witnessing a CAGR of 9.9% from 2020 to 2027.

Requirement of optimizing the value of project investments, rise in complexity of enterprise projects, and need for collaboration and monitoring tools drive the growth of the global project portfolio management market. However, issues related to data privacy and steep learning curves for PPM software hinder the market growth. On the other hand, reduction in project failure rate by embracing agile methods and adoption of cloud-based PPM integrated applications present new opportunities in the coming years.

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Key Trends in Project Portfolio Management Market:

• Agile and Hybrid Approaches: Many organizations are adopting agile methodologies to manage their projects. PPM tools are increasingly integrating with agile frameworks, enabling teams to manage projects in a more flexible and adaptive way. Hybrid approaches that combine agile and traditional project management practices are also gaining popularity.

• AI and Automation: AI and automation are becoming increasingly important in PPM. PPM software is incorporating machine learning algorithms to help project managers make better decisions and automate routine tasks such as risk assessments and resource allocation.

• Cloud-Based Solutions: Cloud-based PPM solutions are becoming more popular due to their flexibility, scalability, and cost-effectiveness. Cloud-based solutions enable project teams to work remotely and collaborate more easily.

• Real-Time Analytics: Real-time analytics is becoming essential in PPM. PPM tools are providing real-time data on project progress, resource utilization, and financials, enabling project managers to make data-driven decisions and adjust their strategies as needed.

• Integration with Other Business Systems: PPM tools are increasingly integrating with other business systems such as ERP and CRM, enabling organizations to manage their projects in the context of their broader business operations.

• Focus on Business Value: PPM is increasingly focused on delivering business value. PPM tools are helping organizations prioritize projects based on their potential impact on the business and track the value delivered by completed projects.

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Based on component, the software segment accounted for nearly two-thirds of the global project portfolio management market in 2019, and is projected to maintain its lead position during the forecast period. This is due to resource management, change control, pipeline management, change control, financial management, and most importantly risk assessment and management features provided by software. However, the services segment is estimated to grow at the highest CAGR of 11.6% from 2020 to 2027, owing to the increase in demand for training of employees and maintenance services for organizations.

Based on industry vertical, the BFSI segment contributed to the highest market share in 2019, accounting for more than one-fourth of the global project portfolio management market in 2019, and is expected to maintain its leadership status by 2027. This is due to increased multi-regional operations as well as outsourcing activities in the financial institutions. However, the healthcare segment is projected to portray the largest CAGR of 16.4% from 2020 to 2027. This is due to need to integrate various delivery systems to share information and report to agencies along with providing certain aspects of the health services to their patients.

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Based on region, North America held the highest market share in 2019, accounting for nearly two-fifths of the global project portfolio management market, and is estimated to maintain its dominance in terms of revenue by 2027. This is due to the presence of a large number of solution and service vendors in this region. However, Asia-Pacific is expected to witness the fastest CAGR of 12.6% from 2020 to 2027, owing to dynamic increase in the adoption of the internet by enterprises and rapid technological advancements.

The global project portfolio management market analysis includes some of the key market players such as Oracle Corporation; Microsoft Corporation; Planview, Inc.; Broadcom Inc.; Workfront; ServiceNow, Inc.; Upland Software, Inc., Micro Focus; Planisware; and Sciforma.

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