Press release
Project Portfolio Management Market Outlook 2024: Exclusive Report By The Business Research Company | Broadcom Inc., Celoxis Technologies Pvt. Ltd., Wrike Inc., HP Development Company L.P., ServiceNow Inc
Project Portfolio Management Market
The Business Research Company offers in-depth market insights through Project Portfolio Management Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The project portfolio management market size has grown strongly in recent years. It will grow from $5.55 billion in 2023 to $5.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to demand for resource optimization, increasing project failures, globalization of businesses, budget constraints, strategic alignments, demand for mobile accessibility..
The project portfolio management market size is expected to see strong growth in the next few years. It will grow to $8.56 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to rise of hybrid work models, increasing stakeholder expectations, increasing cybersecurity concerns, evolving regulatory landscape, user experience enhancement, focus on portfolio visibility.. Major trends in the forecast period include cloud-based ppm solutions, agile and hybrid project management, ai-driven predictive analytics, agile and hybrid project management, integration with collaboration platforms..
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Market Segmentation:
The project portfolio management market covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment: On Premises, Cloud
3) By Organization Size: Large Enterprises, SMEs
4) By Application: Project Management, Portfolio Management, Demand Management, Resource Management, Financial Management, Other Applications
5) By Vertical: Energy and Utilities, Government and Defense, IT and Telecom, Banking, Financial Services and Insurance, Manufacturing, Healthcare and Lifesciences, Consumer Goods and Retail, Other Verticals
Major Driver - Automation And Digitalization Fueling Project Portfolio Management Market Growth
The surge in activities such as automation and digitalization across various industries is expected to propel the growth of the project portfolio management market going forward. Automation is the method of controlling processes or systems by automatic means. Digitalization is the method of converting all physical data into electronic data. Companies across various industries are using automation as a tool to curb labor shortages and optimize business processes. Project portfolio management helps in managing a large amount of data related to various projects and managing them in a single system that is generated through increasing automation and digitization. For instance, in 2022, according to a survey by UiPath, a New York-based enterprise automation software company, 78% of the responding company executives were likely to invest or increase their investment in enterprise automation and 83% said that their company was currently investing or using automation tools. Therefore, increasing automation and digitalization across various industries are driving the growth of the project portfolio management market.
Competitive Landscape:
Major companies operating in the project portfolio management market report are Broadcom Inc., Celoxis Technologies Pvt. Ltd., Wrike Inc., HP Development Company L.P., ServiceNow Inc., Planview Inc., Planisware S.A.S., Microsoft Corporation, Oracle Corporation, Workfront Inc., SAP SE, Logic Software Inc, ProductDossier Solution, Sopheon Corporation., Cerri.com AG., Keyedin Inc., Atlassian Corporation Plc, Upland Software Inc., Clarizen Inc., Sciforma Corporation, Changepoint Corporation, Mavenlink Inc., Project Objects Solutions Limited, Innotas a Planview company, Genius Project, Deltek Inc., One2Team, ProSymmetry Inc., Project Insight Inc., Meisterplan Inc.
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Top Trend - Revolutionizing Project Portfolio Management Through The Integration Of Ai Technology In Replicon's Polaris Ppm Solution
Technological advancements are a key trend gaining popularity in the project portfolio management market. Major companies are innovating and integrating technologies such as artificial intelligence (AI) with project portfolio management software to sustain themselves in the market. For instance, in August 2021, Replicon, a California-based software-as-a-service (SaaS) company, launched its new 'Polaris PPM solution'. The new software uses a unique self-driving PPM technology that leverages artificial intelligence (AI) technology to analyze and make sense of the data that it collects from different devices and applications through integrations with Slack, Jira, Microsoft Project, and other software. The sensible insight is then updated within the system and is visible to the user. The unique features of this tool can perform this labor-intensive data analysis in real-time and provide instant suggestions on the best options.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Project Portfolio Management Market Characteristics
3. Project Portfolio Management Market Trends And Strategies
4. Project Portfolio Management Market - Macro Economic Scenario
5. Project Portfolio Management Market Size And Growth
…..
27. Project Portfolio Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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