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Project Portfolio Management Market Trends, Overview And Forecast By 2033
Project Portfolio Management Market Trends
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According to The Business Research Company's, 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 Drivers and Trends:
The increasing demand in the manufacturing industry is expected to propel the growth of the project portfolio management market going forward. The manufacturing industry is a sector of the economy that encompasses the production of goods through the transformation of raw materials, components, or parts into finished products. Implementing project portfolio management in the manufacturing industry can provide a holistic and strategic approach to managing projects, leading to improved efficiency, reduced risks, enhance collaboration, decision-making, and can lead to faster product development cycles, reducing time-to-market. For instance, in March 2022, according to a report shared by the United Nations Industrial Development Organization, an Austria-based specialized agency of the United Nations that assists countries in economic and industrial development, global manufacturing production rose by 9.4% in 2021. Therefore, the increasing demand in the manufacturing industry is driving the growth of the project portfolio management market.
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.
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Major Key Players of the Market:
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.
Project Portfolio Management Market 2024 Key Insights:
• 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%.
• Automation And Digitalization Fueling Project Portfolio Management Market Growth
• Revolutionizing Project Portfolio Management Through The Integration Of Ai Technology In Replicon's Polaris Ppm Solution
• North America was the largest region in the project portfolio management market share in 2023
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