Press release
Cloud Project Portfolio Management Market Expansion Continues, with Forecast Valuation of $12.57 Billion by 2029
Cloud Project Portfolio Management
Cloud Project Portfolio Management Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of cloud project portfolio management has seen considerable growth lately. It is projected to expand from $7.09 billion in 2024 to $7.65 billion in 2025 with a compound annual growth rate (CAGR) of 7.9%. This growth during the historical period is associated with the transformation from on-premises to cloud-based systems, along with the growing demand for centralized project management. There's also been a surge in the need for scalability and flexibility, cost-effectiveness, infrastructure reduction, and an increase in project complexity and data volume.
Cloud Project Portfolio Management Market Size Forecast: What's the Projected Valuation by 2029?
Rapid expansion is projected for the cloud project portfolio management market size in the ensuing years, with growth expected to amount to $12.57 billion in 2029, at a compound annual growth rate (CAGR) of 13.2%. The growth during this forecast period can be linked to increased cloud adoption in various sectors, a rising demand for scalable and agile solutions, emphasis on remote work and collaboration applications, improved security and compliance initiatives, a focus on user experience and ease of use. Key trends during this forecast period will include the rise of remote work and distributed teams, the integration of emerging technologies, the adoption of agile and adaptive project management methodologies, a focus on user experience and ease of use, and the capabilities of real-time reporting and analytics.
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What Are the Drivers Transforming the Cloud Project Portfolio Management Market?
The surge in the usage of cloud analytics is predicted to fuel the expansion of the cloud project portfolio management market. The term cloud analytics pertains to the use of analytic algorithms within a private or public cloud. It employs scalable cloud computing along with analytics software to detect patterns in data and gain new insights. Cloud services are the most straightforward methods for organisations to participate in the cloud. As per Gartner, an American consulting company, the global expenditure on public cloud services is expected to rise from $332.3 billion in 2021 to $397.5 billion in 2022. It is also projected that cloud application services will hit $145.3 billion by the close of 2022. The anticipated increase in cloud services expenditure will likely stimulate the cloud project portfolio management solutions sector in the TH*Coming period.
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What Long-Term Trends Will Define the Future of the Cloud Project Portfolio Management Market?
The emerging trend of strategic alliances is taking the cloud project portfolio management (PPM) market by storm. Several prominent organizations in this space are utilizing partnerships to bolster their product development efforts and solidify their market standing. Take for instance, Planview, a US firm specializing in portfolio, resource, and project management dashboards, which has joined forces with Cherwell, a UK company that offers cloud-based IT service management solutions. This partnership is evidence of Cherwell ITSM and Planview Portfolio Management's ability to assist collaborative clients in realizing their strategic and operational objectives. In a similar vein, Upland Software, another US firm, has reinforced its company philosophy with PPM software by collaborating with Microsoft, a renowned US software company. This collaboration enables project staff to interact, share documents, schedule meetings directly from their PPM platform using Microsoft Teams and Upland's interface. This synchronization of Upland PowerSteering and Microsoft Teams minimizes the threat of ineffective project communication and escalates business productivity.
Which Segments in the Cloud Project Portfolio Management Market Offer the Most Profit Potential?
The cloud project portfolio management market covered in this report is segmented -
1) By Component: Solution, Services
2) By Organization Size: Small and Medium-sized Enterprises (SMEs), Large Enterprises
3) By Deployment Model: Private Cloud, Public Cloud, Hybrid Cloud, Other Deployments
4) By Industry Vertical: BFSI, TH*Care & Life Sciences, IT & Telecommunication, Manufacturing, Government & Public Sectors, Other Industry Verticals
Subsegments:
1) By Solution: Project Management Software, Resource Management Tools, Portfolio Management Software, Collaboration And Communication Tools, Reporting And Analytics Solutions
2) By Services: Implementation Services, Training And Support Services, Consulting Services, Maintenance And Upgrades
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Which Firms Dominate the Cloud Project Portfolio Management Market by Market Share and Revenue in 2025?
Major companies operating in the cloud project portfolio management market include Oracle Corporation, Hewlett Packard Enterprise Company LP, SAP SE, Changepoint Corporation, Upland Software Inc., Clarizen Inc., Workfront Inc., Microsoft Corporation, Planview Inc., Mavenlink, Servicenow Inc., Hexagon AB, Micro Focus International plc, ONEPOINT Projects GmbH, Broadcom Corporation, Keyedin Inc., Planisware, Sciforma Corporation, Wrike Inc., LiquidPlanner Inc., Smartsheet Inc., Celoxis Technologies Pvt Ltd., Zoho Corporation Pvt Ltd., WorkOtter LLC, Project Objects Ltd., Genius Project, Innotas AG, Project Insight, EasyVista Inc., ProjectManager. com Inc.
Which Regions Offer the Highest Growth Potential in the Cloud Project Portfolio Management Market?
North America was the largest region in the cloud project portfolio management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud project portfolio management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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