Project Portfolio Management Market Revenue Could Hit $6.5

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Project Portfolio Management Market

The project portfolio management market size is expected to grow from USD 4.7 billion in 2022 to USD 6.5 billion by 2027, at a compound annual growth rate (CAGR) of 6.7% during the forecast period.

Browse 420 market data tables and 56 figures spread over 284 pages and detailed TOC on “Project Portfolio Management Market”

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The project portfolio management market is dominated by companies such as Oracle (US), Planview (US), Broadcom (US), SAP (Germany), Microsoft (US), Workfront (US), Hexagon (Sweden), ServiceNow (US), Upland Software (US), Micro Focus (UK), Planisware (France), Sciforma (US), Sopheon (US) United States), Cerri (Switzerland), Keyedin Projects (United States), One2Team (United States), One point Projects (Austria), Miesterplan (Germany), Intelit Smart Group (Brazil), Bestoutcome (United Kingdom), Project Objects (Ireland), Workotter (US), Smartsheet (US), Celoxis (India), Wrike (US), Asana (US), Monday.com (Israel) and Cherwell (US) ).

Project Portfolio Management is a senior management discipline that drives strategic execution and maximizes business value creation by selecting, optimizing, and overseeing project investments that are aligned with business objectives and strategies. It is the centralized management of one or more portfolios that enables senior management to achieve organizational goals and objectives through effective portfolio, project, program, and operations decision-making. Portfolio management is the strategic and prioritized set of all of an organization’s projects and programs that are balanced against the resources available to carry them out.

Solutions segment is estimated to have the largest market size during the forecast period

The fundamentals of managing a project from start to finish requiring a team of individuals with different talents and skills. For organizations with many concurrent projects, PPM software is used to ensure that all projects have the right manpower to complete on time, while staying on budget. With capabilities such as resource management; schedule management; demand management; project planning and management; project collaboration; Portfolio Management; Financial direction; and demand management, the PPM solution helps organizations meet their business optimization needs. PPM can be used to bring about changes in an organization and create a flexible structure within the organization in terms of project execution. In this way, the change will not be a threat to the organization. PPM vendors actively invest in advanced technologies to enhance their solution capabilities and meet the needs of their customers across different verticals.

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The large enterprise segment is adopting project portfolio management at a higher rate

Organizations with 1,000 or more employees are classified as large enterprises. The adoption of PPM solution in large enterprises would be high compared to SMBs. This is due to the availability of advanced infrastructure facilities and high economies of scale that allow organizations to take advantage of the PPM solution. In today’s highly competitive world, large companies are working hard to capture more market share. They constantly undertake multiple projects to add new product lines or improve and replace existing products/processes. To achieve economies of scale and scope, companies may want to leverage their resources for new technologies, processes, and products. In addition, due to increasingly intense international competition, the prospect of managing multiple projects has become a critical competitive issue.

Consumer Goods and Retail Vertical Expected to Hold Higher Market Share

The consumer goods and retail industry is gaining momentum in adopting PPM solution and services to improve revenue margin and increase business ROI. Retailers are embracing all new innovative technologies, such as location-based marketing and localization of internal work from floor to floor, to attract customers and take full advantage of online business opportunities. , which are vulnerable to various business complexities. Consumer goods companies face the almost unique challenge of managing the scale and speed of their project portfolios. Additionally, with retail asset supply chain disruptions during COVID-19 shutdowns, the demand for a robust solution to track and manage assets and resources, such as finance and labor. available work also increases. According to Avasant’s 2020 Coronavirus Impact Index study, the COVID-19 pandemic has had a severe impact on workforces and supply chains in the retail industry.

North America to Dominate the Project Portfolio Management Market in 2022

Technological advancements in cloud and mobile technologies are expected to fuel the demand for PPM solutions and services among leading companies in North America. The presence of a huge IT industry in this region is the main driver for the PPM solution in this region. Countries like the United States and Canada are the major contributors to growth in this region. Companies in this mature market are open to various partnerships, collaborations, mergers and acquisitions to enrich their product range. All the major players in this market are headquartered in this region. Oracle, Microsoft, Planview and Broadcom are the major market players in this segment. The PPM market in North America is currently the largest revenue generator compared to other regions.

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APAC has the highest CAGR of the project portfolio management market over the forecast period

APAC, being an emerging economy, is experiencing a dynamic adoption of new technologies, along with mandatory regulations imposed by government regulators to adopt the best technologies and standards. China and India in Asia-Pacific, which are the top exporters and biggest investment hotspots for North American and European companies, have also suffered from project delays due to COVID-19 shutdowns. Therefore, to effectively utilize the remaining manpower and keep up with project deadlines while prioritizing critical projects, the PPM market is expected to gain popularity in emerging APAC economies. Growth in this region is mainly driven by growing project delays, labor shortages, many first-time users, and growing corporate awareness, especially those in the BFSI and government sectors. In addition to this, other industry verticals such as manufacturing, engineering & construction, and oil & gas have also contributed significantly to the growth of this market.

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