NEW YORK, July 1, 2022 /PRNewswire/ — According to the latest market research report released by P&S Intelligence, the project portfolio management market generated revenue from $4,634.4 million in 2021, which is on track to reach $8,161.8 million by 2030, at a compound annual growth rate of 6.5% between 2021 and 2030. This is due to the need to obtain aoh insight into resource management and project operations, the growing complexity of enterprise projects, and the growing demand for monitoring and collaboration tools.
Every aspect of a leading business has been heavily influenced by the digital revolution. Perhaps one of the most significant changes has been the blurring of boundaries between IT departments and areas that were once considered more crucial to a business, such as operations and strategy. Business leaders have been driven by this change to push beyond their comfort zones and improve the skills and understanding of their employees.
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Key Findings of the Project Portfolio Management Market Report
- The BFSI category accounts for the largest share of the project portfolio management market, around 28%. The increasing complexity of banking operations is one of the main drivers of market dynamism in this sector.
- The demand for PPM solutions will grow at a CAGR of 7.3% in the healthcare industry in the coming years. This can be attributed to the digitization of healthcare processes and the increased demand for efficient processing of medical history and other patient data.
- Similarly, the cloud category is expected to grow at a CAGR of over 6.7% in the coming years. This can be attributed to the wide practical use of business applications, including real-time data analysis, automated planning, monitoring and remote access, integrating cloud PPM systems.
- The APAC project portfolio management market is expected to grow at a CAGR of 6.9% over the forecast years. This will be due to increasing foreign investment, which encourages the development of economies, thus driving the evolution of SMEs.
- Due to the growing demand for resource management capabilities, China is the world’s largest electronics exporter, fueling the need for PPM solutions. With the solutions’ business analytics and data monitoring capabilities, the important telecommunications industry in China should also drive demand for them.
The bring-your-own-device (BYOD) policy is a major trend in the project portfolio management market among companies around the world. It helps streamline processes, which reduces business expenses, operational costs, and task delays. A PPM solution has several benefits when paired with BYOD, including improved process agility, increased worker productivity, and real-time monitoring.
Browse the detailed report on Project Portfolio Management market size, trends, emerging opportunities and major key players by 2030
To stay ahead of the competition, key players have recently engaged in various market initiatives including acquisitions, customer wins, product launches and enhancements. Some of these players are Micro Focus International plc, Upland Software Inc., ServiceNow, Hexagon AB, Workfront Inc., Microsoft Corporation, SAP SE, Broadcom Inc., Planview Inc. and Oracle Corporation.
Project Portfolio Management Market Report Coverage
By organization size
- Large companies
- Small and medium-sized enterprises (SMEs)
By deployment mode
By industry vertical
- Health care
- Government & Defense
- IT & Telecom
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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