The global project portfolio management market size reached US$ 5.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.0 Billion by 2028, exhibiting a growth rate (CAGR) of 9.8% during 2023-2028.
Project portfolio management (PPM) is a management process that helps organize various projects into a single portfolio to meet organizational goals. It enables the project managers and project management organizations (PMO) to predict potential problems, manage budgets and address stakeholders’ concerns through various heuristic models, score visual or mapping techniques, and maximize the company’s investments.
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Market Trends
The global PPM market is primarily driven by the growing adoption of cloud-based PPM services, which helps organizations in collaborative planning, scheduling, faster and effective decision-making, as well as remote monitoring of assignments and projects. Apart from this, there has been widespread utilization of the software in the healthcare sector as PPM solutions aid healthcare providers in managing and evaluating a large number of projects by grouping them into strategic portfolios and streamlining their operations for enhanced efficiencies. Furthermore, the increasing need for automation and bring your own device (BYOD), rising trend of digitalization, and extensive research and development (R&D) activities in the field of information technology (IT) are some of the other factors expected to create a positive outlook for the market in the upcoming years.
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The report has segmented the market on the basis of component, solution type, deployment type, organization size, vertical and geography
Breakup by Component:
Software
Services
Breakup by Solution Type:
Information Technology Solutions
New Product Development Solutions
Others
Breakup by Deployment Type:
On-premises
Cloud-based
Breakup by Organization Size:
Large Enterprises
Small and Medium Enterprises
Breakup by Vertical:
Energy and Utilities
Government and Defense
IT and Telecom
Banking, Financial and Insurance Services
Manufacturing
Healthcare and Life Science
Consumer Goods and Retail
Others
Breakup by Geography:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Broadcom Inc., Celoxis Technologies Pvt. Ltd., Changepoint Corporation, Clarizen, Inc., HP Development Company, Innotas, Keyedn Solutions LLC, Microsoft Corporation, Oracle Corporation, Planisware, Planview Inc., SAP SE, Workfront Inc., etc.
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