Project Portfolio Management (PPM) Market worth $6.3 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 29, 2023 /PRNewswire/ -- Rising demand, technological advancements (like AI and data analytics), agile methodologies, integration with enterprise systems, cloud-based solutions, enhanced user experience, and the adoption of agile governance are all contributing to the project portfolio management (PPM) market's bright future. PPM will probably continue to be a vital tool for assisting companies in successfully managing their project portfolios and achieving their strategic objectives, in light of these trends.

The Project Portfolio Management (PPM) Market size is expected to grow from USD 4.8 billion in 2023 to USD 6.3 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period, according to a new report by MarketsandMarkets™. The tactics, instruments, and methods used to manage a project are collectively referred to as project management. Projects are brief; they last for a predetermined period of time and, ideally, produce a finished product or service. Project portfolio management (PPM) software helps in planning and evaluating the potential utility of groups (portfolios) of connected projects, initiatives, and requirements. PPM is a more advanced strategy that connects project management to enterprise management to help firms in choosing projects that best support or align with their goals.

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Scope of the Report

Moreover, PPM software helps in managing expenses and budgets, allocating resources, distributing duties, and reporting to stakeholders, project managers and project management offices (PMOs).  It makes it easier to choose projects by using reliable information, scoring models, and other quantitative and qualitative methods to make sure that projects are chosen based on pertinent criteria. At the same time, current projects that are not helping the business achieve its goals may be quickly and impartially identified, and they can be withdrawn from the portfolio, owing to such factors the demand for PPM software is increasing.

By component, the services segment captured the highest CAGR during the forecast period.

The Project Portfolio Management Market, by component, includes solution and services. The Project Portfolio Management Market covers various services including, consulting and implementation, and training, support, and maintenance. During the forecast period it is expected that the need for professional PPM services such as consulting services are expected to increase to help organizations to understand their unique requirements before implementing any PPM solution. Consulting services are expected to help organizations in selecting the best solution to manage projects, lessen resource overload, and enhance teamwork. PPM solution providers help their customers deploy the solutions in accordance with their needs and the pre-existing IT infrastructure by providing a wide range of services.

Based on deployment mode, the on-premises segment is expected to account for the largest market share during the forecast period

The Project Portfolio Management Market, by deployment mode, is segmented into cloud and on-premises. It is expected that during the forecast period, the on-premises segment is estimated to account for the largest market size and share in the Project Portfolio Management Market. In on-premises deployment mode, PPM software are implemented and hosted within an organization's own infrastructure, generally within its data centers or servers. With an on-premises implementation, the company is in charge of putting together and maintaining the infrastructure required to host the PPM program. The on-premises deployment model offers enhanced security as compared to cloud deployment mode, hence, such deployment mode is preferred by large enterprises which have sensitive data. However, due to their tight budgets and insufficient resources, SMEs, in general, do not choose the on-premises deployment mode. Such factors are expected to create new growth opportunities for cloud/SaaS bases PPM solutions during the forecasted period.

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North America is projected to hold the largest market share during the forecast period.

The Project Portfolio Management Market has been segmented by region into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. As per region, North America is estimated to account for the largest market share in the global Project Portfolio Management Market in 2023, and this trend is expected to continue during the forecast period. The Project Portfolio Management Market in North America has been studied for countries including the US and Canada. The adoption of the project portfolio management solution is expected to be the highest in North America compared to other regions due to the region having a dynamic and competitive business environment characterized by a diverse range of industries. Many businesses in North America prioritize strategic alignment, ensuring that projects support their overarching goals and objectives. PPM solutions have become increasingly popular in this region due to a number of variables, including the need for better project management techniques, the complexity of projects, and the need to accomplish key business goals. Businesses in this developed market are open to a variety of alliances, collaborations, mergers, and acquisitions to diversify their product offerings. The regional headquarters of every major participant in this market are located in this region. The leading companies in this market region are Oracle, Microsoft, Planview, and Broadcom. Compared to the other regions, North America now generates the most income from the Project Portfolio Management Market.

Top Key Companies in Project Portfolio Management (PPM) Market:

Some of the significant Project Portfolio Management Market vendors are Oracle Corporation (US), Planview (US), Broadcom (US), SAP (Germany), Microsoft Corporation (US), Adobe Inc. (US), Hexagon (Sweden), ServiceNow (US), Upland Software (US), Atlassian Corporation (US), GFT Technologies (Germany), Micro Focus (UK), Planisware (US), Sciforma (US), and Sopheon (US).

Recent developments:

• In May 2023, Planview introduced a new feature for PPM pro, where Admin users may submit a support case to enable the new notification log.
• In May 2022, Adobe unveiled the latest version of Adobe Workfront which allows teams to bring together their marketing strategy, work management, asset management, and content production to produce exceptional digital experiences for customers. Newly designed agile capabilities help marketing teams be nimble and responsive, so they can quickly adapt to changing market opportunities and conditions. Teams can use a new flexible, visual board so they can work how they want using lean agile principles to increase their productivity and improve their work quality.
• In June 2021, Hexagon launched a renewable energy project portfolio to include new PV and wind sites with innovative storage capacity, increasing Hexagon's technology leverage in renewable energy projects while generating cash flow for future R-evolution investments.

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Project Portfolio Management (PPM) Market Advantages:

• PPM assists in coordinating project portfolios with the strategic goals of an organisation. It gives decision-makers the ability to assess and rank projects according to how well they connect with the company's objectives, ensuring that resources are directed to projects that add the most value.
• PPM offers a centralised view of every project's status, development, and resource use. By having real-time information to assess project performance, spot bottlenecks, and make data-driven decisions to optimise resource allocation and project prioritisation, executives and project managers are better able to make educated judgements.
• PPM enables businesses to efficiently distribute resources among many initiatives. PPM aids in identifying resource shortages, properly allocating resources, and avoiding overloading or underutilizing priceless assets by taking a comprehensive perspective of resource availability and demand. improved resource management results in higher output, lower costs, and improved productivity.
• By offering a framework for discovering, evaluating, and mitigating project risks, PPM supports efficient risk management. It enables organisations to build risk mitigation plans, proactively handle possible hazards, and keep track of risk exposure across the project portfolio. This assures higher project success rates and lessens the effect of hazards on project outcomes.
• A centralised platform that allows visibility over the entire project portfolio is provided by PPM. Through this transparency, stakeholders may keep tabs on the status of projects, check key performance indicators (KPIs), and assess the portfolio as a whole. Between project teams, executives, and other stakeholders, it stimulates collaboration, improves responsibility, and makes communication easier.
• PPM improves workflows and project management procedures, increasing productivity and efficiency. It does away with pointless and laborious chores, automates project tracking and reporting, and makes it possible to standardise project management techniques. These efficiencies lead to quicker project completion, lower administrative costs, and greater organisational efficiency.
• PPM considerably raises the likelihood of project success by coordinating initiatives with strategic goals, maximising resource allocation, and enhancing decision-making. In the end, it improves project outcomes and yields desired business results by assisting organisations in concentrating on high-value projects, managing risks skillfully, and ensuring efficient execution.

Report Objectives

• To define, describe, and forecast the Project Portfolio Management (PPM) Market by component (solution and services), deployment mode, organization size, vertical, and region.
• To provide detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the Project Portfolio Management Market.
• To analyze the market with respect to individual growth trends, prospects, and contributions to the overall market.
• To forecast the market size of five main regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the market.
• To profile the key players in the market and comprehensively analyze their core competencies in each subsegment.
• To analyze the competitive developments, such as partnerships, acquisitions, and product/solution launches and enhancements, in the PPM market.
• To analyze the impact of the recession on the global PPM market.

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