According to the latest report by IMARC Group, titled "Project Portfolio Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global project portfolio management market reached a value of US$ 5.2 Billion in 2021. Project portfolio management (PPM) includes software solutions that are widely utilized across organizations to assist them managing and prioritizing tasks within dependent, interrelated and connected projects. They aid in improving productivity and gauging potential costs and returns on a particular project. They also provide consolidated data for business analytics and forecasting market trends while reviewing progress toward operational goals, predicting potential problems and managing budgets in an efficient manner. As a result, it is widely deployed across numerous industry verticals, such as defense, telecommunication, banking, financial services and insurance (BFSI) and manufacturing.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Project Portfolio Management Market Trends:
The global market is majorly driven by rapid digitization across numerous industries. The increasing demand for automation across various workplaces and the rising integration of cloud computing services in organizations have led to the growing deployment of PPM across the globe. This is further supported by the widespread adoption of connected devices across small and medium-sized organizations. The market is also driven by the increasing demand for these solutions from the healthcare sector. Since PPM assists healthcare providers in managing numerous projects with the help of strategic portfolios for improved efficiency, this is providing an impetus to the market growth. Some of the other factors contributing to the market growth include growing product utilization in life sciences and extensive research and development (R&D) activities in the field of information technology (IT). On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 10.05% during 2022-2027.
- On the basis of the component, the market has been bifurcated into software and services.
- Based on the solution type, the market has been divided into information technology solutions, new product development solutions, and others.
- On the basis of the deployment type, the market has been classified into on-premises and cloud-based.
- Based on the organization size, the market has been categorized into large enterprises and small and medium enterprises.
- On the basis of the vertical, the market has been segmented into energy and utilities, government and defense, IT and telecom, banking, financial and insurance services, manufacturing, healthcare and life science, consumer goods and retail, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Broadcom Inc., Celoxis Technologies Pvt. Ltd., Changepoint Corporation, Clarizen, Inc., HP Development Company, Innotas, Keyedln Solutions LLC, Microsoft Corporation, Oracle Corporation, Planisware, Planview Inc., SAP SE, and Workfront Inc.
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