Project Portfolio Management Market Report by Component (Software, Services), Solution Type (Information Technology Solutions, New Product Development Solutions, and Others), Deployment Type (On-premises, Cloud-based), Organization Size (Large Enterprises, Small and Medium Enterprises), Vertical (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), and Region 2024-2032

Project Portfolio Management Market Report by Component (Software, Services), Solution Type (Information Technology Solutions, New Product Development Solutions, and Others), Deployment Type (On-premises, Cloud-based), Organization Size (Large Enterprises, Small and Medium Enterprises), Vertical (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), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A2067
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Market Overview:

The global project portfolio management market size reached US$ 6.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.6 Billion by 2032, exhibiting a growth rate (CAGR) of 9.13% during 2024-2032. The increasing focus on data driven decision making, rising number of M&As that often result in an enlarged project portfolio, and the growing focus on maximizing the ROI are some of the major factors propelling the market.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 6.2 Billion
Market Forecast in 2032
US$ 13.6 Billion
Market Growth Rate 2024-2032 9.13%


Project portfolio management (PPM) is a strategic approach used by organizations to plan, prioritize, and manage projects and programs. It aligns these projects with the overall objectives and resources of the company. PPM helps organizations make informed decisions by evaluating the potential returns, risks, and resource allocation for a set of proposed or ongoing projects. It also assists in executing individual projects and selecting the right combination of projects to best achieve organizational goals. It ensures that resources like time, money, and manpower are allocated effectively across various projects.

project portfolio management market

The growing emphasis on data driven decision making is increasing the adoption of PPM that allows organizations to collect valuable project-related data, which facilitates better, more informed decision-making around the world. Moreover, the rising number of mergers and acquisitions (M&As) that often result in an enlarged project portfolio is driving the need for PPM solutions to manage the diverse and expanded set of initiatives efficiently. In addition, the growing focus on maximizing the return on investment (ROI) for projects is influencing the demand for PPM to help in the selection and prioritization of projects based on their potential ROI, which contributes to better financial performance. Apart from this, increasing reliance on external vendors and contractors for project completion is favoring the growth of the market. Furthermore, the rising adoption of PPM for effective resource management, which ensures that projects do not suffer due to resource constraints, is strengthening the growth of the market.

Project Portfolio Management Market Trends/Drivers:

Increase in complexity of projects

One of the main factors driving the demand for PPM is the growing complexity of projects in various industries. As companies expand their operations, either by scaling existing projects or initiating new ones, the number of variables involved also multiplies. These include resource allocation, cost constraints, and timeline adjustments, among others. Managing these intricate details across multiple projects becomes challenging. PPM tools help businesses centralize all project-related information, thus allowing managers to get a holistic view of the entire portfolio. This clarity is essential for making informed decisions, optimizing resource distribution, and ensuring that projects align with organizational goals.

Rise in need for agile decision making

The business landscape is evolving rapidly, fueled by advancements in technology and changes in consumer behavior. Organizations are required to adapt quickly to remain competitive. Traditional project management methods often fall short in this dynamic environment, as they do not allow for real-time adjustments. PPM enables agile decision-making by providing a real-time overview of all ongoing projects. Managers can easily prioritize tasks, reallocate resources, and shift focus as needed to meet new challenges or capitalize on emerging opportunities.

Growing regulatory compliance

Organizations today operate in a highly regulated environment. Whether it is data protection laws or industry-specific regulations, companies must ensure that their projects comply with relevant legal standards. Non-compliance can result in hefty fines and reputational damage. PPM tools can integrate compliance checks and balances into the project workflow, which makes it easier for businesses to adhere to laws and guidelines. This proactive approach to compliance management mitigates risks and instills a sense of reliability among stakeholders.

Project Portfolio Management Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on component, solution type, deployment type, organization size, and vertical.

Breakup by Component:

project portfolio management market

  • Software
  • Services
     

Software dominates the market

The report has provided a detailed breakup and analysis of the market based on the component. This includes software and services. According to the report, software represented the largest segment. PPM software plays a critical role in optimizing the allocation of resources, scheduling tasks, and facilitating decision-making processes. PPM software offers a centralized platform where stakeholders can easily access vital project data, track performance metrics, and evaluate progress. It often comes equipped with features for resource allocation, risk assessment, and cost-benefit analysis, making it easier to compare various projects and decide which ones align with the strategic objectives of the organization.

Services in PPM encompass a range of consulting and advisory solutions aimed at helping organizations achieve their project goals more effectively. These services can include strategic planning, process optimization, and change management. Experts in the field of PPM offer insights on best practices, tailored to the unique needs and challenges of the organization. They can conduct audits, offer training, and assist in the implementation of PPM software solutions.

Breakup by Solution Type:

  • Information Technology Solutions
  • New Product Development Solutions
  • Others
     

Information technology solutions hold the largest share in the market

A detailed breakup and analysis of the market based on the solution type has also been provided in the report. This includes information technology solutions, new product development solutions, and others. According to the report, information technology solutions accounted for the largest market share. Information technology (IT) solutions in PPM primarily focus on managing an array of technology projects that are critical for operations and strategic goals of an organization. These solutions help align IT projects with business objectives by prioritizing tasks based on factors such as cost, timeline, and expected outcomes. IT PPM tools can help manage software development, system upgrades, or cybersecurity initiatives. They often feature real-time dashboards and analytics to monitor key performance indicators such as resource utilization, budget adherence, and project timelines.

New product development (NPD) solutions in PPM aim to streamline the process of bringing a new product from conception to market. These solutions are designed to manage the unique challenges associated with product development, such as market research, prototyping, and go-to-market strategies. They enable project managers and stakeholders to keep tabs on multiple aspects like customer needs, competitor analysis, and regulatory compliance.

Breakup by Deployment Type:

  • On-premises
  • Cloud-based
     

On-premises dominate the market

The report has provided a detailed breakup and analysis of the market based on the deployment type. This includes on-premises and cloud-based. According to the report, on-premises represented the largest segment. On-premises deployment of PPM involves installing and running the PPM software on the servers and infrastructure of an organization. This deployment type offers a high level of control over the system, as the organization is responsible for all aspects of maintenance, updates, and security. This can be beneficial for organizations that have stringent compliance requirements or sensitive data that they prefer not to move to a third-party server.

Cloud-based deployment of PPM software involves hosting the PPM solution on remote servers, which are maintained by a third-party provider. This deployment type is generally more flexible and scalable than on-premises solutions, which allows organizations to quickly adapt to changing needs. Cloud-based PPM solutions are accessible from anywhere with an internet connection, which facilitates better collaboration among team members who can be geographically dispersed.

Breakup by Organization Size:

  • Large Enterprises
  • Small and Medium Enterprises
     

Large enterprises hold the largest share in the market

A detailed breakup and analysis of the market based on the organization size has also been provided in the report. This includes large enterprises and small and medium enterprises. According to the report, large enterprises accounted for the largest market share. In large enterprises, PPM becomes an essential tool for aligning multiple projects with the strategic objectives of the company. Given the scale and complexity of operations, large organizations often have numerous projects running simultaneously across various departments. The stakes are high, both in terms of financial investment and human resources. In this setting, PPM solutions offer advanced features like real-time dashboards, complex risk-assessment modules, and extensive reporting capabilities. These features help senior management and project managers make informed decisions, optimizing resource allocation and maximizing ROI. Large enterprises often have the budget and IT infrastructure to deploy either on-premises or cloud-based PPM solutions, depending on their specific requirements.

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
     

BFSI dominates the market

The report has provided a detailed breakup and analysis of the market based on the vertical. This includes 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. According to the report, BFSI represented the largest segment. The banking, financial services, and insurance (BFSI) sector involves a plethora of projects ranging from risk management initiatives to digital transformation efforts. PPM tools help financial institutions prioritize and manage projects that align with both regulatory requirements and business objectives. These solutions often feature robust security measures and compliance tracking functionalities to ensure that all projects meet the stringent guidelines set forth by financial regulators. They also facilitate better resource allocation and risk assessment, which enables institutions to optimize costs while maintaining the highest standards of service.

In the energy and utilities sector, PPM serves as a critical tool for overseeing a wide range of projects that can vary from infrastructure development to renewable energy initiatives. The sector is capital-intensive and highly regulated, which requires meticulous planning and execution. PPM solutions in this vertical help organizations prioritize projects based on multiple factors such as regulatory compliance, environmental impact, and return on investment. These tools offer functionalities like risk assessment and resource allocation that are specifically tailored to the complexities of energy projects, such as long lead times and compliance with environmental standards.

Breakup by Region:

project portfolio management market

  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

North America exhibits a clear dominance, accounting for the largest project portfolio management market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

The increasing demand for automation across various workplaces represent one of the primary factors driving the demand for PPM in the North America region. Moreover, the rising adoption of cloud computing in organizations is favoring the growth of the market in the region. Besides this, the rising adoption of remote working modules, especially in the technology and finance sectors, is influencing the market positively in the region.

Asia Pacific is estimated to witness stable growth, owing to significant improvement in the IT infrastructure, increased adoption by SMEs, integration of advanced technologies, etc.

Competitive Landscape:

The leading companies are integrating artificial intelligence (AI), machine learning (ML), cloud computing, blockchain, internet of things (IoT), and sensors in PPM. These advancements can help analyze historical project data to predict future outcomes, such as the likelihood of project success or potential delays and can aid in resource allocation by predicting the best-fit resources for various project tasks based on past performance and skill sets. These technological solutions offer transparency and security, particularly in complex projects where multiple stakeholders are involved and can be used for secure and unchangeable logging of project milestones or financial transactions. Moreover, key players are developing mobile applications for PPM tools that have made it easier for team members to update project statuses, view dashboards, or communicate with each other on the go.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

  • Broadcom Inc.
  • Celoxis Technologies Pvt. Ltd.
  • HP Development Company
  • Innotas
  • Keyedln Solutions LLC
  • Microsoft Corporation
  • Oracle Corporation
  • Planisware
  • Planview Inc.
  • SAP SE
  • Workfront Inc.
     

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Recent Developments:

  • In July 2023, Broadcom Inc. announced that it will embrace the AI revolution for introducing a new era of efficiency and optimization in project portfolio management (PPM).
  • In 2021, Planview Inc. acquired Clarizen and Changepoint, two leading Project Portfolio Management (PPM) providers, to accelerate their Agile and PPM transformations and reinvent the future of on-strategy delivery.
  • In 2022, Oracle Corporation developed a new solution called workflow manager, which would assist field service teams in providing consistent and effective support.

Project Portfolio Management Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
  • Component
  • Solution Type
  • Deployment Type
  • Organization Size
  • Vertical
  • Region
Components Covered Software, Services
Solution Types Covered Information Technology Solutions, New Product Development Solutions, Others
Deployment Types Covered On-Premises, Cloud-Based
Organization Sizes Covered Large Enterprises, Small and Medium Enterprises
Verticals Covered Energy and Utilities, Government and Defense, IT and Telecom, Banking, Financial and Insurance Services, Manufacturing, Healthcare and Life Science, Consumer Goods and Retail, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Broadcom Inc., Celoxis Technologies Pvt. Ltd., HP Development Company, Innotas, Keyedln Solutions LLC, Microsoft Corporation, Oracle Corporation, Planisware, Planview Inc., SAP SE, Workfront Inc., etc.

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Benefits for Stakeholders:

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the project portfolio management market from 2018-2032.
  • The research report provides the latest information on the market drivers, challenges, and opportunities in the global project portfolio management market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the project portfolio management industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global project portfolio management market was valued at US$ 6.2 Billion in 2023.

We expect the global project portfolio management market to exhibit a CAGR of 9.13% during 2024-2032.

The rising utilization of project portfolio management in predicting problems, managing budgets, enhancing communication, and increasing timely project deliveries, is primarily driving the global project portfolio management market.

The sudden outbreak of the COVID-19 pandemic has led to the escalating demand for cloud-based services for remote monitoring, real-time data analytics, and automatic scheduling of project operations in an organization, which in turn, is positively impacting the global market for project portfolio management.

Based on the component, the global project portfolio management market can be segmented into software and services. Currently, software holds the majority of the total market share.

Based on the solution type, the global project portfolio management market has been divided into information technology solutions, new product development solutions, and others. Among these, information technology solutions currently exhibit a clear dominance in the market.

Based on the deployment type, the global project portfolio management market can be categorized into on-premises and cloud-based. Currently, on-premises account for the majority of the global market share.

Based on the organization size, the global project portfolio management market has been segregated into large enterprises and small and medium enterprises, where large enterprises currently hold the largest market share.

Based on the vertical, the global project portfolio management market can be bifurcated 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. Currently, banking, financial and insurance services exhibit a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global project portfolio management market include Broadcom Inc., Celoxis Technologies Pvt. Ltd., HP Development Company, Innotas, Keyedln Solutions LLC, Microsoft Corporation, Oracle Corporation, Planisware, Planview Inc., SAP SE, Workfront Inc., etc. 

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Project Portfolio Management Market Report by Component (Software, Services), Solution Type (Information Technology Solutions, New Product Development Solutions, and Others), Deployment Type (On-premises, Cloud-based), Organization Size (Large Enterprises, Small and Medium Enterprises), Vertical (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), and Region 2024-2032
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