Project Portfolio Management Market 2023 Share, Size, Growth, Trends and Forecast 2028

IMARC Group, a leading market research company, has recently releases report titled "Project Portfolio Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global project portfolio management market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the project portfolio management market?
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.

What is project portfolio management?
Project portfolio management, or PPM, represents numerous tools and solutions utilized by organizations for prioritizing and managing tasks within dependent, interrelated, and connected projects. In terms of the solution types, they can be categorized into information technology solutions and new product development solutions. Project portfolio management systems help to gauge potential costs and returns on a particular project and consolidate data for business analytics and forecasting market trends. They assist in predicting potential problems, managing budgets, addressing the concerns of stakeholders through several heuristic models, reviewing progress toward operational goals, scoring techniques, etc. As a result, project portfolio management services find extensive applications across various sectors, including energy, manufacturing, telecommunication, defense, banking, healthcare, retail, information technology (IT), etc.

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What are the growth prospects and trends in the project portfolio management industry?
The emerging trend of digitization across the globe and the escalating need for automation in multiple industries are primarily driving the project portfolio management market. In addition to this, the growing integration of cloud computing services and the expanding penetration of connected devices, especially in small and medium-sized organizations, are acting as significant growth-inducing factors. Moreover, the introduction of advanced solutions by leading PPM vendors that can support agile methodologies to achieve end-to-end project transparency, minimize failure rates, and control project costs are further bolstering the market growth. Besides this, the increasing adoption of the solution by the healthcare establishments for managing and evaluating a large number of projects by grouping them into strategic portfolios and streamlining the operations for improved efficiencies is expected to propel the project portfolio management market over the forecasted period.

What is included in market segmentation?
The report has segmented the market into the following categories:

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 Region:

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

Who are the key players operating in the industry?
The report covers the major market players including:

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
Workfront Inc.

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