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Cloud Project Portfolio Management Global Market Report 2024 To 2033 | Oracle Corporation, Hewlett Packard Enterprise Company LP, SAP SE, Changepoint Corporation
Cloud Project Portfolio Management Market Size
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According to The Business Research Company's, The cloud project portfolio management market size has grown strongly in recent years. It will grow from $6.65 billion in 2023 to $7.25 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to shift from on-premises to cloud-based solutions, increased demand for centralized project management, scalability and flexibility requirements, cost-efficiency and reduced infrastructure, rise in project complexity and data volume..
The cloud project portfolio management market size is expected to see rapid growth in the next few years. It will grow to $10.96 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to increasing cloud adoption across industries, increasing demand for scalable and agile solutions, focus on remote work and collaboration tools, enhanced security and compliance measures, focus on user experience and adoption.. Major trends in the forecast period include rise in remote work and distributed teams, integration with emerging technologies, agile and adaptive project management methodologies, focus on user experience and ease of adoption, real-time reporting and analytics capabilities..
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Market Drivers and Trends:
High adoption of cloud analytics is expected to propel the growth of the cloud project portfolio management market. Cloud analytics refers to the application of analytic algorithms in the cloud against data in a private or public cloud. These cloud analytics involves scalable cloud computing with analytics software to identify data in patterns and extract new insights. Cloud services offer the easiest ways for organizations to get involved in the cloud. According to Gartner, a US-based consulting firm, the worldwide spending on public cloud services is estimated to increase from $332.3 billion in 2021 to $397.5 billion in 2022. Cloud application services are forecasted to reach $145.3 billion by the end of 2022. The spending on cloud services is expected to boost demand for cloud project portfolio management solutions industry during the forecast period.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Oracle Corporation, Hewlett Packard Enterprise Company LP, SAP SE, Changepoint Corporation, Upland Software Inc., Clarizen Inc., Workfront Inc., Microsoft Corporation, Planview Inc., Mavenlink, Servicenow Inc., Hexagon AB, Micro Focus International plc, ONEPOINT Projects GmbH, Broadcom Corporation, Keyedin Inc., Planisware, Sciforma Corporation, Wrike Inc., LiquidPlanner Inc., Smartsheet Inc., Celoxis Technologies Pvt Ltd., Zoho Corporation Pvt Ltd., WorkOtter LLC, Project Objects Ltd., Genius Project, Innotas AG, Project Insight, EasyVista Inc., ProjectManager. com Inc.
Cloud Project Portfolio Management Market 2024 Key Insights:
• The cloud project portfolio management market size is expected to see rapid growth in the next few years. It will grow to $10.96 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• Cloud Project Portfolio Management Market Surges With Cloud Analytics Adoption
• Strategic Collaboration Enhances The Cloud Project Portfolio Management Market
• North America was the largest region in the cloud project portfolio management market in 2023
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