Global Project Portfolio Management Software Market Size By Deployment Type (Cloud And On-premise), By Type (Solutions And Services), By End User (IT And Telecom, Healthcare And Lifesciences), By Geography Scope And Forecast

Project Portfolio Management Software Market Size And Forecast

Project Portfolio Management Software Market size was valued at USD 6.20 Billion in 2022 and is calculated to reach USD 17.50 Billion by 2030, growing at a CAGR of 13.85% from 2023 to 2030.

Hey, you know how everyone's using cloud services more and more to keep tabs on work from afar? That's a huge deal and it's really pushing the market forward! Plus, all this automation and digitalization happening in places like healthcare, government, BFSI, telecom, and engineering & construction means they need better ways to monitor things and analyze data so they can be more productive and efficient. It's basically a big push for using PPM solutions. If you want the full scoop, check out the Global Project Portfolio Management Software Market report. It breaks down everything – the important parts, what's trending, what's helping and hurting the market, who the big players are, and what's really making a difference. Learn more here!

Global Project Portfolio Management Software Market Definition

So, think of project portfolio management (PPM) as how an organization keeps track of all its projects. These projects might be totally different, but they're all handled together – like a portfolio – so the organization can keep an eye on things like resources and make sure everything's running smoothly. Portfolio management also covers bringing new projects onboard, from figuring out which ones to do, to giving them the green light, to assigning a project manager, and then adding them to the big picture. Plus, there's a high-level overview to guarantee that every project stays linked to the organization's main goals and strategies.

So, after we've figured out which projects are important and in what order, the PPM group keeps an eye on them as they go. In companies that have their act together, these PPM decisions usually happen with the Project Management Office (PMO) involved – or even an enterprise-level PMO if there are multiple PMOs running different projects. Really, project portfolio management is all about connecting the dots between what the company wants to achieve overall (the big strategy!) and all the individual projects that need to happen to make it a reality. The Project Management Institute (PMI), they say PPM "ensures that an organization can leverage its project selection and execution success" to help it "bridge the gap between strategy and implementation," which basically means PPM helps companies make sure their projects actually help them reach their goals.

Global Project Portfolio Management Software Market Overview

Rising project complexities, as well as the importance of timely and efficient management, will all contribute to market growth over the forecast period. The software facilitates collaborative scheduling, planning, and faster and more efficient decision-making. Furthermore, a surge in the trend of bringing your own device (BYOD) coupled with an increasing focus of organizations on achieving faster Return on Investment (ROI) are the key factors driving market growth.

Project Portfolio Management Software helps businesses improve productivity, accelerate innovation, and adapt to a rapidly changing economic environment and competitive dynamics. Furthermore, the PPM software includes features such as time tracking, data analytics, and cost management. The growing use of connected devices in emerging economies including Brazil, China, and India will be beneficial for the industry’s growth opportunities. Increasing R&D investments have encouraged the development of innovative solutions such as mobile application-based project portfolio management solutions, allowing access to a large consumer base. All of these factors are propelling the PPM market forward.

Global competition is driving companies to reduce project costs, which is increasing the use of project portfolio management. However, the major challenges that businesses face when implementing PPM solutions are security and privacy concerns, particularly in the case of cloud deployment. Furthermore, the complexity and cost of project portfolio management solutions are significant limitations to broad adoption.  These factors are expected to have a negative impact on the adoption of PPM solutions.

Global Project Portfolio Management Software Market Segmentation Analysis

The Global Project Portfolio Management Software Market is differentiated based on Deployment Type, Type, End-User, and Geography.

Project Portfolio Management Software Market, By Deployment Type

• Cloud
• On-premise

Based on Deployment Type, the market is differentiated into Cloud and On-premise. The on-premise segment dominated the market size in 2022, and this dominance is anticipated to continue for the duration of the forecast period. This is due to its standard and simple-to-use features; which employees can quickly learn. Because all sensitive data is stored internally, there is no risk of it being exposed to a third party with the on-premise solution. On-premise deployment provides even more customization options.

Project Portfolio Management Software Market, By Type

• Solution
• Services

Based on Type, the market is differentiated into Solutions and Services. The service segment includes integration and deployment, support and maintenance, and training and consulting. The service sector is expected to grow rapidly during the forecast period. The increasing demand can be attributed to the innovative services provided by market participants, such as process assessment, process improvement, and reporting and analysis. Project portfolio management service advancements such as on-the-job communication facilities, assignment governing policies, and program facilitation services aid organizations in comparing macro-environmental factors that lead to improved productivity and ROI.

Project Portfolio Management Software Market, By End User

• IT and Telecom
• Healthcare and Lifesciences
• Manufacturing
• Construction
• Retail and Consumer Goods
• BFSI
• Others

When we look at who's using it, the Global Project Portfolio Management Software Market breaks down into areas like IT and Telecom, Healthcare and Lifesciences, Manufacturing, Construction, Retail and Consumer Goods, BFSI, and a few other sectors. It's looking like the BFSI (Banking, Financial Services, and Insurance) crowd will be leading the pack in 2022, holding the largest share of the market. This is mainly because of the transparency and financial assessment features these software solutions offer. Think about it – things like mobile and e-banking have really pushed BFSI companies to adopt project portfolio management solutions. Plus, with banks using debit cards, credit cards, and centralized fund management, these solutions are also helping with database monitoring, making it simpler to keep an eye on transactions and customer info, which equals better transparency all around.

Project Portfolio Management Software Market, By Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

So, when we look at where Project Portfolio Management Software is being used around the world, we can break it down by geographyEurope, North America, Asia Pacific, Latin America, and Middle East & Africa. North America was the biggest spender in 2022, and it's likely to stay that way. Why? Well, they're doing a lot with infrastructure and have tons of new startups popping up. Plus, companies are really getting into business intelligence & analytics, which is a big deal. And you know all those companies with digital platforms? They're using PPM to help everyone make decisions together, leading to better project outcomes.

Key Players

The “Global Project Portfolio Management Software Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Broadcom, Celoxis Technologies Pvt. Ltd., Changepoint Corporation, HP Development Company, L.P., ServiceNow, Planview, Inc., Planisware, Microsoft, Oracle, and Workfront, Inc., among others.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In May 2022, Onepoint Projects GmbH released a new version of ONEPOINT Projects, a web-based project and portfolio management (PPM) solution. This new version includes support for the Scaled Agile Framework in a new optional module.

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Reasons to Purchase this Report

We'll dive deep into the market, looking at both the numbers (quantitative) and the less obvious qualitative stuff – segmenting everything by economic factors and beyond. You'll get clear market value data (in USD Billion!) for every segment and sub-segment. We'll pinpoint which region and segment are set for the fastest growth and which will be the top dog. Plus, we'll analyze each region, highlighting product/service consumption and the factors influencing the market there. We'll map out the competitive scene, ranking the big players and covering their recent moves – new launches, partnerships, expansions, and acquisitions from the last five years. Expect detailed company profiles, with overviews, insights, product benchmarks, and SWOT analysis for all the key companies. You'll get a clear picture of the industry's current and future outlook, including growth opportunities, drivers, and challenges in both emerging and developed regions. We'll also provide an in-depth analysis from multiple angles, including Porter's five forces. Get insights into the market through the Value Chain, and a look at market dynamics, highlighting growth opportunities down the road. And to top it off, you get 6 months of post-sales analyst support!

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