The project portfolio management market was estimated to be worth USD 5.2 billion globally in 2024, and a compound annual growth rate (CAGR) of 12.1% is anticipated over the course of the forecast period. In order to accomplish strategic goals, this program centrally controls and ranks projects and resources. The market is expanding at a substantial rate due to the growing complexity of projects. Any organization that wants to succeed must prioritize better resource allocation and an enhanced decision-making process.

Portfolio analysis, resource management, project monitoring, and risk assessment are just a few of the solutions provided by major competitors in this sector. To optimize their project management procedures, sectors like IT, healthcare, construction, and finance mainly depend on PPM solutions.

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Growth Drivers

Organizations needed sophisticated tools and processes to efficiently manage their project portfolios as initiatives grew increasingly intricate and interrelated. To assist firms in navigating this complexity, PPM systems provide capabilities like risk management, resource optimization, and portfolio analysis. Projects that provide quantifiable business value and are in line with their strategic goals are becoming more and more important to organizations.

The need for project portfolio management systems that carry out, organize, and oversee digital projects is being driven by the increased focus on digital transformation activities across industries. These tools make it easier to deliver digital initiatives with agility, creativity, and collaboration. Organizations look for PPM solutions to maximize resource allocation and utilization due to limited resources and rising project demand. Effective resource distribution across projects reduces bottlenecks and maximizes productivity, allowing for growth through lower costs and higher production.

Segmentation

By Component

·         Software

·         Services

By Deployment

·         On-Premise

·         Cloud-Based

·         Hosted

By Enterprise

·         Small Enterprise

·         Large and Medium Enterprise

By Application

·         Project and Portfolio Governance

·         Visibility and Reporting

·         Resource Management

·         Financial Planning and Governance

·         Others

By Vertical

·         IT and Communication

·         BFSI

·         Government

·         Engineering and Construction

·         Healthcare

·         Others

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Key Players

·         Oracle Corporation

·         Microsoft Corporation

·         SAP SE

·         HEXAGON AB

·         ATLASSIAN

·         Planview, Inc

·         ServiceNow

·         Broadcom Inc

·         Hewlett Packard Enterprise Development

·         Adobe

·         Other Players

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