Project Portfolio Management Market Size (2024 - 2029)

Project Portfolio Management Market Analysis

The Global Project Portfolio Management Market size is estimated at USD 5.79 billion in 2024, and is expected to reach USD 7.01 billion by 2029, growing at a CAGR of 3.9% during the forecast period (2024-2029).

Project portfolio management is the centralized management of an organization's project portfolios. However, even if they are not linked to each other or have no connection at all, the projects shall be administered centrally through a portfolio, which confers considerable advantages in monitoring and managing rival resources.

• In order to maximize organizational performance, project portfolio management will assess possible projects on the basis of their likelihood of success and associated risks before assigning funds, staff, or time limits. In order to ensure that the current initiatives are closely linked with the overall strategy and objectives of the company, high-level controls and monitoring shall also be included.
• The change in work culture and the move toward remote teams drive the growth of the PPM Market. The constant changes in startups and large enterprises allow employees to work from home or a hybrid model, which enhances productivity, raises employee morale, lowers stress levels for most workers, and saves operating expenses. As the practice grows in popularity, many have called it the future of work, and yet, businesses often take remote workers for granted, even those participating in hybrid models. Thus, implementing project portfolio management solutions provides various benefits to businesses.
• The cloud-based project portfolio management market comprises the sale of cloud PPM solutions that manage an organization's range of projects and processes, which are chosen and managed to deliver better returns on investment in project investments. The portfolio shall meet the organization's objectives and allow project management to take care of overall risk. The need for PPM is driven by a growing demand for cloud-based solutions and services.
• Furthermore, organizations spend a lot of time and money creating the right talent pool. Hence, when all the resources' skills and competencies are tapped to their maximum potential, it enhances overall efficiency and profitability. Improved resource utilization is a growing concern in project-focused businesses, resulting in an increased focus on optimization through metrics, government, and management.
• The trend toward remote work has been continuously growing for the past decades. However, the effect of COVID-19 has significantly accelerated this trend in a brief time, thereby forcing companies, irrespective of their size, to adapt speedily to the self-isolation measures governments worldwide were recommending. After the COVID-19 pandemic, project portfolio management software has become a vital tool for companies as it can help manage the remote working environment and deliver projects efficiently.

Project Portfolio Management Industry Segmentation

Project portfolio management software is utilized for several purposes in a project, like planning, scheduling, resource allocation, and change management. It enables project managers, stakeholders, and users to control costs and handle budgeting, quality, and documentation. This can also be leveraged as an administration system.

The project portfolio management market is segmented by deployment type (cloud and on-premise), type (solution and services), end-user vertical (IT and telecom, healthcare and life sciences, manufacturing, construction, retail and consumer goods, and BFSI), and geography.