Global Project Portfolio Management Market Size

Project Portfolio Management Market Analysis

The Global Project Portfolio Management Market size is estimated at USD 5.59 billion in 2024, and is expected to reach USD 6.84 billion by 2029, growing at a CAGR of 4.10% during the forecast period (2024-2029).

Project portfolio management (PPM) is the centralized management of the organization's projects. While these projects may or may not be related to one another, they are managed centrally, which is called a portfolio, having a key benefit of overseeing and managing any competing resources.

• Project portfolio management examines possible projects based on their likelihood of success and associated risks before allocating money, staff, and timelines to maximize organizational performance. It also comprises high-level controls and monitoring to ensure that ongoing initiatives are directly related to the overarching strategy and goals of the company.
• The change in work culture and the move toward remote teams drive the growth of the PPM Market. The constant change with startups and large enterprises allows 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. So, Implementing project portfolio management solutions provide various benefits to businesses.
• The cloud-based project portfolio management market consists of sales of the cloud PPM solutions that handle the organization's group of projects and processes that are selected and managed to offer better returns on project investments. The portfolio is set to fulfill the organization's goals and allows the project team to manage the project's overall risk. The rising demand for cloud-based solutions and services drives the need for PPM.
• 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, forcing companies, irrespective of their size, to adapt quickly to the self-isolation measures governments across the globe were recommending. With the COVID-19 pandemic requiring more people to work remotely, project portfolio management software has become an essential tool for companies as it can help manage the remote working environment and deliver projects efficiently.
• Project portfolio management solutions helped meet organization goals by managing various projects remotely during the COVID-19 pandemic. Project collaborations such as virtual meetings and video conferencing, file sharing and synchronization, project status tracking, and reporting were the essential elements provided by the PPM solutions for efficient management of projects.