Project Portfolio Management Market Size
Study Period | 2019 - 2029 |
Market Size (2024) | USD 5.59 Billion |
Market Size (2029) | USD 6.84 Billion |
CAGR (2024 - 2029) | 4.10 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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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.
Project Portfolio Management Market Trends
Recent Changes In Work Culture And Move Towards Remote Teams to Drive the Market
- The future of work and work culture is embracing change, and the office idea has been gradually diminishing. While startups and new companies have generally supported the concept of constant change, large enterprises worldwide are also forced to confront this same concept.
- The pandemic has had tremendous and swift effects on workplace culture. The global lockdown and travel bans have upended assumptions about work and corporate interactions. People have discovered that they can get most things done remotely. As they adjust to operating during a pandemic and prepare for recovery, organizational leaders must consider which culture changes they want to retain and which they must counteract, leading to the demand for PPM Solutions and services.
- The office model has evolved, evident from companies such as Twitter, Facebook, Square, Shopify, and others announcing permanent work-from-home policies. Many other companies are likely to offer hybrid models. Communication has changed; even in the office, working with colleagues has shifted significantly over the last several years and has been further accelerated into a primarily digital approach owing to COVID-19. This includes email, Slack, shared work project management tools such as workday, and more.
- Virtual cooperation is becoming more and more common. For instance, the Harvard Business Review stated that 79% of the 1,700 knowledge workers surveyed said they regularly or usually work in distributed teams. Various virtual team types have emerged as they spread, and virtual teams have become more common. This shift toward remote teams drives the PPM Market.
- The new drive to accountability across industries affects multiple responsibilities within the organization and typically necessitates cooperation and communication between teams and offices spread out geographically. Resources are limited, and managers are being held accountable for wisely utilizing resources.
- Additionally, organizations' stakeholders request more transparency regarding the worth of their big projects and their service and support activities. Business units that once were content to approve a project charter and budget currently demand updates to the plans and metrics demonstrating actual performance.
North America to Account for a Significant Share
- North America is expected to have a significant revenue share compared to other regional markets. Due to the region's financial status, significant investments in cutting-edge technology and resources for effective project execution can be undertaken. Furthermore, the strong presence of several well-known project portfolio management solution providers in North America, such as Microsoft Corporation, Oracle Corporation, and Workfront, is likely to drive the market's growth in this area significantly.
- North America is a considerably developed market, owing to several companies working on project portfolio management tools. Bulk data integration techniques and tools are most efficiently implemented to identify data synchronization patterns in critical end-users such as BFSI or government initiatives.
- Companies are working on project portfolio management tools. The integration techniques and tools are currently most efficiently implemented to identify data synchronization patterns in critical end-users such as BFSI or government initiatives. North America is a considerably developed market.
- The growing IT budgets in this region are also one of the significant key driving factors of the market's growth. According to the research, IT's future state indicates that the number of companies expecting budget increases will soar in 2022, and budget growth expectations have risen significantly higher than in previous years. Overall, 53% of businesses are in North America. Among companies planning to boost tech spending in 2022, IT budgets are expected to grow by 26% (31% in North America vs. 21% in Europe) on average.
- In 2022, the top factor driving companies to boost budgets is a high priority on IT projects (49%), indicating multi-year modernization efforts accelerated by remote work and a steady shift to cloud-based services have chipped away at legacy technology.
Project Portfolio Management Industry Overview
The global Project Portfolio Management Market is fragmented, with a lot of major players vying for market share. The shift in the work environment has also led to an increase in competition among the players.
- In July 2022, Wrike, which is part of Citrix and a versatile project management solution that is designed to be used by teams across the enterprise in a wide range of work settings, has unveiled its new custom item types capability, designed to help users create their work item types tailored to their team's specific requirements and get customizable dashboards, shared calendars, and multiple options to organize entire portfolios of projects.
- In May 2022, Whoz, a SaaS solution delivering smart staffing and talent and project portfolio management, announced that it had raised EUR 25 million in funding led by PSG Equity. This funding as a part of the partnership enables Whoz to leverage PSG's B2B software expertise and international network to bolster its presence in Europe.
Project Portfolio Management Market Leaders
Service Now
Microsoft Corporation
Atlassian Corporation Plc
Asana Inc.
Oracle Corporation
*Disclaimer: Major Players sorted in no particular order
Project Portfolio Management Market News
- May 2022 - Proggio, a next-generation Project Portfolio Management solution based in Tel Aviv with offices in Salt Lake City, closed a $ 7 million Series A round led by 2.0 Ventures (Salt Lake City) with participation from both existing investors Mangrove Capital Partners (Luxembourg) and Cresson Management (Israel) and use the funding to accelerate its operations and growth in the United States and continue to strengthen its enterprise solution.
- May 2022 - Onepoint Projects GmbH launched a new version of its ONEPOINT Projects, a web-based project and portfolio management (PPM) solution. This new version integrates support for the Scaled Agile Framework in a new optional module.
- March 2022 - ServiceNow announced its Now Platform San Diego release. With an upgraded, more modern visual design and new robotic process automation (RPA) capabilities that deliver on the promise of hyper-automation, the latest version of the Now Platform is designed to help organizations address the most pressing challenges facing every industry in every region, and transform businesses for a new economy.
Project Portfolio Management Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Recent Changes In Work Culture and Move toward Remote Teams has Made It Imperative to Develop A Centralized View of Task Management and Resource Utilization
4.2.2 Long-term Cost Benefits Enabled By Timely Use of Planning & Scheduling Tools, Coupled With Growing Demand For Cloud-based Ppm
4.2.3 Integration Of Several Allied Modules And Collaborations Have Increased The Span of PPM to Cover The Entire Workspace Related Tasks
4.3 Market Challengess
4.3.1 Challenges Pertaining To Integration And Security Albeit They Are Being Addressed By Recent Advancements
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Intensity of Competitive Rivalry
4.4.5 Threat of Substitutes
4.5 Assessment of COVID-19 Impact on the Market
5. MARKET SEGMENTATION
5.1 By Deployment Type
5.1.1 Cloud
5.1.2 On-premise
5.2 By Type
5.2.1 Solution
5.2.2 Services
5.3 By End-user Verticals
5.3.1 IT And Telecom
5.3.2 Healthcare And Lifesciences
5.3.3 Manufacturing
5.3.4 Construction
5.3.5 Retail And Consumer Goods
5.3.6 BFSI
5.3.7 Other End-user Verticals
5.4 By Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia Pacific
5.4.4 Latin America
5.4.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Oracle Corporation
6.1.2 Servicenow Inc.
6.1.3 Microsoft Corporation
6.1.4 Atlassian Corporation Plc
6.1.5 Asana Inc.
6.1.6 SAP SE
6.1.7 Wrike (citrix Systems Inc.)
6.1.8 Monday.com
6.1.9 Workday Inc.
6.1.10 Planview Inc. (changepoint)
6.1.11 Smartsheet Inc.
6.1.12 Upland Software Inc.
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Project Portfolio Management Industry Segmentation
Project portfolio management software is used for various purposes in a project, such as planning, scheduling, resource allocation, and change management. It allows project managers, stakeholders, and users to control costs and manage budgeting, quality, and documentation. This can also be used as an administration system.
The Project Portfolio Management Market report is segmented By Deployment Type (Cloud, On-premise), By Type (Solution, Services), By End-User Vertical (IT And Telecom, Healthcare And Lifesciences, Manufacturing, Construction, Retail, and Consumer Goods, and BFSI), and Geography.
By Deployment Type | |
Cloud | |
On-premise |
By Type | |
Solution | |
Services |
By End-user Verticals | |
IT And Telecom | |
Healthcare And Lifesciences | |
Manufacturing | |
Construction | |
Retail And Consumer Goods | |
BFSI | |
Other End-user Verticals |
By Geography | |
North America | |
Europe | |
Asia Pacific | |
Latin America | |
Middle East and Africa |
Project Portfolio Management Market Research FAQs
How big is the Global Project Portfolio Management Market?
The Global Project Portfolio Management Market size is expected to reach USD 5.59 billion in 2024 and grow at a CAGR of 4.10% to reach USD 6.84 billion by 2029.
What is the current Global Project Portfolio Management Market size?
In 2024, the Global Project Portfolio Management Market size is expected to reach USD 5.59 billion.
Who are the key players in Global Project Portfolio Management Market?
Service Now, Microsoft Corporation , Atlassian Corporation Plc , Asana Inc. and Oracle Corporation are the major companies operating in the Global Project Portfolio Management Market.
Which is the fastest growing region in Global Project Portfolio Management Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Project Portfolio Management Market?
In 2024, the North America accounts for the largest market share in Global Project Portfolio Management Market.
What years does this Global Project Portfolio Management Market cover, and what was the market size in 2023?
In 2023, the Global Project Portfolio Management Market size was estimated at USD 5.37 billion. The report covers the Global Project Portfolio Management Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Project Portfolio Management Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Project Portfolio Management Industry Report
Statistics for the 2023 Project Portfolio Management market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Project Portfolio Management analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.