Project Portfolio Management Market To Generate Revenue Worth $8,161.8 Million by 2030
- Published: June 2022
The global project portfolio management market is projected to generate $8,161.8 million revenue by 2030, advancing at a CAGR of 6.5% during 2021–2030. The key factors driving the market include gaining a 360-degree view into project operations and resource management, the increasing complexity of enterprise projects, and the rising need for collaboration and monitoring tools.
Solutions Held Larger Share in the Market
The solutions category held a larger market share, of around 67%, in 2021. This is because PPM solutions provide a platform for problem-solving and risk reduction, as well as centralized the visibility to aid planning and scheduling teams in selecting the most efficient, simplest, or appropriate means of delivering projects and project modules. Additionally, these solutions provide an organization with capabilities such as resource management, change control, pipeline management, financial management, and most crucially, risk assessment and management.
Moreover, the on-premises category accounted for a larger share, of around 68%, in the market in 2021. Most cloud-based project portfolio management systems fail to provide a high level of control, full licensing and ownership, and a high degree of customizability according to organizations’ needs, whereas on-premise solutions do. Also, many firms favor on-premise PPM solutions over cloud-based alternatives because they let enterprises reach a high degree of protection and customizability with no outside links (exclusive license).
Furthermore, the BFSI category held the largest share, of around 28%, in 2021 in the market. The rising adoption of project and portfolio management software in BFSI firms is due to the necessity for smart investment strategies and risk assessments. The software includes features like portfolio assessment and ability rationalization, which allow for better decision-making, and as a result, drive the market growth in this category.
Globally, the North American market held the largest share, of 36%, in 2021, owing to the increased need for project collaboration among businesses. The growing tendency of enterprises in the region for adopting a project-oriented approach allows them to reduce project costs while also adding value. Further, project management software is becoming more accessible to firms, particularly start-ups, because of technological developments in the SaaS distribution method. Moreover, the adoption of cloud-based enterprise software is rising rapidly in the U.S., which, in turn, driving the regional market growth.
Acquisitions and Product Launches Are Most-Effective Strategic Measures
Players in the project portfolio management market have been involved in client wins, acquisitions, product innovations, and product launches to remain competitive. For instance, in February 2021, Planview acquired Changepoint and Clarizen, providers of PPM solutions. The combination of the capabilities of these companies improves these solutions that enable customers to accelerate their PPM transformation and reinvent the future of on-strategy delivery. Moreover, in March 2020, SAP's project management solution, Ruum, included additional templates to assist individuals and enterprises in planning and preparing for the COVID-19 disease.
The major players operating in the market include Oracle Corporation, Planview Inc., Broadcom Inc., SAP SE, Microsoft Corporation, Workfront Inc., Hexagon AB, ServiceNow, Upland Software Inc., and Micro Focus International plc.