Project Portfolio Management Market to Cross USD 11.4 Billion by 2028 owing to Increased Digitalization and Technology Adoption
The project portfolio management market was worth USD 6.3 billion in 2021 and is predicted to witness lucrative growth to reach USD 11.4 billion by 2028, with a CAGR of 11.37% during the forecast period (2022-2028).
Westford, USA, Jan. 13, 2023 (GLOBE NEWSWIRE) — The increasing trend of digitalization coupled with the growing requirement for automation across industries emerges as a promising growth factor for the project portfolio management market. Furthermore, increased integration of cloud computing services and the growing prevalence of connected devices, particularly in small and medium-sized businesses, are driving market expansion. In addition, rapid urbanization, broad software use in the healthcare and life sciences industries, and intense research and development (R&D) efforts in information technology (I.T.) are expected to boost the market even further.
The project portfolio management system delivers crucial data through interactive dashboards to guarantee that the number of projects chosen and finished fulfills organizational goals. As a result, such a solution is gaining popularity across all industries because it assists firms in achieving their strategic business goals.
According to SkyQuest’s research insights, I.T. budgets are predicted to expand by 29% on average among organizations expecting to increase tech investment in 2023-24 (33% in North America vs. 24% in Europe). Rising IT expenditures in developed and developing regions are one of the primary factors driving the project portfolio management market’s rise. The trend will grow in the coming years as organizations find such solutions productive and cost-effective for their businesses.
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Cloud-Based Deployment Services to Account for Remarkable Growth Rate
According to SkyQuest market research, more than 90% of enterprises with over 1,000 employees have a significant portion of their workloads on the cloud. Because of its flexible price structures, quick upgradeability, maintenance packages, and ease of access, cloud-based infrastructure will gain popularity. The cloud-based category is predicted to grow exponentially over the projected period, owing to the growing adoption of the Software as a Service (SaaS) PPM system. Cloud-based solutions are also in high demand due to their ease of use, portability, and low cost.
With a controlled deployment approach, SaaS is simple and quick to set up. Acceptance of technology and rising digitalization are two significant aspects that will almost certainly drive industry success in APAC. The usage of cloud-based solutions is expected to drive SaaS PPM demand across the board. Organizations need more developers, adequate funding, and a skills gap with non-technical end users. As a result, vendors that can provide low-code/no-code solutions integrated with their project portfolio management platform may draw in companies that require speed and agility in their daily operations.
Major global and regional events that are expected to positively or negatively affect the industry have been studied, providing decision-makers with a clear future vision of the market. The report aims to provide industry stakeholders with a complete study of the global project portfolio management market.
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Rise in Integration Project Portfolio Management Solutions in BFSI Industry to Propel Market Growth
Project portfolio management systems primarily used in the BFSI business handle client transaction data due to its complex multi-regional operation. SkyQuest projects that the BFSI segment is likely to generate a higher revenue share with a fast growth rate of 11.3% in the coming years. The growth of technology in the BFSI business, such as mobile banking and e-banking, has aided in applying project portfolio management solutions.
Furthermore, the need for these solutions for database monitoring has resulted from banks’ use of other services such as debit, credit, and centralized fund managing systems. These solutions aid in tracking transactional data and customer information, resulting in more transparency. Cloud computing, artificial intelligence (A.I.), and other current technologies are driving software growth in North America.
The report on the project portfolio management market examines segment growth and assists you in analyzing unique pockets of growth and market approaches to establish your primary application areas and the difference in your target markets. The research analyses complex data in simple language and presents the past and current state of the industry, as well as anticipated market size and trends. The market report presents prevailing opportunities and significant challenges concerning various segments and sub-segments.
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Key Developments in Project Portfolio Management Market
- Wrike, a Citrix company that provides a versatile project management solution, has unveiled its new custom solution capability. The solution allows users to create work item types tailored to their team’s specific needs and gain access to customizable dashboards, shared calendars, and multiple options for organizing entire portfolios of projects.
- Capgemini and Orange formed a new firm, Bleu, to provide cloud services in France. This company will provide comprehensive project portfolio management and cloud services to companies in France that strictly follow French state sovereignty standards. Such collaborations aid in the rapid expansion of businesses with the assistance of industry professionals, resulting in the reduction of initial barriers.
- Whoz, a SaaS solution for smart staffing, talent, and project portfolio management, announced a EUR 25 million investment round headed by PSG Equity. As part of the cooperation, Whoz will be able to leverage PSG’s B2B software experience and worldwide network to expand its position in Europe.
- ServiceNow has announced the availability of its Now Platform San Diego. The latest version of the platform is designed to help organizations address the most pressing challenges facing every industry in every region. The platform will help transform businesses for a new economy with an upgraded, more modern visual design and new robotic process automation (RPA) capabilities that deliver on the promise of hyper-automation.
SkyQuest’s research report on the project portfolio Management market helps understand industry dynamics and structure by analyzing the market segments and projecting the global market size. Explicit representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor’s guide.
Prominent Players in Project Portfolio Management Market
- Broadcom
- Changepoint Corporation
- Celoxis Technologies Pvt. Ltd.
- ServiceNow
- H.P. Development Company, L.P.
- Planisware
- Planview, Inc.
- Oracle
- Microsoft
- Workfront, Inc.
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