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Project Portfolio Management Market 2024 to 2034: Unveiling a Growth Journey at 8.7% CAGR | Future Market Insights, Inc.

The growing adoption of cloud-based services for the remote monitoring of assignments is an essential factor that is expected to contribute significantly to market expansion. A surge in activities such as automation and digitalization across industries, including healthcare, government, BFSI, telecom, and engineering and construction, has stimulated the need for monitoring and analytical solutions to increase productivity and business efficiency. It is significantly encouraging the implementation of project portfolio management (PPM) solutions.

NEWARK, DE / ACCESSWIRE / December 4, 2024 / The global project portfolio management (PPM) market is set to experience remarkable growth over the next decade, driven by advancements in project management software, the proliferation of digital transformation initiatives, and the increasing need for robust decision-making tools. The market is projected to grow at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2034, expanding from USD 6,158.4 million in 2024 to an impressive USD 14,182.8 million by 2034.

Key industries such as IT, telecommunications, healthcare, and manufacturing are embracing PPM solutions to improve resource allocation, enhance project efficiency, and align business strategies with project execution. The shift towards hybrid and remote working models has further accelerated the adoption of PPM tools to manage distributed teams effectively.

The rise of Artificial Intelligence (AI) and Machine Learning (ML) capabilities in PPM software is playing a pivotal role in streamlining project prioritization, risk assessment, and resource optimization. This technological integration is expected to redefine the competitive landscape and offer significant opportunities for market players.

Emerging markets in Asia-Pacific and Latin America are witnessing significant growth, propelled by increased government investments in infrastructure projects and the rapid digitalization of businesses. Meanwhile, North America continues to dominate the market, supported by early technology adoption and the strong presence of major PPM solution providers.

The primary factors that influence market growth are:

• These solutions assist businesses in gaining a comprehensive understanding of resource management and project operations.

• The widespread use of cloud-based technologies for monitoring assignments remotely.

• Increased efforts to enhance productivity across sectors, including healthcare, government, BFSI, telecom, engineering, and construction.

• Bring-your-own device usage is rising, and businesses are putting more effort into achieving faster returns on their investments.

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Key Takeaways from the Market Study

  • Market Size 2024: USD 6,158.4 million; Market Size 2034: USD 14,182.8 million.

  • CAGR (2024-2034): 8.7%.

  • North America holds the largest market share in 2024, followed closely by Europe.

  • AI-powered PPM tools to account for over 40% of total solutions by 2034.

  • Healthcare and IT industries are among the fastest adopters of PPM solutions.

  • Small and medium-sized enterprises (SMEs) to exhibit the highest adoption rates due to increased affordability and cloud-based solutions.

"The integration of AI and machine learning into project portfolio management systems is revolutionizing the market, enabling smarter and faster decision-making. With enterprises placing greater emphasis on aligning projects with strategic goals, the adoption of advanced PPM tools will surge. The shift towards cloud-based solutions also makes PPM tools more accessible to SMEs, creating a fertile ground for market expansion," opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.

Significant Investments By Enterprises In North America Fuels Global Market Expansion

North America dominated the project portfolio management industry with the greatest revenue share. Due to significant infrastructural improvements and the spread of beginning businesses, the region is anticipated to maintain its supremacy during the anticipated timetable.

Businesses operating in the region's industrial sector are using business intelligence and analytics solutions, and analytics-based marketing tactics are a key factor in the project portfolio management market's expansion. Additionally, businesses in the region with digital infrastructure are implementing PPM solutions to start collaborative decision-making to increase project success rates.

Several end-use industries in the U.S. are using project portfolio magnet services, including healthcare, manufacturing, BFSI, and construction. The country's financial status enables the major regional businesses to invest a generous amount in cutting-edge systems and technology for efficient project execution.

To effectively manage the entire business operations and cut down the additional expenditures, companies are relying on PPM. This has made the project portfolio management market of the state more hospitable for growth.

Regional industry leaders use business methods like mergers and acquisitions to expand their clientele and service offerings. For instance, Tempo Software purchased ALM Works in December 2021 for an unannounced sum to help its clients in Massachusetts to make better-project-related decisions.

MCAD (Mechanical Computer-Aided Design) is in great demand in countries like the United States and Canada. In project software design, ECAD (Electronic Computer-Aided Design) also supports market growth. Additionally, the North American project portfolio management market is expanding due to businesses' increased emphasis on fostering employee collaboration and boosting team effectiveness.

In addition, the substantial presence of numerous well-known project portfolio management solution providers in North America, including Microsoft Corporation, Oracle Corporation, and Workfront, is projected to considerably fuel market expansion in this region.

What Factors are Propelling Project Portfolio Management Demand?

The global project portfolio management (PPM) market size is growing in sync with the need to maximize project investment value and optimize corporate processes. The use of cloud-based Project Portfolio Management solutions, as well as smarter ways to lower project failure rates, are expected to move the project portfolio management market forward.

The use of smart procedures for projects in project portfolio management systems is one of the major components driving the future prospects of the PPM sector. Smart solutions break down the project into smaller segments that can be tested after each stage, and any improvements may be handled in the following phase rather than redoing the entire project, saving the organization time and money.

Cloud and project portfolio management technology convergence offers practical commercial applications such as remote access and monitoring, real-time data analytics, and computerized programming. The growing reliance of contemporary business and corporate operations on cloud technology has prepared the way for the market for project portfolio management systems to grow steadily throughout the forecast period.

Market's Prime Determinants of Growth, Trends, and Opportunities

  • Growth Drivers: Digital transformation across industries, rising need for data-driven decision-making, and increasing project complexity.

  • Trends: Cloud-based PPM solutions, AI integration, and demand for customizable dashboards.

  • Opportunities: Untapped potential in emerging markets and increased focus on sustainability in project management.

Country-wise Analysis

Country

CAGR (2024-2034)

Key Growth Drivers

China

12.7%

Rapid infrastructure development, government-led digitalization, and smart city projects.

India

11.7%

Infrastructure expansion, smart city initiatives, and growing adoption of digital tools.

South Korea

10.6%

Technology advancements in IT and manufacturing, coupled with strong government support for digital transformation.

Germany

9.8%

Industrial growth, focus on precision in manufacturing, and large-scale production line projects.

United States

8.8%

AI integration, digital transformation, and high demand in IT, healthcare, and construction sectors.

Which Country Lies at the CenterStage for Project Portfolio Management Market Revenue?

The United States is expected to account for the highest market of 8.8 CAGR by the end of 2034 which accounts for approximately 36% of total sales. PPM has grown in popularity, and it is now being utilized to improve governance in a variety of industries, including capital projects, research and development activities, post-merger and acquisition (M&A) integrations, and even Six Sigma programs within plants and factories.

Some businesses are even establishing project portfolio management systems to manage the whole portfolio, with enterprise portfolio management offices in charge of giving supervision and insight into work being done across the organization (EPMOs).

KPMG and ServiceNow have expanded their collaborative agreement to offer environmental, social, and governance (ESG) solutions and services that complement KPMG products and assist organizations in revolutionizing risk management, resilience procedures, and operations.

This solution and service relationship extension combines KPMG specialists' extensive knowledge and sector insights with ServiceNow's flagship digital workflow platform. ServiceNow ESG Management and Reporting interacts with ServiceNow Project and Portfolio Management and Integrated Risk Management to enable clients to design, manage, govern, and report on their ESG operations.

Region-wise Analysis

Which Region is projected to Offer the Largest Opportunity for Project Portfolio Management Market?

North America is the most lucrative region with the highest projected growth. As a consequence of a high number of enterprises investing heavily in projects each year, the PPM sector in this region has grown dramatically.

As a result of technological advancements such as cloud computing and Bring your own Device, users have been pushed to accept more PPM solutions with extended integration platforms.

Mechanical computer-aided design is in high demand in countries such as the United States and Canada, while electronic computer-aided design in project software design is also contributing to market growth. Furthermore, organizations' increased focus on encouraging employee cooperation and enhancing team efficiency is driving market growth in North America.

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Key Companies & Market Share Insights

Prominent players in the market include:

  • Microsoft Corporation

  • Oracle Corporation

  • SAP SE

  • ServiceNow Inc.

  • Broadcom Inc.

  • Planview Inc.

  • Workfront, Inc. (Adobe)

In 2024, these companies collectively accounted for over 60% of the market share, showcasing strong competitive dynamics and continuous innovation.

Project Portfolio Management Market Segmentation

By Component:

In terms of Component, the segment is divided into project portfolio management solutions and project portfolio management services.

By Application:

In terms of application, the segment is segregated into BFSI, IT and telecom, consumer goods and retail, healthcare and life sciences, manufacturing, government and defense, energy and utilities and others.

By Organization Size:

In terms of organization size, the segment is segregated into SMEs and large enterprises

By Deployment Mode:

In terms of deployment mode, the segment is segregated on-premises and cloud-based.

By Region:

A regional analysis has been carried out in key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and the Middle East and Africa (MEA).

Author by:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting' at the ET Inspiring Leaders Awards 2022.

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