Delray Beach, FL, Nov. 07, 2024 (GLOBE NEWSWIRE) -- The Project Portfolio Management Market is expected to grow from USD 7.8 billion by 2024 to USD 13.7 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period, according to a new report by MarketsandMarkets™.
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Project Portfolio Management Market Dynamics:
Drivers
- Surging demand for advanced PPM tools due to growing project complexities
- Need for enhanced return on investment (ROI)
- Increasing demand for holistic view of resource management and project operations
- High implementation costs
- Resistance to change within organizations
- Data security and privacy concerns
- Adoption of cloud-based solutions
- Rising demand for digital transformation
- Adoption of AI-driven tools
- Oracle (US)
- Smartsheet (US)
- Microsoft (US)
- Asana (US)
- ServiceNow (US)
- Planview (US)
- SAP (Germany)
- Atlassian (Australia)
- Wrike (US)
- Monday.com (Israel)
The expansion of the project portfolio management (PPM) industry will be fueled by the rising demand for projects to align strategically, AI and automation developments, the surge in remote work and digital collaboration tools, and the increasing use of PPM solutions in various sectors like IT, construction, finance, and healthcare to enhance resource distribution and guarantee project success.
As per offering, the solutions segment holds the largest share during the forecast period.
PPM solutions are software tools that help organizations efficiently manage projects and portfolios. Such solutions provide the functionality for project planning, resource allocation, budget management, risk assessment, and performance tracking. This allows organizations to prioritize projects at the highest level based on their vision, aligning with strategic objectives and optimizing available resources. The PPM solution gives dashboards and analytics to real-time project status and portfolio performance and supporting decisions. They are the drivers of process improvement, teamwork, and projects completed on time and within budget. All industries use these tools, available either as a product for onsite use or as cloud-based deployment models.
As per business function, the IT & software development will grow at the highest CAGR during the forecast period.
PPM is crucial in the IT & software development industry as it helps manage project organization, prioritize tasks, and align resources with business goals for efficiency. PPM solutions assist in overseeing the entire process of software projects, from initial planning and development to testing and deployment. They allow teams to monitor advancement, handle finances, and reduce risks, which helps ensure on-time completion and quality control. PPM solutions help balance workloads, enhance collaboration, and help make better decisions by offering insight into project status and resource utilization. This leads to improved performance, greater customer alignment, and successful IT strategy implementation within the company.
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As per organization size, large enterprises hold the largest share during the forecast period.
Large companies with an employee strength of over 1,000 employees make up a substantial portion of the PPM market. These companies need advanced PPM solutions to manage large project portfolios, varied teams, and intricate workflows. Sophisticated PPM tools allow large corporations to connect with current systems, handle numerous projects simultaneously, and guarantee compatibility with strategic objectives. They utilize advanced analytics, real-time reporting, and resource optimization to improve decision-making and operational efficiency. These businesses frequently seek customized, tailor-made, and flexible options to assist with international activities. Robust PPM systems aid large enterprises in simplifying processes, reducing risks, and promoting innovation within their extensive project environments.
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