The Project Portfolio Management Market size is expected to grow from USD 4.8 billion in 2023 to USD 6.3 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period. The project portfolio management market’s growth is fueled by organizations seeking software solutions that can support their expanding project management requirements and accommodate changing business landscapes. PPM software provides functionalities to track and manage compliance requirements, as well as identify, assess, and mitigate project risks.
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Moreover, PPM software helps in managing expenses and budgets, allocating resources, distributing duties, and reporting to stakeholders, project managers and project management offices (PMOs). It makes it easier to choose projects by using reliable information, scoring models, and other quantitative and qualitative methods to make sure that projects are chosen based on pertinent criteria. At the same time, current projects that are not helping the business achieve its goals may be quickly and impartially identified, and they can be withdrawn from the portfolio, owing to such factors the demand for PPM software is increasing.
By component, the services segment captured the highest CAGR during the forecast period.
The Project portfolio management market, by component, includes solution and services. The project portfolio management market covers various services including, consulting and implementation, and training, support, and maintenance. During the forecast period it is expected that the need for professional PPM services such as consulting services are expected to increase to help organizations to understand their unique requirements before implementing any PPM solution. Consulting services are expected to help organizations in selecting the best solution to manage projects, lessen resource overload, and enhance teamwork. PPM solution providers help their customers deploy the solutions in accordance with their needs and the pre-existing IT infrastructure by providing a wide range of services.
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Based on deployment mode, the on-premises segment is expected to account for the largest market share during the forecast period
The Project portfolio management market, by deployment mode, is segmented into cloud and on-premises. It is expected that during the forecast period, the on-premises segment is estimated to account for the largest market size and share in the project portfolio management market. In on-premises deployment mode, PPM software are implemented and hosted within an organization’s own infrastructure, generally within its data centers or servers. With an on-premises implementation, the company is in charge of putting together and maintaining the infrastructure required to host the PPM program. The on-premises deployment model offers enhanced security as compared to cloud deployment mode, hence, such deployment mode is preferred by large enterprises which have sensitive data. However, due to their tight budgets and insufficient resources, SMEs, in general, do not choose the on-premises deployment mode. Such factors are expected to create new growth opportunities for cloud/SaaS bases PPM solutions during the forecasted period.
The project portfolio management market is also expected to evolve with technological advancements. Integration with emerging technologies such as artificial intelligence (AI), machine learning (ML), and data analytics enhances the capabilities of PPM software. These advancements enable predictive analytics, intelligent automation, and data-driven decision-making, further driving the demand for PPM software in the market. Further, organizations are striving to enhance efficiency and productivity. PPM software streamlines project management processes by automating repetitive tasks, and provides real-time visibility into project status and performance, which is also fuelling the market growth.
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Major vendors in this market are based in North America and Europe. Oracle Corporation (US), Planview (US), Broadcom (US), SAP (Germany), Microsoft Corporation (US), Adobe Inc. (US), Hexagon (Sweden), ServiceNow (US), Upland Software (US), Atlassian Corporation (US), GFT Technologies (Germany), Micro Focus (UK), Planisware (US), Sciforma (US), Sopheon (US), Cerri (Switzerland), ONEPOINT Projects (Austria), Bestoutcome (UK), Project Objects (Ireland), WorkOtter (US), and Smartsheet (US) are among a few leading players operating in the project portfolio management market. These vendors can concentrate on forming new connections and partnerships. Key players have adopted various strategies such as new product launches, contracts, partnerships, and mergers & acquisitions to strengthen market dominance.
Broadcom
Broadcom is a global technology leader that designs, develops, and supplies a broad range of semiconductor and infrastructure software solutions. Broadcom’s category-leading project portfolio serves critical markets, including data centers, networking, enterprise software, broadband, wireless, storage, and industrial. In the project portfolio management market, Broadcom offers Clarity PPM, Clarity Service Management, and Rally Software. These solutions can be deployed on-premises and in the cloud. These services help organizations to adopt the agile environment at their own pace and maintain the integrity of their portfolio. Agile Management further helps organizations align their business goals and investments from the start and complete projects on time and within the set budget with in-app team collaboration. It caters to customers across major industries worldwide, including BFSI, government, telecommunication and ITeS, manufacturing, consumer goods and retail, education, and healthcare and life sciences. It has a global presence across various regions, such as North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Planisware
Planisware is a leading provider of PPM solutions designed to support the product development, engineering, and IT business processes of organizations. Planisware offers PPM solutions, such as Planisware Enterprise and Planisware Orchestra, to help organizations align their business strategies and improve decision-making to increase portfolio value. These solutions help organizations choose the right projects to develop and improve visibility and communication between teams, resulting in the successful execution of the projects. Additionally, Planisware provides consulting and customer success management services that facilitate effective project follow-up, methodological support, and training. Planisware acquires NQI, broadening its PPM market coverage to include global and mid-market firms. With direct reach and a robust channel partner network, the company has expanded its business in North America, Europe, and the Asia Pacific, to specifically address the needs of its clients from the aerospace and defense, automotive, chemical, manufacturing, fast-moving goods, high tech, life sciences, energy, engineering, and IT verticals.
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