Northbrook, IL 60062 -- (SBWIRE) -- 07/06/2023 -- The global 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, according to research report by MarketsandMarkets™.

The tactics, instruments, and methods used to manage a project are collectively referred to as project management. Projects are brief; they last for a predetermined period of time and, ideally, produce a finished product or service. Project portfolio management (PPM) software helps in planning and evaluating the potential utility of groups (portfolios) of connected projects, initiatives, and requirements. PPM is a more advanced strategy that connects project management to enterprise management to help firms in choosing projects that best support or align with their goals.

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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projects that are not helping the business achieve its goals may be quickly and impartially identified, and they can be withdrawn from the portfolio, owing to such factors the demand for PPM software is increasing.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.

North America is projected to hold the largest market share during the forecast period.

The Project portfolio management market has been segmented by region into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. As per region, North America is estimated to account for the largest market share in the global project portfolio management market in 2023, and this trend is expected to continue during the forecast period. The Project portfolio management market in North America has been studied for countries including the US and Canada. The adoption of the project portfolio management solution is expected to be the highest in North America compared to other regions due to the region having a dynamic and competitive business environment characterized by a diverse range of industries. Many businesses in North America prioritize strategic alignment, ensuring that projects support their overarching goals and objectives. PPM solutions have become increasingly popular in this region due to a number of variables, including the need for better project management techniques, the complexity of projects, and the need to accomplish key business goals. Businesses in this developed market are open to a variety of alliances, collaborations, mergers, and acquisitions to diversify their product offerings. The regional headquarters of every major participant in this market are located in this region. The leading companies in this market region are Oracle, Microsoft, Planview, and Broadcom. Compared to the other regions, North America now generates the most income from the project portfolio management market.

Top Key Players:

Some of the significant project portfolio management market vendors are 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), and Sopheon (US).

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