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. PPM’s main purpose is to ensure that all of the portfolio’s results contribute to the organization’s strategic objectives and business goals. While minimizing risk and controlling stakeholder expectations, the portfolio manager or PMO accomplishes this through business analysis, budget review, and forecasting.

Project portfolio management is a higher-level strategy that coordinates, prioritizes, and assesses the potential value of numerous projects and programs in a portfolio in order to manage them simultaneously and improve resource management. The objective of the project portfolio management process is to effectively fulfill an organization’s overall goals and objectives by managing and utilizing the life cycle of investments, initiatives, programs, projects, and outcomes. Project portfolio management is a subset of project management. It leads to the ultimate aim, which is achieving the organization’s strategic goals.

By deployment mode, the cloud segment holds the highest CAGR during the forecast period.
The project portfolio management market by deployment mode is divided into cloud and on-premises. The cloud segment is estimated to grow at the highest CAGR during the forecasted project portfolio management market. PPM cloud deployment is the process of implementing and hosting PPM software or systems on cloud-based infrastructure, which is often offered by a third-party cloud service provider. The PPM software is accessed and utilized online in this deployment strategy as opposed to being installed and hosted on the company’s own servers or data centers. Since users may access the software and data from any location with an internet connection, cloud-based PPM solutions offer improved accessibility. As a result, distributed teams can collaborate remotely and effectively. The deployment approach for the cloud is flexible as well, enabling customers to scale resources up or down in accordance with their requirements, such as adding or removing user licenses or increasing storage capacity. Cloud technology has gained popularity as a model for modern project-intensive enterprises due to its financial advantages and wide range of potential applications. Due to their three primary benefits?no infrastructure setup or maintenance costs, usage-based charging, and scalability and reliability?cloud-based solutions have now taken the lead for every other organization.

Further, project managers can get assistance from the cloud-based PPM systems with portfolio budgeting, portfolio coordination, and Rol/forecasting. They also have a consolidated platform to create fast reports and in-the-moment analyses. Innotas, Daptiv, AtTask, Clarizen, and Project Insight are a few of the major cloud based PPM suppliers

By organization size, the SMEs segment holds the highest CAGR during the forecast period.
The project portfolio management market, by organization size, is segmented into large enterprises and SMEs. The SMEs segment is expected to grow highest CAGR during the forecast period. PPM software provides SMEs with tools and features to effectively plan, organize, and manage their projects. Moreover, PPM software enables SMEs to efficiently allocate and utilize their limited resources. It provides a centralized platform to manage resource availability, capacity, and utilization across multiple projects. With real-time visibility into resource availability and conflicts, organizations can make informed decisions to optimize resource allocation and avoid overburdening their teams. It also helps in defining project goals, allocating resources, tracking progress, and ensuring timely completion of tasks. By streamlining project management processes, SMEs can enhance productivity and achieve better project outcomes, such factors are expected to drive the adoption of PPM software among SMEs during the forecasted period.

Based on vertical, the consumer goods and retail segment holds the highest CAGR during the forecast period.
The project portfolio management market, by vertical is segmented into energy and utilities, government and defense, IT and telecom, BFSI, manufacturing, healthcare and life sciences, consumer goods and retail, transportation and logistics, agriculture, and other verticals. The consumer goods and retail segment is expected to grow highest CAGR during the forecast period. PPM software facilitates the streamlining of the new product development process for consumer and retail industries. It enables businesses to coordinate numerous product development initiatives, monitor results, allocate resources, and guarantee that fresh items reach the market on schedule. PPM software helps retail businesses manage shop renovation and expansion projects. It assists in keeping track of project finances, schedules, and resources, facilitating effective coordination of activities across numerous sites and reducing operational disturbances. It can help consumer and retail businesses optimize their supply chains. It aids in the administration of supply chain improvement projects like supplier management, process automation, inventory optimization, and logistics optimization. The PPM platform can be used to enhance store efficiency and operations. It gives retailers the ability to oversee initiatives aimed at enhancing operational procedures, such as rearranging shop layouts, improving inventory control, and updating point-of-sale systems. Moreover, PPM software can help consumers and retail businesses in managing their connections with vendors and suppliers. It assists in managing projects connected to vendor onboarding, negotiations, and performance improvement as well as tracking vendor contracts and evaluating supplier performance. Such factors are expected to boost the adoption of PPM software among retailers during the forecast period.

Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the project portfolio management market.

  • By Company: Tier I: 30%, Tier II: 45%, and Tier III: 25%
  • By Designation: C-Level Executives: 40%, Director Level: 25%, and Others: 35%
  • By Region: North America: 45%, Europe: 30%, Asia Pacific: 20%, Rest of World: 5%

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), Sopheon (US), Cerri (Switzerland), ONEPOINT Projects (Austria), Intelit Smart Group (Brazil), Bestoutcome (UK), Project Objects (Ireland), WorkOtter (US), and Smartsheet (US).

Research coverage:
The market study covers the project portfolio management market across segments. It aims at estimating the market size and the growth potential across different segments, such as components, deployment mode, organization size, vertical, and regions. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Reasons To buy this report:
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall project portfolio management market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

  • Analysis of key drivers (Strong demand for cloud-based PPM technologies, Gaining 360-degree view into project operations and resource management and rapidly increasing BYOD trend among organizations), restraints (Combining advanced PPM technology with legacy systems and concerns of organizations related to data confidentiality), opportunities (Increasing demand for digital transformation among organizations and reducing project costs and project failure rate by embracing agile methods), and challenges (Selecting right solutions that align with organization’s business need and lack of standardization and best practices) influencing the growth of the project portfolio management market.
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the project portfolio management market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the project portfolio management market across varied regions.
  • Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the project portfolio management market.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, including Oracle Corporation (US), Planview (US), Broadcom (US), SAP (Germany), Microsoft Corporation (US), among others in the project portfolio management market.