Project Portfolio Management Market

Project Portfolio Management Market – Overview

The global project portfolio management market is projected to grow at a favorable rate from 2021 to 2031 (forecast period). The global project portfolio management market is expected to benefit from the factors such as an increase in the requirement to maximize the value of project investments, a rise in the complexity of business projects, and a spike in demand for collaboration and monitoring tools.

Moreover, the use of cloud-based project portfolio management integrated apps and the reduction of project failure rates by embracing agile methodologies are expected to offer attractive opportunities for the growth of the global project portfolio management market.

Project Portfolio Management Market – Competitive Landscape

Key players active in the global project portfolio management market are Broadcom (US), Oracle (US), SAP (Germany), Planview (US), Microsoft (US), ServiceNow (US), Workfront (US), Hexagon (Sweden), Micro Focus (UK), Upland Software (US), Planisware (France), Sciforma (US), Keyedin Projects (US), Sopheon (US), Bestoutcome (UK), Cerri (Switzerland), One2Team (US), Miesterplan (Germany), One point Projects (Austria), Intelit Smart Group (Brazil), Project Objects (Ireland), Celoxis (India), Workotter (US), Smartsheet (US), Wrike (US), Monday.com (Israel), Asana (US), and Cherwell (US).

To broaden their global appeal, key market players are continuing to pursue inorganic marketing tactics such as alliances, technological innovations, investments, acquisitions, and R&D activities.Planview absorbed Clarizen and Changepoint in January 2021. Planview customers will benefit from the acquisition by gaining access to the tools and resources to plan and implement their most ambitious projects effectively.

Project Portfolio Management Market – Trends and Opportunities

In a continually evolving and changing business environment, organizations are finding it increasingly challenging to link projects with their company strategy. Transparency in projects is essential for sound decision-making and increased project performance. Organizations frequently lose focus when managing many projects for different clients. Even successful projects can have overspending due to a variety of causes such as inadequate project estimation, inefficient resource allocation, imprecise scheduling, and a lack of visibility into project data.

As per the Project Management Institute (PMI), 94% of high-maturity firms witnessed a meaningful improvement after deploying the project portfolio management. As a result, the need for technology-driven project portfolio management solutions is increasing, as these solutions assist firms in gaining a 360-degree picture of project operations and resource management. This data would assist firms in better project planning and improving different phases of the project life cycle. Moreover, project portfolio management solutions assist firms in making proper resource allocation decisions in order to reduce the risk of over-or under-allocation. Such factors are projected to boost the global project portfolio management market.

Organizations now have new options to optimize their relationships with their business customers as a result of digitalization. Businesses thrive and fail in today's increasingly competitive market based on how they manage various projects with established budgets and timelines. As a result, firms must develop their project portfolio management practices in order to take full advantage of the adopted project portfolio management system. Top enterprises use agile approaches to remove extreme multitasking and minimize resource overload.

Furthermore, adopting an agile approach enables firms to determine specific project values and the ROI on each of them. Project managers can obtain real-time insights on project performance and make changes as needed. As per a survey conducted by a top project portfolio management provider, installing a contemporary project portfolio management solution backed by agile principles saves project turnaround time by 37% on average. As a result, the global project portfolio management market is expected to grow during the forecast period.

Project Portfolio Management Market – Regional Landscape

The project portfolio management market in North America is projected to grow during the forecast period. As a large number of firms invest heavily in projects each year, there is substantial growth in the project portfolio management market in this region. BYOD (Bring Your Own Device) and cloud computing have compelled consumers to use more project portfolio management solutions with expanding integration platforms.

In countries such as the United States and Canada, there is a high demand for ECAD (Electronic Computer-Aided Design) and MCAD (Mechanical Computer-Aided Creation) in project software design, which is likely to support the regional market growth. The project portfolio management market in Europe is anticipated to expand due to the rising adoption of portable devices and cloud-based services among organizations in the region.