Project Portfolio Management Market Size to Exceed USD 9.16 Billion by 2027 | CAGR of 9.9%
Increasing project complexity, need for resource optimization, demand for strategic alignment, and adoption of AI technology drive PPM market growth.
PORTLAND, OREGON, UNITED STATES, August 3, 2023/EINPresswire.com/ — The Global PPM Market was estimated to be $4,336.20 million in 2019 and is anticipated to increase to $9,161.95 million by 2027, increasing at a CAGR of 9.9% from 2020 to 2027.
Utilizing project portfolio management technologies, businesses may maximize their investments by completing the finest projects at the ideal moment. This is especially crucial in a company with numerous internal projects. Everywhere and at any time, project ideas might strike, and it is not unusual for a business to have a big list of potential projects.
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Artificial intelligence is revolutionizing PPM by automating tasks such as project selection, risk assessment, and resource allocation. AI-driven PPM tools analyze vast amounts of data to provide actionable insights, enabling better decision-making and maximizing project success rates.
Cloud-based PPM solutions are gaining popularity due to their scalability, accessibility, and cost-effectiveness. Cloud platforms offer real-time collaboration, enabling teams to work seamlessly across locations and time zones. This trend empowers organizations to manage portfolios efficiently and adapt to dynamic project requirements.
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PPM is increasingly focused on aligning projects with business strategies and goals. Organizations are seeking to prioritize projects that deliver the most value and contribute to long-term objectives. PPM tools facilitate portfolio analysis, allowing stakeholders to assess project alignment and make informed investment decisions.
With the growing adoption of Agile and DevOps methodologies, PPM is adapting to accommodate these fast-paced approaches. Integration between PPM and Agile/DevOps enables better coordination, resource optimization, and visibility into project progress, fostering collaboration between teams and increasing project delivery speed.
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The global project portfolio management market analysis includes some of the key market players such as Oracle Corporation; Microsoft Corporation; Planview, Inc.; Broadcom Inc.; Workfront; ServiceNow, Inc.; Upland Software, Inc., Micro Focus; Planisware; and Sciforma.
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Allied Analytics LLP
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