Project Portfolio Management (PPM) Market Value to Exceed USD 9.16 Billion by 2027

Need to maximize the value of project investments & complexity of corporate projects driving growth of the worldwide project portfolio management market.

PORTLAND, PORTLAND, OR, UNITED STATES, February 15, 2023 /EINPresswire.com/ — According to the report, the global project portfolio management (PPM) market generated $4.33 billion in 2019, and is expected to generate $9.16 billion by 2027, witnessing a CAGR of 9.9% from 2020 to 2027.

Requirement of optimizing the value of project investments, rise in complexity of enterprise projects, and need for collaboration and monitoring tools drive the growth of the global project portfolio management market. However, issues related to data privacy and steep learning curves for PPM software hinder the market growth. On the other hand, reduction in project failure rate by embracing agile methods and adoption of cloud-based PPM integrated applications present new opportunities in the coming years.

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The software segment to maintain its lead position during the forecast period

Based on component, the software segment accounted for nearly two-thirds of the global project portfolio management market in 2019, and is projected to maintain its lead position during the forecast period. This is due to resource management, change control, pipeline management, change control, financial management, and most importantly risk assessment and management features provided by software. However, the services segment is estimated to grow at the highest CAGR of 11.6% from 2020 to 2027, owing to the increase in demand for training of employees and maintenance services for organizations.

The BFSI segment to maintain its leadership status by 2027

Based on industry vertical, the BFSI segment contributed to the highest market share in 2019, accounting for more than one-fourth of the global project portfolio management market in 2019, and is expected to maintain its leadership status by 2027. This is due to increased multi-regional operations as well as outsourcing activities in the financial institutions. However, the healthcare segment is projected to portray the largest CAGR of 16.4% from 2020 to 2027. This is due to need to integrate various delivery systems to share information and report to agencies along with providing certain aspects of the health services to their patients.

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North America to maintain its dominance in terms of revenue by 2027

Based on region, North America held the highest market share in 2019, accounting for nearly two-fifths of the global project portfolio management market, and is estimated to maintain its dominance in terms of revenue by 2027. This is due to the presence of a large number of solution and service vendors in this region. However, Asia-Pacific is expected to witness the fastest CAGR of 12.6% from 2020 to 2027, owing to dynamic increase in the adoption of the internet by enterprises and rapid technological advancements.

Leading market players
• Oracle Corporation
• Microsoft Corporation
• lanview, Inc.
• Broadcom Inc.
• Workfront
• ServiceNow, Inc.
• Upland Software, Inc.
• Micro Focus
• Planisware
• Sciforma

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Key Findings of the Study –

• By component, the software segment led the project portfolio management market in terms of revenue in 2019.
• Region wise, North America generated the highest revenue in 2019.
• By organization size, the small and medium enterprises segment is expected to exhibit highest growth rate during the forecast period.
• Depending on industry vertical, the healthcare segment is anticipated to exhibit substantial growth during the project portfolio management market forecast period.

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David Correa
Allied Analytics LLP
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