Project Portfolio Management Global Market Report 2024

The global project portfolio management market has grown strongly in recent years. It will grow from $5.55 billion in 2023 to $5.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth observed in the historical period can be credited to several factors, including the rising need for resource optimization, a noticeable increase in project failures, the globalization of businesses, financial constraints on budgets, strategic alignments, and a heightened demand for mobile accessibility.

The global project portfolio management market is expected to see strong growth in the next few years. It will grow to $8.56 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. Anticipated growth in the upcoming period is linked to several factors, notably the emergence of hybrid work models, heightened stakeholder expectations, growing concerns regarding cybersecurity, changes in the regulatory landscape, emphasis on enhancing user experience, and a focus on portfolio visibility.

The anticipated growth in the project portfolio management market is strongly linked to the surge in automation and digitalization activities across industries. Automation involves controlling processes or systems automatically, while digitalization converts physical data into electronic form. Companies are increasingly employing automation to address labor shortages and streamline business processes. Project portfolio management plays a pivotal role in handling vast amounts of project-related data within a unified system, a necessity arising from the increasing trends of automation and digitalization. For instance, in a 2022 UiPath survey, a significant percentage of executives expressed intentions to invest or expand investments in enterprise automation, signaling the rising adoption of automation tools and technologies.

The escalating demand within the manufacturing sector is expected to drive the growth of the project portfolio management market. Manufacturing involves the transformation of raw materials into finished goods and adopting project portfolio management strategies in this sector ensures a comprehensive approach to project management. It leads to enhanced efficiency, risk reduction, improved collaboration, and faster product development cycles. Notably, in March 2022, a report from the United Nations Industrial Development Organization indicated a substantial 9.4% rise in global manufacturing production in 2021, further underlining the influence of manufacturing demand on the project portfolio management market.

Technological advancements represent a significant trend shaping the project portfolio management landscape, with companies integrating artificial intelligence (AI) into project management software. This integration enhances data analysis and insight generation. For instance, in August 2021, Replicon introduced the 'Polaris PPM solution,' employing self-driving PPM technology driven by AI. This innovative approach enables real-time data analysis and offers immediate suggestions based on collected data, optimizing decision-making within the system.

Leading companies in the project portfolio management market are focused on innovative solutions, such as cloud-based platforms, aiming to drive market revenues. Cloud-based platforms, delivering computing services via the internet, offer enhanced flexibility and accessibility. For example, Synami launched 'PPM Core' in February 2023, emphasizing centralized project data and effective communication among project participants. This cloud-based project portfolio management platform caters to organizations valuing unified data and efficient collaboration.

In March 2021, Symphony Technology Group (STG) acquired Sciforma, a move anticipated to bolster Sciforma’s cloud offerings and accelerate innovation. This acquisition, undisclosed in amount, strengthens Sciforma’s position in portfolio and project management software.

Major companies operating in the project portfolio management market report are Broadcom Inc., Celoxis Technologies Pvt. Ltd., Wrike Inc., HP Development Company L.P., ServiceNow Inc., Planview Inc., Planisware S.A.S., Microsoft Corporation, Oracle Corporation, Workfront Inc., SAP SE, Logic Software Inc., ProductDossier Solution, Sopheon Corporation., Cerri.com AG., Keyedin Inc., Atlassian Corporation PLC, Upland Software Inc., Clarizen Inc., Sciforma Corporation, Changepoint Corporation, Mavenlink Inc., Project Objects Solutions Limited, Innotas a Planview company, Genius Project, Deltek Inc., One2Team, ProSymmetry Inc., Project Insight Inc., Meisterplan Inc.

North America was the largest region in the project portfolio management market share in 2023. The regions covered in the project portfolio management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the project portfolio management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Project portfolio management comprises software solutions and services aimed at facilitating project managers in overseeing multiple projects within a single portfolio. These solutions cater to organizations of varying sizes, including large enterprises and SMEs, deployed either on-premise or in the cloud. They find applications in project management, portfolio management, demand management, resource management, financial management, and more, serving industries like energy and utilities, government and defense, IT and telecom, banking and insurance, manufacturing, healthcare, consumer goods, retail, and others.

This report provides project portfolio management market statistics, including project portfolio management industry global market size, regional shares, competitors with a project portfolio management market share, detailed project portfolio management market segments, market trends and opportunities, and any further data you may need to thrive in the project portfolio management industry. This project portfolio management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The project portfolio management market includes revenues earned by entities by providing services such as portfolio management, demand management, project/ solution management, and business outcome management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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