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The project portfolio management software market size is estimated to grow by USD 4.09 billion, at a CAGR of 15.7% between 2023 and 2028. Market expansion hinges on various factors, such as the escalating requirement for large-scale project management, rising demand for mobile solutions for project portfolio management (PPM) and cloud-based project portfolio management, and increasing need for effective cost management. PPM entails the centralized administration of an organization's projects, whether interconnected or not, under a unified portfolio, offering the key advantage of resource allocation and management amidst competing demands. These elements collectively shape the trajectory of market growth, reflecting a convergence of organizational requirements and technological advancements. The growing emphasis on large-scale project management underscores the importance of efficient resource utilization and coordination. Simultaneously, the rising demand for mobile PPM solutions and corporate performance management (CPM) software signifies the need for flexibility and accessibility in project management practices. Additionally, the increasing focus on cost management highlights the imperative for organizations to optimize project expenses and enhance overall efficiency.
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The PPM software market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The on-premises segment is estimated to witness significant growth during the forecast period. On-premises segment can be referred to as the project portfolio management software, which is installed and operates on systems on the premises of the organization that utilizes the product rather than being installed at a remote facility, such as the cloud or a server farm.
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The on-premises segment was the largest segment and was valued at USD 1.57 billion in 2018. The in-premises management software comprises databases and modules that work together to specifically meet the special requirements of large businesses with regard to the automation of corporate-wide business systems and their functions. Additionally, this segment provides different variety of tools and features for the effective management of both simple and complex enterprise-level projects. Hence, the growing adoption of on-premises project portfolio management software and business productivity software is expected to drive the growth of this segment, which in turn will drive the growth of the project portfolio management software market during the forecast period.
The BFSI segment will account for the largest share of this segment. The BFSI sector mainly comprises banking, insurance, accounting, and all other financial institutions. Factors such as the increase in the digitization of core processes in these industries and the generation of a considerable amount of data across the sector are significantly contributing to the growth of this segment. As the world is moving ahead at a fast pace and a customer-centric model, huge volumes of data are being generated across companies operating in the BFSI segment, and PPM software helps to manage those data. Hence, such applications are expected to drive the PPM software market growth in the BFSI segment during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors for the significant growth of the market in North America as the region is an early adopter of advanced technologies across all industry verticals. As a result, the industrial sector in the region is technologically mature. The presence of prominent players and top players in the market is also significantly contributing to the market growth in the region. For instance, Mexico is a developing nation, and it is expected to witness a rise in the adoption of PPM solutions, due to its technologically equipped population and the country's proximity to the US. Hence, such factors are expected to drive project portfolio management software market growth in the region during the forecast period.
The market is experiencing robust growth driven by the demand for cloud computing solutions and the necessity of digital transformation in various industries. With legacy systems being replaced by modern cloud-based services, companies are embracing project portfolio management (PPM) solutions to achieve standardization and best practices. These platforms offer interactive dashboards and data analytics, providing a 360-degree perspective for efficient decision-making aligned with company goals. As industries like energy and utilities, telecom, and engineering and construction adopt PPM solutions, the market witnesses an increasing integration of AI technologies to address security and privacy issues amid rising internet penetration.
The market is evolving with the rise of agile and lean business practices and the scaled agile framework (SAFe). Key trends include cloud-based tool integration, AI-powered project understandings, and subscription-based software models. Small vendors, SMEs, and project management offices (PMOs) benefit from scalable solutions and remote access, while sectors like banking, IT and telecommunications, and engineering adopt advanced business process management systems and application lifecycle management systems to handle project complexity and enhance resource management.
One of the key factors driving the market growth is the increasing need for large-scale project management. There is increasing adoption of project portfolio management software due to the rising demand for the management of large-scale projects. There is a huge need for efficient solutions for large-scale project management across organizations as they are focusing on cultivating and managing the resources necessary for effective project results.
Further, one of the key purposes of PPM software is the automation of processes to ensure maximum output by managing resources and maintaining regular follow-ups. Some of the key benefits of implementing project portfolio management software in large-scale projects include process management, projecting profitability, and automation. Hence, such applications and benefits are expected to drive project portfolio management software market growth during the forecast period.
A key factor shaping market growth is the application of lean management techniques in project portfolio management. One of the main reasons for the growing adoption of lean management practices in PPM is the requirement to eliminate the wastage of resources within the project portfolio and thereby use resources to ensure the most productive output possible.
As a result, these integrations are expected to improve the functionalities of PPM software and minimize wastage in different stages of projects. Lean management techniques are commonly used in project management processes as well as IT project portfolios to reduce wastage in plans. Hence, there is an increasing adoption of the lean project portfolio management process across companies as they have access to several features that are necessary to manage project portfolios successfully, thus reducing the complexity of the system. Hence, such applications and benefits are expected to drive PPM software market growth during the forecast period.
Challenges from open-source platforms are one of the key threats hindering market growth. There is an increase in demand for open-source PPM software due to the rising demand for digitalization in the current market scenario. As these types of feature-rich software are freely available on the Internet, several small and medium-scale enterprises use them as the purchasing and licensing costs of commercial software are very high.
Moreover, some of the common features that are available in both open-source platforms and commercial software include source code availability and fast deployment with reliability. The key examples of open-source software are DNS, Sendmail, and Apache, and languages such as HTML and Perl. Hence, such factors are expected to hinder project portfolio management software market growth during the forecast period.
The project portfolio management software market research report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the PPM software market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Adobe Inc: The company offers project portfolio management solutions for prioritizing and managing a list of projects in order to achieve specific business objectives.
Broadcom Inc: The company offers project portfolio management solutions that help organizations collect ideas, organize work, assign resources, allocate budgets, track progress, and report results within an organization.
Cerri.com AG: The company offers project portfolio management solutions that create and organize portfolios, assign projects, and allocate budgets to accommodate the portfolio structure.
The PPM software market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The project portfolio management (PPM) software market is rapidly evolving, driven by its integration with the IT and telecommunications industry, banking industry, and the engineering and construction sector. Project managers are adopting PPM software to streamline waterfall projects and incorporate an agile business model, supported by workflow templates and interactive dashboards. The software's incorporation with enterprise environments enhances scalability for changing workloads while ensuring data safeguarding. Cloud computing and the rise of cloud-based services are transforming the PPM software landscape, particularly in the IT segment and telecom industry. Subscription-based software models like software as a service (SaaS) are favored by small and medium enterprises (SMEs) for their financial planning and management capabilities.
The government sector and energy and utilities are also leveraging these solutions for standardization and best practices. The PPM software market is further driven by digitization and Bring Your Own Device (BYOD), enabling remote working and enhancing operational efficiency. Consulting and implementation services help businesses navigate digital transformation and transition from legacy systems. AI integration into PPM platforms optimizes project planning, while healthcare, engineering, and construction industries benefit from streamlined processes. The overall impact of PPM software on legacy systems and cloud adoption is significant, aligning with global digital transformation strategies.
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Market Scope |
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Report Coverage |
Details |
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Page number |
172 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 15.7% |
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Market growth 2024-2028 |
USD 4.09 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
13.76 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 36% |
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Key countries |
US, UK, China, Germany, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Adobe Inc., BestOutcome Ltd., Broadcom Inc., Cerri.com AG, Hexagon AB, KeyedIn Solutions Inc., Microsoft Corp., ONEPOINT Projects GmbH, Open Text Corporation, Oracle Corp., Planisware SAS, Planview Inc., Project Objects, SAP SE, Sciforma Corp., ServiceNow Inc., Smartsheet Inc., Sopheon Corp., Upland Software Inc., and WorkOtter Inc. |
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Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period. |
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Customization purview |
If our project portfolio management software market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this PPM software market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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