Project Portfolio Management Market: By Product Type (Software and Service) By Deployment Mode (Cloud and On-premise), By Application (Project and Portfolio Governance, Portfolio Dashboards and Analytics, Visibility and Reporting, Resource Management, Financial Planning and Management, and Others), By End Users (BFSI, Government, Engineering & Construction, Healthcare, IT & Telecom, and Others), And Geography

Project Portfolio Management Market size was valued at USD 4,652.1 million in 2022 and is poised to grow at a CAGR of 10.2% over 2024-2030. Project portfolio management helps in positioning project goals with business policy for making an informed decision, reduces risks, improves resource use across the enterprise, rising return on investment, enhances project selection procedure, exploits business influences, enhances productivity with team collaboration, delivers the project within budget and time, and create assets and share the best performance. Growing complications in enterprise projects can lead to the growth of the project portfolio management market size. Moreover, an increase in the necessity of monitoring and collaboration tools and enhancing the value of investments in the project are some primary factors that can boost the global Project Portfolio Management market.

Apart from these, the increase in usage of personal devices such as laptops, tablets, and computers in offices can boost the efficacy of the employees but it will create difficulty in monitoring the project in real-time through traditional project management procedures. hence, in such scenarios project portfolio management market is required which can accelerate the market in the future. However, some factors such as the risk of choosing the right solutions that coincide with the business requirements of the organization, and worries of an organization regarding confidentiality of data, data privacy, and data security can restrain the growth of the market. Reduction in the rate of project failure and project cost by adopting agile methods creates an opportunity for the growth of the global project portfolio management market size. Moreover, an increase in acceptance of cloud-based project portfolio management integrated applications can provide lucrative opportunities for market growth.  

Project Portfolio Management Market Developments:

• In January 2021, Clarizen and Changepoint were acquired by Planview to access the resources and tools to execute the most critical initiatives.
• In September 2020, G-Cloud 12 supplier by the U.K. Government's Crown Commercial Service Digital Marketplace selected Bubble Ltd. for providing project portfolio management services to the public.