Market Overview

The global project portfolio management market size was valued at USD 6.8 Billion in 2024. IMARC Group forecasts the market to reach USD 14.9 Billion by 2033, growing at a CAGR of 8.67% during the forecast period 2025–2033. Growth is driven by the increasing focus on data-driven decision-making, the rising number of mergers and acquisitions enlarging project portfolios, and emphasis on maximizing return on investment.

Study Assumption Years

• Base Year: 2024

• Historical Year/Period: 2019-2024

• Forecast Year/Period: 2025-2033

Project Portfolio Management Market Key Takeaways

• The global project portfolio management market size was USD 6.8 Billion in 2024.

• The CAGR is 8.67% during the forecast period 2025-2033.

• The forecast period for the market spans from 2025 to 2033.

• Increasing reliance on external vendors and contractors is augmenting the market.

• Rising number of mergers and acquisitions (M&As) is driving the need for PPM solutions.

• North America accounts for the largest market share, supported by high IT budgets and automation demand.

• Challenges include balancing resource allocation and managing diverse project lifecycles.

• Opportunities lie in leveraging advanced analytics for real-time decision-making and enhancing team collaboration.

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Market Growth Factors

The global project portfolio management market is propelled by the growing emphasis on collecting valuable project-related data that enables better and more informed decision-making worldwide. This surge in data focus helps organizations optimize resources and make strategic decisions that boost project success rates.

Another major growth driver is the increasing reliance on external vendors and contractors to complete projects. This trend expands project portfolios and creates a need for comprehensive PPM solutions to manage multiple stakeholders effectively. Additionally, the rise in mergers and acquisitions, which enlarge project portfolios, also elevates demand for project portfolio management systems.

Furthermore, the increasing adoption of cloud-based accessibility, real-time reporting, and virtual team coordination features, driven by the significant rise in work-from-home and hybrid work models, is pushing market growth. Around 16% of global employees work remotely, with 62% opting for hybrid arrangements, fostering demand for agile PPM tools that handle distributed project management efficiently.

Market Segmentation

Component:

• Software: Dominates the market, playing a critical role in resource allocation, scheduling, decision-making, risk assessment, and cost-benefit analysis through centralized platforms.

• Services: Also part of the market offering support alongside software solutions.

Solution Type:

• Information Technology Solutions: Holds the largest market share as IT solutions in PPM focus on managing technology projects critical to strategic goals, featuring real-time dashboards and analytics.

• New Product Development Solutions

• Others

Deployment Type:

• On-premises: Represents the largest segment, offering organizations control over maintenance, updates, and security, suitable for stringent compliance needs.

• Cloud-based

Organization Size:

• Large Enterprises: Largest market segment, leveraging advanced features like real-time dashboards and complex risk assessments to optimize resources.

• Small and Medium Enterprises

Vertical:

• Banking, Financial and Insurance Services (BFSI): Largest vertical segment, where PPM tools support risk management, digital transformation, and regulatory compliance with robust security.

• Energy and Utilities

• Government and Defense

• IT and Telecom

• Manufacturing

• Healthcare and Life Science

• Consumer Goods and Retail

• Others

Regional Insights

North America dominates the global project portfolio management market, accounting for the largest share. The region benefits from a growing demand for automation in workplaces and increased IT budgets, which grew by 31% in North America in 2022 compared to 21% in Europe. Additionally, government investments, such as the US$ 10.89 Billion cybersecurity budget proposed in fiscal year 2023, bolster the market growth opportunities.

Recent Developments & News

In April 2024, Tempo Software integrated its portfolio management tools into a flexible and modular platform, featuring Capacity Insights for Jira that uses artificial intelligence for efficient team planning at scale. In the same month, ProdigyBuild introduced a new software development and project management tool specifically designed for software teams, offering advanced automation and intelligence to project management processes.

Key Players

• Broadcom Inc.

• Celoxis Technologies Pvt. Ltd.

• HP Development Company

• Innotas

• Keyedln Solutions LLC

• Microsoft Corporation

• Oracle Corporation

• Planisware

• Planview Inc.

• SAP SE

• Workfront Inc.

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About Us

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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