Project Portfolio Management Industry
The global project portfolio management (PPM) market was valued at USD 4.80 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 13.0% from 2023 to 2030. One of the key factors driving this growth is the increasing adoption of cloud-based services, which enable the remote monitoring of assignments. This trend is expected to contribute significantly to the market's expansion. Moreover, the rise in automation and digitalization across various sectors, including healthcare, government, BFSI (Banking, Financial Services, and Insurance), telecom, and engineering and construction, has heightened the need for monitoring and analytical solutions that enhance productivity and business efficiency. This is encouraging the widespread implementation of PPM solutions.
Additionally, the increasing complexities in projects and the growing need for timely and efficient management are anticipated to further propel market growth during the forecast period. The demand for PPM solutions is also being driven by the necessity for organizations to gain a comprehensive, 360-degree view of project operations and resource management. PPM software plays a critical role in facilitating collaborative scheduling, planning, and quicker, more effective decision-making. Furthermore, the increasing trend of "bring your own device" (BYOD) policies, along with the growing focus of organizations on achieving faster Return on Investment (ROI), are key factors contributing to the continued expansion of the PPM market.
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Solution Insights
The information technology (IT) segment held the largest revenue share of 54.1% in 2022.
- This dominance is largely driven by the rising demand for more advanced and user-friendly project portfolio management (PPM) software designed to assist businesses in managing their IT projects more efficiently.
- IT projects are typically complex in nature, involving the coordination of multiple teams, resources, and processes. These projects often require detailed tracking to monitor progress, manage resources, and ensure that deadlines and budgets are met.
- PPM software plays a crucial role in enabling IT project managers to effectively track the progress of ongoing projects, identify potential risks or issues, and allocate resources more strategically to avoid delays and cost overruns.
- The growing complexity and scale of IT projects, along with the need for improved oversight and coordination, make the IT segment a significant driver for the adoption of PPM solutions.
The new product development (NPD) segment is expected to grow at the fastest compound annual growth rate (CAGR) of 14.4% over the forecast period.
- The growth of this segment is attributed to the increasing complexity of NPD projects, which involve a wide array of activities across multiple departments, from research and development to marketing and manufacturing.
- NPD processes are intricate and often include a variety of tasks such as product design, testing, and production planning, all of which require precise management and coordination.
- PPM software is instrumental in helping NPD project managers oversee the development process by providing tools to track the progress of each phase, manage associated risks, and optimize the allocation of resources to ensure timely completion of new product launches.
- As the demand for innovation and rapid product development increases, companies are relying more on PPM solutions to streamline their NPD processes, improve efficiency, and mitigate the risks associated with bringing new products to market. This rising reliance is driving the rapid growth of the NPD segment within the PPM market.
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