The global project portfolio management (PPM) market size is expected to reach USD 10.5 billion by 2030, according to a new study by Polaris Market Research. The report “Project Portfolio Management (PPM) Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Service); By Deployment; By Enterprise Size, By Application, By Vertical, By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
In recent years, cloud computing has progressed dramatically, with many firms transitioning from server to cloud computing. Such integration offers useful corporate applications such as remote access & monitoring, frequent data analysis, & automatic scheduling. Furthermore, advancements in the cloud and cloud-based applications, as well as the increasing reliance of modern business and corporate operations on cloud technology, have made the way for the market to rise continuously during the study period.
The industry’s need for business optimization, rising usage of portable computing devices, and the increasing popularity of cloud-based solutions are the primary forces pushing project portfolio management system adoption. Businesses are looking for tools and services that deliver real-time project updates to execute projects efficiently. The growth of cloud-based alternatives is driving up demand for remote portfolio management systems.
Small and medium-sized enterprises cannot afford to employ expensive solutions, the subscription-based buying model is growing demand for cloud solutions. Furthermore, because of their adaptive, scalable, and cost-effective architecture, cloud-based solutions are becoming increasingly popular among major enterprises. Another major factor driving system adoption is cloud-based systems' ability to link corporate operations with business strategy.
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The market is growing due to factors such as an increase in the requirement to maximize the value of investments, the complexity of business projects, and a rise in demand for collaboration & monitoring tools. Furthermore, the use of PPM-integrated apps & the reduction of project failures by embracing agile systems is expected to give attractive growth opportunities.
Project Portfolio Management (PPM) Market Report Highlights
Polaris Market Research has segmented the Project Portfolio Management (PPM) market report based on component, deployment, enterprise size, vertical, application, and region:
Project Portfolio Management (PPM), Component Outlook (Revenue - USD Billion, 2018 - 2030)
Project Portfolio Management (PPM), Deployment Outlook (Revenue - USD Billion, 2018 - 2030)
Project Portfolio Management (PPM), Size Outlook (Revenue - USD Billion, 2018 - 2030)
Project Portfolio Management (PPM), Vertical Outlook (Revenue - USD Billion, 2018 - 2030)
Project Portfolio Management (PPM), Application Outlook (Revenue - USD Billion, 2018 - 2030)
Project Portfolio Management (PPM), Regional Outlook (Revenue - USD Billion, 2018 - 2030)