According to a new report, published by KBV research, The Global Project Portfolio Management Market size is expected to reach $12.59 billion by 2031, rising at a market growth of 12.1% CAGR during the forecast period.
The Services segment is anticipating a CAGR of 12.8% during (2024 - 2031). This segment includes consulting, integration, and support services that help organizations implement and optimize PPM solutions. The rising complexity of large-scale projects has increased the demand for professional services to ensure seamless deployment and customization of PPM tools. Ongoing support and maintenance services are also crucial for enhancing system performance and meeting evolving business needs.
The Large enterprises segment is leading the Global Project Portfolio Management Market by Enterprise Size in 2023; thereby, achieving a market value of $7.49 billion by 2031. This dominance is attributed to the high volume of complex projects that large organizations manage simultaneously. These enterprises require advanced project management tools to streamline workflows, allocate resources effectively, and ensure timely project delivery. The growing focus on digital transformation and process optimization further drives the adoption of PPM solutions among large businesses.
The New product development segment obtained a CAGR of 12.5% during (2024 - 2031). Companies focus on accelerating product innovation and improving time-to-market, leading to greater demand for PPM solutions in this area. These solutions help businesses manage product lifecycles, prioritize development projects, and reduce risks associated with new product launches. The growing emphasis on digital transformation and competitive differentiation has further driven the adoption of PPM tools for product development.
The Cloud segment is leading the Global Project Portfolio Management Market by Deployment in 2023; thereby, achieving a market value of $6.61 billion by 2031. This growth is driven by the rising adoption of cloud-based solutions due to their scalability, cost-effectiveness, and ease of access. Cloud PPM platforms offer real-time collaboration, enabling remote teams to manage projects efficiently. Additionally, the growing digital transformation trend and the increasing demand for subscription-based services have fueled the adoption of cloud solutions across various industries.
The BFSI segment is generating a CAGR of 11.5% during (2024 - 2031). The growing complexity of financial projects and regulatory compliance requirements drive the adoption of PPM solutions in this sector. These solutions help financial institutions manage risks, track resources, and improve decision-making processes. Additionally, the need for enhanced transparency and real-time insights has further boosted the demand for PPM in the BFSI sector.
Full Report: https://www.kbvresearch.com/project-portfolio-management-market/
The North America region dominated the Global Project Portfolio Management Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $4.84 billion by 2031, growing at a CAGR of 11.6 % during the forecast period. The Europe region is experiencing a CAGR of 11.8% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 12.8% during (2024 - 2031).
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