Project Portfolio Management Market size is anticipated to reach USD 20.5 Billion by the end of 2036, growing at a CAGR of 13% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of the project portfolio management was over USD 4.74 Billion.
The market is predicted to experience significant growth due to the increasing adoption of business process automation. More and more businesses are relying on automated processes, such as automated order entry, email automation, batch processing, file transfer, and report generation and distribution. Additionally, approximately 66% of businesses have already automated at least one of their processes.
Moreover, as the business landscape continues to evolve, there is an increasing need for cloud-based software across various industries. In particular, the demand for cloud-based project management solutions is on the rise. This trend may accelerate the adoption of cloud technology for portfolio management solutions as well, leading to more robust revenue growth in the overall market.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~13% |
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Base Year Market Size (2023) |
~ USD 4.74 Billion |
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Forecast Year Market Size (2036) |
~ USD 20.5 Billion |
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Regional Scope |
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Component (Software, Services)
The software segment in the project portfolio management market is anticipated to hold 62% of the revenue share by 2036. The primary attribute to the segments growth is IT vendors’ enormous demand in all industries. emergence of cloud-based software triggers positive market response due to additional features with flexible price packages. To scale infrastructure, supply exquisite web services, and scale and analyze enough data storage for the expansion of small and large businesses, 90% of organizations engage in and execute cloud computing operations, promoting the segments growth.
Deployment (On-Premises, Cloud- Based)
The cloud-based segment is expected to attain a significant market share by 2036. Rising recognition of SaaS technologies is a primary driver for the segment. The demand for cloud-based software is expected to rise because of its flexible pricing models, convenient maintenance packages, easy upgrade options, and accessibility. Additionally, cloud-based solutions are popular because of their affordability, adaptability, and scalability. SaaS is uncomplicated and fast to install, with a hosted deployment strategy. In a survey conducted in 2021, 73% of businesses declared they would use SaaS applications for all of their workloads.
Our in-depth analysis of the global market includes the following segments:
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Component |
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Deployment |
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End-User Industry |
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North American Market Forecast
North America is anticipated to account for 42% share of the global project portfolio management market by 2036. The rapid use of cutting-edge technologies like cloud computing, artificial intelligence (AI), and others is fuelling the expansion of the project portfolio management market in North America with 89% of companies using a multi-cloud approach. Organizations can manage their project portfolios with the help of cloud-based solutions, which is what is driving the industry. Similar to this, the market would grow as SMEs increasingly adopted cloud-based solutions. The industry's major players, including Oracle Corporation, Microsoft Corporation, Adobe (Workfront), Hewlett Packard Enterprise Development LP, Broadcom Inc., ATLASSIAN, Planview, Inc., and others, are concentrating on product launches and acquisitions, which are predicted to drive the market growth in the area.
APAC Market Statistics
Asia Pacific is expected to hold a significant market share by the end of 2036. The increased use of project management software in all types of organizations is responsible for the market's expansion. Additionally, throughout the forecast period, rising demand for cloud-based infrastructure is anticipated to fuel market expansion. According to a recent ranking, Singapore has the highest potential for innovation and business environment, scoring almost 65% out of 100% in 2021. Additionally, the demand for project management software in the IT sector of the Asia Pacific region is expected to increase significantly over the forecast period. For example, it is expected that IT services in the region will fall to about USD 200 billion by 2023.
Author Credits: Abhishek Verma, Hetal Singh
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