Analysis of Project Portfolio Management Market Size by Research Nester Reveals the Market to Grow with a CAGR of ~9.70% During 2023-2035 and Attain ~USD 17.31 Billion by 2035

Research Nester’s recent market research analysis on “Project Portfolio Management Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global project portfolio management market in terms of market segmentation by offering, deployment, enterprise size, end user and by region.

Increasing Need for Efficient and Cost-Effective Project Portfolios to Promote Global Market Share of Project Portfolio Management
The global project portfolio management market is estimated to grow majorly on account of the increasing popularity of agile project management in organizations. A study estimates that 65% of projects completed under agile methodologies are successful, compared to only 47% of projects completed under waterfall methodologies. Agile project management helps organizations to manage projects more effectively and efficiently by breaking down projects into smaller chunks and allowing for faster feedback. This makes it easier for organizations to identify potential issues and make changes quickly, resulting in a smoother and more successful project delivery. As a result, organizations are more likely to invest in project portfolio management solutions that can help them manage projects better.
Some of the major growth factors and challenges that are associated with the growth of the global project portfolio management market are:
Growth Drivers:
· Increasing spending in the IT sector
· Growing Industry-wide automation
Challenges:
Project portfolio management requires a lot of effort and resources, which can be difficult for some organizations to invest in. Additionally, there is the technical complexity of integrating different software and tools. Finally, the lack of unified processes and data across an organization can lead to misaligned goals and objectives, making it difficult to plan and execute the right projects. Hence these are some of the major factors anticipated to hamper the global market size of project portfolio management.
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By offering, the global project portfolio management market is segmented into software and service. The service segment is to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth of the service segment can be attributed to the increasing demand for professional services such as consulting, implementation, and support & maintenance services. The reason for this is the need for organizations to gain insights into the portfolio performance and to make informed decisions quickly. Professional services enable organizations to achieve this by helping them to implement the right technology and optimize their processes. Additionally, the emergence of new technologies such as machine learning, artificial intelligence, and block chain has further accelerated the demand for professional services.
By region, the North America project portfolio management market is to generate the highest revenue by the end of 2035. This growth is anticipated by the region's strong economic growth and increasing investments in the technology sector. Furthermore, the region has an abundance of highly skilled professionals and a large number of organizations that have embraced project portfolio management technologies. Additionally, North America is home to some of the world's leading project portfolio management software providers and vendors, leading to greater innovation and product development.
This report also provides the existing competitive scenario of some of the key players of the Planisware Inc., EOS Software, ServiceNow, Broadcom, Celoxis Technologies Pvt. Ltd., Changepoint Corporation, HP Development Company, L.P., Oracle, Workfront, Inc., SAP and others.
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