Project Portfolio Management Market Analysis

Project Portfolio Management Market Analysis

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Based on organization size, the market is divided into large enterprises and SMEs. The large enterprise segment held a market share of 25% in 2023.  This growth is attributed to the availability of high capital and affordability, aiding large organizations to implement these solutions. To gain a competitive edge in the market, large enterprises are heavily investing in several projects to develop innovative product lines or replace & improve existing processes/products. This factor is encouraging the adoption of project portfolio management solutions, driving market growth over the forecast period.
 

Based on industry vertical, the market is categorized into IT & telecom, BFSI, healthcare, manufacturing, retail, government & public sector, and others. The IT & telecom segment held a market share of 25% in 2023. The IT & telecom industry is known for its complex and dynamic projects involving software development, infrastructure deployment, system integration, and digital transformation initiatives. Project portfolio management solutions assist IT organizations in effectively managing these complex projects by providing visibility into project portfolios, resource allocation, and project progress tracking. IT & telecom companies have limited resources, which need to be allocated optimally across various projects. Project portfolio management tools enable IT organizations to efficiently manage & allocate resources based on project priorities, skill requirements, and availability. This ensures that resources are utilized effectively, reducing bottlenecks, and maximizing project productivity. 
 

North America led the global project portfolio management market with a share of over 35% in 2023. Owing to significant infrastructure development and the spread of startup companies, the region is expected to maintain its dominance over the projected timeline. Various companies in the region are implementing business intelligence & analytics solutions, and analytics-based strategies are playing an important role in proliferating market growth. Furthermore, companies with digital infrastructure are implementing project portfolio management solutions to initiate collaborative decision-making to increase the success rate of their projects in the region. Various end-use sectors in the U.S. including healthcare, manufacturing, BFSI, and construction are implementing project portfolio management services to manage their overall business operations, thereby efficiently eliminating unnecessary costs.