New York City, NY, 09 December, 2019/ 24 Market Reports: It is estimated for the global project portfolio management market to reach USD 5.8 billion by 2024 from that of USD 4.3 billion in 2019 registering the growth at a CAGR of 6.7% during the forecast period of 2019 to 2024. The need to gain a 360-degree view into project operations and resource management and the growing demand for cloud-based PPM solutions are the factors driving the growth of the market during the forecast period.
By vertical, energy and utilities, government and defence, Information Technology (IT) and telecom, Banking, Financial Services and Insurance (BFSI), manufacturing, healthcare and life sciences, consumer goods and retail, others are the segmentation for the Project Portfolio Management Market.
To gain maximum profits, most of the vendors in the Project Portfolio Management Market offer cloud-based solutions. Cloud systems make better use of technology and enable the sharing of infrastructure among multiple users and offices, offering a greater level of scalability, reducing the ongoing cost of implementation and continual development. These factors are estimated to drive the growth of the market during the forecast period.
During the forecast period, it is expected for North America to hold the highest market in the global Project Portfolio Management Market whereas the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Due to the growing number of stringent regulations, the Asia Pacific region is becoming a new hotspot in the PPM market.
North America is termed to be the highest revenue contributor in the global Project Portfolio Management Market with the region witnessing significant developments in the market. Huge spending on projects every year, which accounts for one-fourth of all the region is the propelling factor for the growth of the market in the region. Also, with the emergence of technologies such as cloud computing and Bring Your Device, the users have been enforced to adopt much more sophisticated PPM solution with evolving integration platforms.