Cloud Based Project Portfolio Management Market Overview
As per MRFR analysis, the cloud based project portfolio management market size was estimated at 11.14 (USD Billion) in 2022. The cloud based project portfolio management market industry is expected to grow from 12.65 (USD Billion) in 2023 to 39.8 (USD Billion) by 2032. The cloud based project portfolio management market CAGR (growth rate) is expected to be around 13.58% during the forecast period (2024-2032).
Key Cloud Based Project Portfolio Management Market Trends Highlighted
Cloud-based project portfolio management (PPM) solutions are gaining prominence in the global market due to their scalability, flexibility, and cost-effectiveness. Key market drivers include the rising demand for centralized and real-time project management, the need to enhance project visibility and control, and the growing adoption of agile methodologies.
Opportunities within the market lie in the development of AI-powered PPM tools, the integration with other cloud-based applications, and the expansion into emerging industries. Recent trends indicate a shift towards SaaS-based PPM solutions, the increasing adoption of mobile PPM applications, and the demand for integrations with collaboration and communication platforms.
Organizations are seeking PPM solutions that offer seamless collaboration, deliver actionable insights, and enable data-driven decision-making. The focus is on improving project success rates, optimizing resource allocation, and enhancing stakeholder engagement. Cloud-based PPM solutions are well-positioned to meet these evolving requirements, shaping the future of project management in the global market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cloud Based Project Portfolio Management Market Drivers
Increased Demand for Centralized Project Management
Organizations’ growing demand for comprehensive project management solutions, which would give them control and visibility across their project portfolios, is explained by the ever-increasing popularity and accessibility of cloud-based PPM tools.
Highly flexible and multifunctional, they help companies meet the needs of a wide variety of departments, teams, and sites. In addition, by centralizing project information, organizations are able to enhance decision-making, diminish redundancy, and improve collaboration.
Simultaneously, staffs’ increasing reliance on remote and asynchronous means of work, promoted by the spread of agile and hybrid models, contributed to the continuous popularity of such cloud-based solutions, allowing them to streamline this remote collaboration and ensure users that their projects are being managed in real time.
Need for Enhanced Portfolio Visibility and Control
Organizations are in search of ways to boost the visibility of project portfolios and the level of control over them. One of the key benefits of using cloud-based project portfolio management tools is that they provide organizations with real-time visibility of the progress of their projects, as well as resource allocation and budget usage. This means that organizations can identify potential risks and bottlenecks early and take appropriate measures to avert them.
The other way in which cloud-based project portfolio management tools boost organizations’ visibility of project portfolios is that they give a consolidated view of the levels of different project portfolios. In addition, organizations are provided with visibility of project performance in relation to specific project objectives.
Cloud-based project portfolio management tools give organizations real-time access to information about how different projects are performing. This enhances organizations’ capacity to see how project portfolios are contributing to different business objectives.
Growing Adoption of Cloud Computing
The Cloud Based Project Portfolio Management Market is growing due to the increased adoption of Cloud Computing. Cloud-based solutions present several advantages over on-premise solutions. They are highly scalable, and, owing to the subscription-based pricing plans, they are also very flexible in terms of consumption. This enables organizations to adjust their Project Portfolio Management capabilities up or down without needing to make additional infrastructure investments.
At the same time, being able to view the project from everywhere at any time provides increased accessibility and better situational awareness. Finally, one of the main reasons for the adoption of cloud-based solutions is their cost-effectiveness. Indeed, organizations can avoid the hefty initial investment into hardware and software and IT by adopting a pay-as-you-go model.
Cloud Based Project Portfolio Management Market Segment Insights
Cloud Based Project Portfolio Management Market Deployment Model Insights
The Cloud Based Project Portfolio Management Market is segmented based on deployment model into public cloud, private cloud, and hybrid cloud. Among these, the public cloud segment is expected to hold the largest market share in 2023 and is expected to remain the dominant segment throughout the forecast period.
The growth of this segment is likely to be driven by the increasing adoption of cloud-based services by businesses of all sizes. Public cloud is more scalable, flexible, and cost-effective than private cloud and hybrid cloud.
The private cloud segment is expected to grow significantly during the forecast period. Private cloud offers a higher level of security, control, and compliance than public cloud. However, it is more expensive than public cloud and requires more expert knowledge to manage.
The hybrid cloud segment is expected to grow at a moderate pace during the forecast period. Hybrid cloud combines the benefits of both public cloud and private cloud, allowing businesses to create their own customized solution. However, it can be more complex to manage than either public cloud or private cloud.
Overall, the Cloud Based Project Portfolio Management Market is expected to grow at a considerable CAGR during the forecast period. The market is being driven by factors such as the increasing adoption of cloud-based services, the growing need for effective project portfolio management solutions, and the rising awareness of the benefits of cloud-based project portfolio management solutions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cloud Based Project Portfolio Management Market Organization Size Insights
The Cloud Based Project Portfolio Management Market segmentation by organization size can be divided into small and medium-sized enterprises and large enterprises. In 2023, the market for SMEs was valued at USD 6.2 billion, while the market for large enterprises was USD 6.4 billion. The market for SMEs is expected to grow at a CAGR of 14.2% from 2024 to 2032, while the market for Large Enterprises is expected to grow at a CAGR of 12.9% during the same period.
The growth of the SME segment is attributed to the increasing adoption of cloud-based project portfolio management solutions by small and medium-sized businesses to improve their project management capabilities and efficiency. Large enterprises are also increasingly adopting cloud-based project portfolio management solutions to gain a competitive advantage and improve their project management processes.
Cloud Based Project Portfolio Management Market Vertical Insights
The Cloud Based Project Portfolio Management Market is segmented by industry vertical into IT and telecom, manufacturing, healthcare, financial services, and other industries. Among these segments, IT and Telecom is expected to hold the largest market share in 2023, owing to the increasing adoption of cloud-based project portfolio management solutions by IT and telecom companies to improve project visibility, collaboration, and efficiency.
The manufacturing sector is also expected to witness significant growth over the forecast period, as manufacturers increasingly adopt cloud-based solutions to streamline their project management processes and improve operational efficiency.
The healthcare segment is another key growth area for the cloud based project portfolio management market, as healthcare providers seek to improve patient care and reduce costs through the adoption of cloud-based solutions.
The financial services segment is also expected to contribute to the growth of the market, as financial institutions adopt cloud-based solutions to improve risk management and compliance. Other industries, such as retail, education, and government, are also expected to contribute to the growth of the Cloud Based Project Portfolio Management Market over the forecast period.
Cloud Based Project Portfolio Management Market Functionality Insights
The Cloud Based Project Portfolio Management Market is segmented on the basis of functionality into project planning and scheduling, resource management, budget management, risk management, collaboration and communication, and analytics and reporting.
Among these, the project planning and scheduling segment is anticipated to account for the largest share of the market in 2023 and is also projected to maintain its dominance throughout the forecast period from 2023 to 2032.
The increasing adoption of cloud-based project management solutions for efficient planning and scheduling of projects, along with the growing need for real-time visibility into project progress, is expected to drive the growth of this segment.
Additionally, the resource management segment is projected to exhibit significant growth over the forecast period due to the rising demand for tools that can help organizations optimize resource allocation and utilization, leading to improved project outcomes and increased productivity.
The collaboration and communication segment is also anticipated to witness notable growth, as organizations increasingly seek solutions that facilitate seamless collaboration and communication among project teams, clients, and stakeholders, regardless of their geographical locations.
Overall, the growing adoption of cloud-based project portfolio management solutions across various industries, coupled with the increasing complexity and scale of projects, is expected to fuel the growth of the different functionality segments of the market in the coming years.
Cloud Based Project Portfolio Management Market Pricing Model Insights
The Cloud Based Project Portfolio Management Market is segmented based on pricing model into subscription-based, per-user-based, per-project-based, and volume-based. Subscription-based pricing is expected to hold a significant market share due to its cost-effectiveness and flexibility, allowing organizations to pay a recurring fee for access to the software.
Per-user-based pricing charges a fee for each user accessing the software, providing organizations with a predictable cost structure. Per-project-based pricing is suitable for organizations with varying project sizes, as they only pay for the projects they manage using the software.
Volume-based pricing offers discounts for organizations that purchase a certain number of licenses or usage units, making it suitable for large-scale deployments. The Cloud Based Project Portfolio Management Market is expected to reach USD 25.81 billion in 2024, exhibiting a CAGR of 14.5% during the forecast period (2024-2032).
Cloud Based Project Portfolio Management Market Regional Insights
The Cloud Based Project Portfolio Management Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America held the largest market share in 2023 and is expected to maintain its dominance throughout the forecast period.
The growth in this region can be attributed to the increasing adoption of cloud-based solutions by enterprises and the presence of key players such as IBM, Microsoft, and Oracle. Europe is the second-largest market for Cloud Based Project Portfolio Management, followed by APAC.
The APAC region is expected to witness the fastest growth during the forecast period due to the increasing demand for cloud-based solutions from emerging economies such as China and India. South America and MEA are expected to grow at a moderate pace during the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cloud Based Project Portfolio Management Market Key Players and Competitive Insights
Major players in the cloud based project portfolio management market are constantly striving to gain a competitive edge by offering innovative solutions and expanding their product portfolios. These leading players are engaged in strategic collaborations, partnerships, and acquisitions to strengthen their market position and enhance their capabilities.
The market’s development is influenced by emerging technologies such as artificial intelligence, machine learning, and predictive analytics, which are being integrated into project portfolio management solutions to improve decision-making, automate tasks, and enhance project outcomes.
The landscape is characterized by a diverse range of vendors, including established players and emerging startups. These companies are focusing on developing solutions that cater to the specific needs of different industries and organization sizes.
Microsoft offers a comprehensive suite of project portfolio management solutions through its Azure DevOps platform. The company's solutions enable organizations to plan, track, and manage projects effectively, providing real-time visibility and collaboration capabilities.
Microsoft's strong brand recognition, global presence, and extensive partner ecosystem contribute to its competitive advantage in the market. The company continuously invests in research and development to enhance its offerings and maintain its leadership position.
Atlassian, a prominent competitor in the cloud based project portfolio management market, provides a range of solutions designed for agile and collaborative project management. The company's flagship product, Jira, is a widely adopted project tracking and issue management tool.
Atlassian's solutions are known for their ease of use, flexibility, and integration with other tools and platforms. The company's focus on customer satisfaction, community engagement, and continuous innovation has helped it gain a strong following among software development teams and project managers. Atlassian's commitment to open source and its extensive ecosystem of add-ons and integrations further contribute to its competitive position in the market.
Key Companies in the Cloud Based Project Portfolio Management Market Include
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Clarizen
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Basecamp
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Procore
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Asana
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LiquidPlanner
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Salesforce Essentials
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Smartsheet
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Trello
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Microsoft Project
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Wrike
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Zoho Projects
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Planview
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Jira
Cloud Based Project Portfolio Management Market Developments
The global cloud-based project portfolio management (PPM) market is projected to grow from USD 12.65 billion in 2023 to USD 39.8 billion by 2032, exhibiting a CAGR of 13.58% during the forecast period. Increasing demand for real-time visibility, collaboration, and resource optimization in project management, coupled with the growing adoption of cloud-based solutions, is driving market growth.
Key industry developments include partnerships between PPM vendors and cloud service providers, advancements in artificial intelligence (AI) and machine learning (ML) for portfolio optimization, and the emergence of specialized PPM solutions tailored to specific industries.
Cloud Based Project Portfolio Management Market Segmentation Insights
Cloud Based Project Portfolio Management Market Deployment Model Outlook
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Public Cloud
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Private Cloud
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Hybrid Cloud
Cloud Based Project Portfolio Management Market Organization Size Outlook
Cloud Based Project Portfolio Management Market Vertical Outlook
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IT and Telecom
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Manufacturing
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Healthcare
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Financial Services
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Other Industries
Cloud Based Project Portfolio Management Market Functionality Outlook
Cloud Based Project Portfolio Management Market Pricing Model Outlook
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Subscription-Based
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Per-User-Based
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Per-Project-Based
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Volume-Based
Cloud Based Project Portfolio Management Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
11.14 (USD Billion) |
| Market Size 2023 |
12.65 (USD Billion) |
| Market Size 2032 |
39.8 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
13.58% (2024-2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2019-2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Clarizen, Basecamp, Procore, Asana, LiquidPlanner, Salesforce Essentials, Smartsheet, Trello, Microsoft Project, Wrike, Zoho Projects, Planview, Jira |
| Segments Covered |
Deployment Model, Organization Size, Industry Vertical, Functionality, Pricing Model, Region |
| Key Market Opportunities |
Growing demand for cloud-based solutions Increasing need for project visibility and control Adoption by small and medium sized businesses Integration with other enterprise applications Expansion into emerging markets |
| Key Market Dynamics |
Rising adoption of agile methodologies Growing need for collaboration and transparency Increasing demand for real time data visibility Integration with other enterprise applications Emergence of AI and ML driven PPM tools |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The market totaled a valuation of 12.65 USD billion in 2023 and 39.8 USD Billion by 2032, growing at a CAGR of 13.58% during the forecast period.
North America is expected to dominate the market due to the presence of major technology providers and early adoption of cloud-based solutions.
The IT and Telecom industry vertical is expected to drive the growth of the cloud based project portfolio management market due to the increasing adoption of cloud-based project management solutions to improve project visibility and collaboration.
Key competitors in the cloud based project portfolio management market include Atlassian, Microsoft, Oracle, SAP, and Workfront.
Major trends shaping the market include the adoption of artificial intelligence (AI) and machine learning (ML) to automate tasks and improve decision-making, the increasing popularity of agile and hybrid work methodologies, and the growing demand for cloud-based solutions to support remote and distributed teams.
The market faces challenges such as security concerns, data privacy issues, and the need for skilled professionals to manage and implement cloud-based solutions.
The market in the Asia Pacific region is expected to grow at a CAGR of 15.2% during the forecast period, driven by the increasing adoption of cloud-based solutions in emerging economies.
Key factors driving growth include the increasing need for project visibility and control, the growing adoption of agile and hybrid work methodologies, and the rising demand for cloud-based solutions to support remote and distributed teams.
Major applications of cloud based project portfolio management include project planning and scheduling, resource management, risk management, and project collaboration.
North America is expected to account for around 35% of the Cloud Based Project Portfolio Management Market share in 2023.
