The global cloud project portfolio management market grew from $6.31 billion in 2022 to $7.24 billion in 2023 at a compound annual growth rate (CAGR) of 14.7%. The cloud project portfolio management market is expected to grow to $11.1 billion in 2027 at a CAGR of 11.3%.
Cloud project portfolio management refers to a complete integrated solution that improves organizations' efficiency on projects. It is employed to handle the organization's group of projects and processes that are selected and managed to offer better returns on project investments. The portfolio is selected to fulfil the organization's goals, and also allows the project team to manage the project's overall risk.
The main component offered in cloud project portfolio management include solutions and services. Cloud project portfolio management solutions refer to cloud computing platforms, which provide portfolio management solutions for everything from applications to data centers on a pay-for-use basis.
They are deployed in small and medium enterprises and large enterprises through a private cloud, public cloud and hybrid cloud. These solutions are used by industries ranging from BFSI, healthcare & life sciences, it & telecommunication, manufacturing, government & public sectors, and other industry verticals.
Strategic partnerships are a key trend gaining popularity in the cloud project portfolio management market. Major companies operating in cloud project portfolio management are undergoing partnerships to strengthen their new product development activities and their position in the market.
For instance, in April 2020, Planview, a US-based provider of dashboards for portfolio management, resource management, project management, and request management, partnered with Cherwell, a UK-based provider of service and cloud-based IT service management solutions that help organizations' IT teams to implement, automate, and upgrade service and support processes.
The partnership demonstrates Cherwell ITSM and Planview Portfolio Management's capacity to support shared clients in achieving business strategic and operational goals. Additionally, the a US-based Upland Software firm pushed its corporate vision with PPM software and has already teamed up with the a US-based Microsoft software company.
As a result of this collaboration, project team members can now interact, communicate, exchange documents, and arrange meetings straight from their PPM solution using Microsoft Teams and Upland's interface. Upland PowerSteering's integration with Microsoft Teams reduces the risk of ineffective project communications and increases business productivity.
In March 2021, Symphony Technology Group, a US-based company focused on innovative software, data, and analytics, acquired Sciforma for an undisclosed amount. Through this acquisition, Symphony Technology Group is focused on improving its premier cloud service, while Sciforma's laser will focus on providing the finest possible customer service combined with the extra financial support to speed up innovation even further. Sciforma is a US-based software company that provides project and portfolio management.
North America was the largest region in the cloud project portfolio management market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud project portfolio management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
High adoption of cloud analytics is expected to propel the growth of the cloud project portfolio management market. Cloud analytics refers to the application of analytic algorithms in the cloud against data in a private or public cloud. These cloud analytics involves scalable cloud computing with analytics software to identify data in patterns and extract new insights.
Cloud services offer the easiest ways for organizations to get involved in the cloud. According to Gartner, a US-based consulting firm, worldwide spending on public cloud services is estimated to increase from $332.3 billion in 2021 to $397.5 billion in 2022. Cloud application services are forecasted to reach $145.3 billion by the end of 2022. The spending on cloud services is expected to boost demand for cloud project portfolio management solutions during the forecast period.
Key Attributes:
Report Attribute
Details
No. of Pages
200
Forecast Period
2023 - 2027
Estimated Market Value (USD) in 2023
$7.24 billion
Forecasted Market Value (USD) by 2027
$11.1 billion
Compound Annual Growth Rate
11.3%
Regions Covered
Global
Major players in the cloud project portfolio management market are
3. Cloud Project Portfolio Management Market Trends And Strategies
4. Cloud Project Portfolio Management Market - Macro Economic Scenario 4.1 COVID-19 Impact On Cloud Project Portfolio Management Market 4.2 Ukraine-Russia War Impact On Cloud Project Portfolio Management Market 4.3 Impact Of High Inflation On Cloud Project Portfolio Management Market
5. Cloud Project Portfolio Management Market Size And Growth 5.1. Global Cloud Project Portfolio Management Historic Market, 2017-2022, $ Billion 5.1.1. Drivers Of The Market 5.1.2. Restraints On The Market 5.2. Global Cloud Project Portfolio Management Forecast Market, 2022-2027F, 2032F, $ Billion 5.2.1. Drivers Of The Market 5.2.2. Restraints On the Market
6. Cloud Project Portfolio Management Market Segmentation 6.1. Global Cloud Project Portfolio Management Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Solution
Services
6.2. Global Cloud Project Portfolio Management Market, Segmentation By Organization Size, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Small and Medium-sized Enterprises (SMEs)
Large Enterprises
6.3. Global Cloud Project Portfolio Management Market, Segmentation By Deployment Model, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Private Cloud
Public Cloud
Hybrid Cloud
6.4. Global Cloud Project Portfolio Management Market, Segmentation By Industry Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
BFSI
Healthcare & Life Sciences
IT & Telecommunication
Manufacturing
Government & Public Sectors
Other Industry Verticals
7. Cloud Project Portfolio Management Market Regional And Country Analysis 7.1. Global Cloud Project Portfolio Management Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion 7.2. Global Cloud Project Portfolio Management Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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