The Project Portfolio Management Market revenues were estimated at US$ 4.4 Bn in 2021 and is anticipated to grow at a CAGR of 5.2% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 7.8 Bn.
BFSI vertical is expected to generate the highest revenue in the market due to an increase in multi-regional operations and outsourcing activities by financial institutions. The performance of project portfolio is critical for BFSI.
Each project conducted by BFSI is intrinsically more complicated due to industry limitations and the requirement to appropriately manage sensitive financial data. The BFSI business is currently undergoing rapid transformation as a result of technology developments, such as mobile banking and e-banking.
For instance, AXA Group Czech Republic and Slovakia sought the deployment of a project portfolio management application for its project office in partnership with other departments.
Easy Project, a project management software developed by Toronto-based Logic Software, was first distributed to the project office but was eventually adopted by other departments. The customer, in particular, sought a resource allocation solution in order to more efficiently manage project resources at the departmental and individual staff levels.