Worldwide Project and Portfolio Management Software Market Shares, 2019: Enabling Adaptive Planning and Execution

Worldwide Project and Portfolio Management Software Market Shares, 2019: Enabling Adaptive Planning and Execution

  • July 2020 •
  • 14 pages •
  • Report ID: 5949043 •
  • Format: PDF
This IDC study provides 2019 market share for the worldwide project and portfolio management market, which grew 4.2% to $3.88 billion in 2019 with current IDC numbers (compared with growth of 6.9% to $3.72 billion in 2018). We expect the market to grow at a CAGR of at least 3.3% (in current numbers) over the course of a five-year forecast period to reach $4.57 billion by 2024. We also see significant uptake of PPM in the cloud, which will continue through the 2020-2024 forecast period. This growth was noteworthy in an emerging 2019 to 1H20 market. Decision making in volatile financial environments demands effective prioritization, and we saw some revenue growth from major and key innovative smaller PPM vendors in 2019, with a few exceptions. The increasing role and complexity of sourcing for projects, programs, and portfolios in the enterprise and the need to align with business needs, corporate governance, and regulatory requirements have combined to retain growth for PPM as the global economy shifts with higher engagement and remains in flux with volatile worldwide politics."Global 2000 organizations struggle even more with the complexity of project, program, and product delivery with remote work and distributed execution during a pandemic while seeking to manage economic and political volatility as operational and business needs change dynamically and dramatically. Agile management of human, financial, and other resources is key. In response, demand will remain ongoing for PPM tools across the PPM segments ranging from IT PPM, work management, service resource planning, and new product development to capital projects and engineering and construction, with intuitive workforce management complementing demand for enterprise capability. Smaller vendors and emerging intuitive work management will play a key role in product and market innovation, and differentiated PPM solutions will come into play in that context as further consolidation and product evolution occurs. We therefore expect a solid CAGR for this relatively mature market of at least 3.3% for the 2019-2024 period," says Melinda Ballou, research director for IDC's Agile ALM, Quality, and Portfolio Strategies service.