Worldwide Project and Portfolio Management Software Market Shares, 2017: Agile PPM, Complex Sourcing, and Compliance Drive Growth
This IDC study provides a 2017 market share for the worldwide project and portfolio management (PPM) market, which grew 4.5% to $4.15 billion in 2017 with current IDC numbers (compared with growth of 5.1% to $3.98 billion in 2016). We expect the market to grow at a CAGR of 6.8% over the course of a five-year forecast to reach $5.77 billion by 2022. We also see significant uptake of PPM in the cloud, which will continue through the forecast period. This growth was noteworthy in an emerging 2017 to 1H18 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 2017, 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 remains in flux with volatile worldwide politics."Global 2000 organizations continue to struggle with the complexity of project, program, and product delivery while seeking to manage economic and political volatility as operational and business needs change dynamically. 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, 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 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 of 6.8% for this relatively mature market for the 2017–2022 period," says Melinda Ballou, research director for IDC's Agile ALM, Quality, and Portfolio Strategies service.
Please Note: Extended description available upon request.
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