Worldwide Project and Portfolio Management Software Market Shares, 2021: Strategic Business Execution and Collaboration Drive Growth
This IDC study provides 2021 market share for the worldwide project and portfolio management software market, which grew 10.3% to $4.9 billion in 2021 in current currency (compared with growth of 6.4% to $4.45 billion in 2020). We expect the market to grow at a five-year CAGR of 7.3% (in current currency) to reach $6.97 billion by 2026. We also see significant uptake of PPM in the cloud, which will continue throughout the 2022–2026 forecast period. Decision making in volatile financial environments demands effective prioritization, and we saw some revenue growth from major and key innovative smaller PPM vendors in 2021. 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 drive growth for PPM as the global economy shifts."Global 2000 organizations struggle with the complexity of project, program, and product delivery with hybrid work and distributed execution 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 strategic PPM tools across the PPM segments ranging from IT PPM, collaborative work management, professional service automation, and new product development, with intuitive CWM complementing demand for enterprise capability. Agile execution, VSM, and intuitive CWM will play key roles in product and market innovation, and differentiated PPM solutions will come into play as further consolidation and product evolution occur. We therefore expect for this relatively mature market a solid CAGR of 7.3% for the 2021–2026 period," says Melinda Ballou, research director, IDC's Agile ALM, Quality, and Portfolio Strategies service.
Please Note: Extended description available upon request.
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