target audience: TECH SUPPLIER Publication date: Jun 2023 - Document type: Market Share - Doc Document number: # US49416023
Worldwide Project and Portfolio Management Software Market Shares, 2022: Demand for Collaboration, Agile, and Strategic Portfolio Management Drives Continued Double-Digit Growth
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Abstract
This IDC study provides 2022 market share for the worldwide project and portfolio management software market, which grew 10.0% to $5.6 billion in 2022 in current currency (compared with growth of 11.2% to $5.1 billion in 2021). We expect the market to grow at a five-year CAGR of 13.6% (in current currency) to reach $10.6 billion by 2027. We also see rapidly evolving AI/ML opportunities and cloud, which will continue throughout the 2023–2027 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 2022. The increasing role and complexity of sourcing for projects, programs, and portfolios and the need to align with business needs, corporate governance, and regulatory requirements combined to drive growth even in a volatile global economy.
"Global 2000 organizations struggle with the complexity of project, program, and product delivery with flexible work and distributed execution while seeking to manage economic and political volatility as operational and business needs change dynamically. Ease of access to data management with the advent of generative AI and other AI and ML capabilities, agile and value-centric approaches to human, financial, and other resources are 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 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 this relatively mature market to have 10% growth in 2022 and a double-digit CAGR of 13.6% for the 2023–2027 period," says Melinda Ballou, research director, IDC's Agile ALM, Quality, and Portfolio Strategies service.