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TECH SUPPLIER Jun 2019 - Market Forecast - Doc # US44637419

Worldwide Project and Portfolio Management Forecast, 2019–2023

By: Melinda-Carol BallouResearch Director, Agile ALM, Quality & Portfolio Strategies

Abstract

This IDC study provides a 2019–2023 forecast for the worldwide project and portfolio management market, which grew 7% to $4.33 billion in 2018 with current IDC numbers (compared with growth of 4.1% to $4.05 billion in 2017). We expect the market to grow at a CAGR of 5.9% over the course of this five-year forecast period to reach $5.8 billion by 2023. We also see significant uptake of PPM in the cloud, which will continue through the forecast period. This growth was noteworthy in a challenging and dynamic 2018 to 1H19 market. Decision making in volatile financial and political environments demands effective prioritization, and we saw some revenue growth from major and key innovative smaller PPM vendors in 2018, 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 remain in flux with volatile worldwide politics. IDC has seen increased alignment of PPM with ERP, the evolution and rapid uptake of SaaS PPM, and increased coordination with application life-cycle management (ALM). Agile and service management vendors have been leveraging PPM through alliances, integration, organic development, and/or acquisitions. This continued to have an impact in 2018 and will play a role in market growth through 2019–2020. We expect PPM in that time frame to also play a synergistic role increasingly with new product development and the evolving Internet of Things (IoT) arena as well as governance for DevOps as organizations must increasingly coordinate software deployment from inception to deployment and service management (with an increasing range of platforms on which to deploy — from mobile, social, and cloud to "things").

"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. 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 for this relatively mature market a solid CAGR of 5.9% for the 2018–2023 period," says Melinda Ballou, research director for IDC's Agile ALM, Quality, and Portfolio Strategies service.


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