Worldwide project and portfolio management (PPM) software revenue increased 11% to $1.65bn in 2012, compared to 2011, according to Gartner.
They technology research agency said that Oracle was the number one vendor with $381m revenue, as the company moved to expand its PPM sweet spot into the midmarket with the acquisition of cloud-based Instantis in November last year.
Microsoft came second with $252.3m revenue, followed by CA Technologies, Planview and HP with $157.5m, $90.4m and $73.4m revenue respectively.
Gartner research director Laurie Wurster said that in 2012 the PPM software market saw strong growth for the third consecutive year despite, or perhaps because of, slow economic growth, tight IT budgets, and merger and acquisition activity.
"Turbulent or uncertain IT requirements perpetuated by a stagnant economy are driving changes in IT solutions and delivery models," Wurster said.
"Key vendors continue to expand product portfolios, buy companies where appropriate, and expand their reach into emerging markets. 2012 represented continued resiliency, where the total PPM market expanded in terms of both revenue dollars and worldwide markets."
According to Gartner, North America and Western Europe were the prime consumers in PPM software market, and about 90% of the revenue is concentrated in developed markets suggesting that, on the IT adoption curve, PPM is a relatively late technology to adopt and is targeted by relatively mature firms.
