Best Product Management Software of 2026

Digitalization is causing a major disruption in the project management industry, prompting organizations to shift from a project model to a product model in order to more effectively manage technology investments.

Gartner predicts businesses that embrace this change now will outperform their competition in both customer satisfaction and business results. (Source: "Mastering the Role of Products in the Digital Era." Full report available to Gartner clients.)

We've created this guide to help you better understand all that product management encompasses and how it relates to the current project management marketplace.

Whether you're just starting to shift from a project to a product model, or you're a seasoned product manager looking to upgrade your current system, this guide can help you make a more informed purchase decision.

Here's what we'll cover:

What Is Product Management Software?

Product Management vs. Project Management

Common Capabilities of Product Management Software

Market Trends to Understand

What Is Product Management Software?

Product management encompasses the planning, production, marketing and managing of products over their life cycle, i.e., introduction, growth, maturity and decline. It brings together business strategy, customer needs/wants and technology investments.

Products can be tangible, i.e., physical goods, or they can be more intangible, such as software applications or a service you offer.

Gartner's Definition of a Product in the Digital Era

(Source: "Mastering the Role of Products in the Digital Era." Full report available to Gartner clients.)

Within the realm of IT and project management, product portfolio management refers to an organizational approach to managing technology investments (i.e., software and applications), both internally developed or purchased.

It involves grouping applications into product suites that align with, and deliver the capabilities required by, each business area. The goal is to deliver continuous value from software and applications over their life cycle, rather than a single delivery of value all at once at the close of the project.

Product management software provides support for these ventures, allowing businesses to more effectively:

• Align their portfolio with the business strategy

• Balance demand with resource capacity

• Analyze the risk versus reward for various opportunities

• Manage product initiatives from concept to closeout

Product Management vs. Project Management

These disciplines are closely related, but there are some key differences:

Product management involves developing and communicating a product strategy (that aligns with business goals). Product managers put together a product vision, outline high-level requirements, prioritize initiatives in the portfolio and drive the development of products in the product line.

Strategic planning in Aha!

Project management involves executing the strategy through individual initiatives. Each project initiative is designed to deliver specific requirements. Project managers govern those initiatives, coordinate resources, oversee schedules and manage all the details of the project from kickoff to closeout.

Project dashboard in LiquidPlanner

Common Features of Product Management Software

Product management software can range quite significantly in size and function, with some specializing in a single phase of the product life cycle and others offering an integrated suite of tools to govern multiple phases.

Expect to see some or all of the following capabilities as you evaluate the various product management systems on the market:

Market Trends To Understand

The shift from project to product portfolio management is happening faster than you might think. We surveyed managers and application leaders to find out how their organizations currently manage technology investments.

While 36 percent still manage all investments as IT projects, it's telling that 64 percent have a product component in their portfolio in some capacity.

This reflects a major change in how organizations are seeking to deliver value through capabilities, from strictly project-based to product-oriented portfolios.

Organizational Approach to Managing Technology Investments

Gartner estimates that by 2020, three-quarters of digital business leaders will have pivoted from project to product portfolio management. (Full report available to Gartner clients.)

If you're part of the 36 percent who have yet to make the transition, here's how to get started:

• Direct your project management office (PMO) to include both a product and a project component in your portfolio moving forward.

• Empower existing product managers to lead your transition.

• Set up cross-functional teams (e.g., executives, product managers and their counterparts in IT and operations) to align your product portfolio and resources with your business strategy.

• Embrace business agility, agile development methods and the DevOps movement (if you haven't already).