Full disclosure: I’m a CTO for a large state university healthcare system with a masters degree and 19 certifications. (16ish still active)
I would counter this question with a couple more. What size of IT do you want to work in? The requirements for degrees and certifications go up as you get into larger and larger shops. Are you thinking of the future IT landscape? Like it or not the pervasiveness of the cloud will make IT more competitive in the future as organizations begin to rely more on analysts with specific skill sets (and certifications in them) and project managers while deferring operational roles to cloud providers (or reducing staff somewhat with private/hybrid clouds).
My main point being that in the coming decade we will all need to be more competitive because there will very likely be a reduction in the necessary IT workforce. Certifications are one of the methods to achieve that.
We are also serving multiple masters now. The days of monolithic IT departments that cut their own swath through the business are pretty much at an end. IT has to become a part of the business strategy working as a partner to increase revenue. Yes, experience will always be king on a resume. But IT departments will fall in line with the normal degree requirements and post educational requirements already existent in other departments. IT managers will be able to make the case for that occasional “special” hire. But it quickly grows very tiring fighting with HR for every open position because candidates don’t have the organizational requirements. Plus, there are enough candidates that you can afford to toss a really good resume to avoid the fight. You’re not trying to get through the HR automated filters anymore; those filters have become organizational institutions.
Based on the background in the OP third paragraph I’d really recommend looking at project management certifications (good) and possible a masters degree (better). The PMP from the project management institute is very well respected but is based on the waterfall approach and may not be relevant to some IT shops. There are agile certifications out there as well (including one from PMI) that may be better suited and more interesting to you.