In the delicate dance that is project management, the skill of planning, executing, and closing projects on time guarantees greater employment satisfaction, overall consistency, and those all-important results. The business landscape continues to evolve, and therefore, having a plan in place is critical to the very fabric of business success. Whether it’s launching a new project, implementing a cutting-edge system, or executing strategic initiatives, the right approach to project management is that all-important structure. It helps to streamline processes and ensures that resources are allocated appropriately, budgets are adhered to, and deadlines are met.
Therefore, project management strategies need to continually adapt and be forward-thinking. This is why every project management professional should stay informed regarding setting benchmarks, measuring performance against industry standards, and making decisions driven by data.
Industry professionals must keep on top of the current statistics to inform their decision-making and navigate the complexities of project management successfully. Let’s discuss some key insights backed by the most important project management statistics.
10 Key Project Management Stats
Discover the most essential 2024 project management trends with these highlighted statistics:
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- Organizations that use project management practices have a 92% success rate in meeting project objectives. (1)
- 85% of project managers tend to run multiple projects at the same time. (3)
- Only 46% of companies place a high priority on a culture that values project management. (29)
- An estimated 1,279,390 project management and business operations specialists are employed throughout the United States. (28)
- Approximately 80% of project managers believe that project portfolio management is a critical factor in influencing business success. (30)
- 44% of project managers say lack of resources is one of the top challenges. (3)
- 37% of project managers have considered leaving the role due to various reasons. (3)
- 43% of project management professionals feel that project teams are generally understaffed. (7)
- 89% of organizations now have at least one project management office (PMO). (14)
- Documentation is the most common task project managers wish to remove from their workload. (3)
15 Industry Facts About Project Management
The project management industry has undergone a profound change in recent times. The COVID-19 pandemic has affected us all, and as the shift to remote work occurred, and there was less of a need for office spaces, project management has gone beyond the traditional physical boundaries, and teams can now collaborate from remote locations. In fact, the shift to remote work has redefined the essence of project management and demands a departure from conventional practices.
Many organizations are still quite centralized in their mindsets, and this can be very detrimental for project managers as they will invariably need to navigate virtual communication as a key component, in addition to other modern challenges such as differences in time zones and diverse working environments.
Physical proximity becomes less important, and the right project management software and collaboration tools can help industry professionals alter their approaches, prioritizing adaptability and integrating technology, rather than leading a team in a typical office environment. These project management facts highlight just how the industry has altered:
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- Organizations that use proven project management practices waste 28 times less money than those that do not have practices in place. (31)
- At least 71% of U.S. companies are now using Agile project management methodologies.(32)
- 5% of businesses claim that the cost of a project is the main issue project managers face while handling manufacturing projects. (11)
- IT project failure rates range between 5% to 15%. (12)
- 17% of IT projects can fail to the point that it may threaten a company’s existence. (33)
- 5% of project teams have 5 or fewer members. (23)
- 52% of respondents are “somewhat or very dissatisfied” with the current level of project manager maturity in their organization. (14)
- Globally, 85% of CEOs believe that AI will “significantly” impact their business in the next five years. (34)
- There are 90 million employees worldwide working in industries that focus on project management. (15)
- Software development will see the most growth (14%) in jobs related to project management between the years 2019 and 2030. (15)
- More than 89% of companies have a Project Management Office (PMO) to support project management procedures. (14)
- The money made by industries that use project management extensively will go up from $24.7 trillion in 2019 to $34.5 trillion in 2030. (15)
- By 2030, there will be a need for approximately 2.3 million new project managers every year. (16)
- 82% of people believe project managers are important for making projects successful. (17)
- Most people expect their Project Management Offices to get bigger and offer more services. (26)
The state of the project management industry has forced project managers to make significant changes and emphasize agility and dynamism more than ever. As the industry continues to evolve, rising from those lessons learned through the COVID-19 pandemic, the future of project management is an exciting blend of the traditional and the contemporary. With the traditional expertise project managers possess and the constant evolution of contemporary tools, project management will very well transform into something completely different, and as the demand continues to spike, this is where the right tools will become invaluable.
10 Project Management Software Statistics
The key to effective project management used to be in the planning, which was very much an analog method. Now, there is an abundance of advanced tools that improve productivity in so many ways by enhancing collaboration and streamlining workflows.
The shift towards AI-assisted tools has helped project managers get to the core points of their workload and learn to work smarter rather than harder. Technology is an indispensable companion for this reason as project managers can navigate the complexity of an entire project from beginning to end with greater efficiency.
Some of these facts about project management software and the current state of a project manager’s day can highlight how software can improve project success rates, utilize resources effectively, and increase satisfaction:
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- 36% of project management software users in the United States identified its functionality as a major factor affecting their choices. (1)
- Approximately 13 hours per week of workers’ daily time is spent on dealing with emails instead of project management. (1)
- Shifting default communication methods to social platforms may potentially repurpose 25% to 30% of the time spent on emails. (1)
- 66% of project professionals admitted that investing in project management software was supported by their organization. (2)
- 73% of businesses believe reliability, ease of integration, and ease of use are the top three requirements to look for when investing in digital project management software, but believe solutions out there do not have these factors. (2)
- Only 23% of organizations use project management software. (2)
- 77% of high-performing projects utilize project management software. (2)
- The project management software market is expected to reach $15.08 billion by the year 2030. (18)
- 25% of project management professionals state that they lack effective collaboration technology to achieve their goals. (14)
- 71% of project management professionals say collaboration software has increased in their organization over the past 12 months (17)
These statistics on project management software highlight growth. The rise of intuitive project management software, such as Visual Planning, is a testament to not just how a project manager can streamline their working processes, but the industry as a whole can see the benefits if it commits to greater efficiency and innovation through tools that guarantee successful project outcomes by increasing efficiency, efficacy, and collaboration.
10 Project Management Failure Statistics
The most essential component to guarantee the effectiveness of the project is the project managers themselves. A project manager is a strategist undertaking the test of organizing various strands like timelines, resources, and budgets to achieve the project objectives. Failure to navigate this balance can result in a range of problems, from missed deadlines to running over budget and an ineffective outcome.
A project manager bears the responsibility of planning the resources in the right ways to steer clear of failure. Executing a project demands wise management of every element. Effective resource planning, identifying potential bottlenecks, considering the overall budget without overstretching and under-delivering, as well as optimizing efficiency, ensuring stakeholder satisfaction, and achieving project success can all hinge on the success or failure of a project.
Ultimately, in project management, failure is not an option, but some of these project management stats can illustrate the potential for failure rates in project management and the various factors that contribute to project failure:
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- If management takes five hours or more to make decisions, Agile projects’ failure rates are 22%. (19)
- 25% of organizations sometimes or never create scoping documents for their projects. (14)
- Organizations with a low-value delivery maturity have a project failure rate of 21%, which is incrementally higher than organizations with a high-value delivery maturity, which will have a failure rate of 11%. (20)
- There are six performance metrics every project must achieve to be successful. These include if the project was completed in the set deadline, within budget, and in the allocated time. Other factors can include budget overruns and scope creep. (21)
- 25% of organizations do not utilize technology suitable for team collaborations on informal projects, even though this consumes 20% of their productive time. (14)
- 50% of all Project Management Offices (PMOs) close within just three years. (35)
- 47% of Agile projects have budget overruns, are late, or can result in unhappy customers (19)
- Almost one in five project managers have considered leaving their jobs at some point. (23)
- 54% of company projects with low project management technology maturity go over their budgets. (36)
- 11% of Agile projects end up failing without delivering anything. (19)
In project management, it is the project manager where the buck stops. Project failures could result from several different reasons: wastage of resources, inefficient people, poor methodologies, running over budget, or a lack of communication and/or planning. This is why strategic approaches to project management can make a massive difference between success and failure.
Utilizing the right tools that can ensure the project manager has a greater understanding and control over the project is invaluable to the overall project arc, as well as its outcome, greatly minimizing the potential for project management failures.
10 Project Management Job Stats
Project management is a distinguished profession. It is a combination of so many different skills that it is a career benchmark for so many. In a world where businesses are defined by their abilities to adapt and innovate, project managers emerge as the glue between so many different company components.
A project manager must steer the initiative from the initial conception to completion and beyond, ensuring every aspect aligns, not just with the rigors of the task, but also with the organization’s goals and industry standards.
The thing that sets project management apart is its dynamic nature. Year over year, the project management industry continues to experience substantial growth, reflecting its role in shaping the success of enterprises worldwide. As organizations recognize the importance of effective project management in achieving objectives, there becomes a greater demand for skilled project managers. These facts about project management in relation to being a project manager highlight the demand, growth, salary, and so much more:
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- On average, an experienced project manager in the US can earn around $100,000 per year. (25)
- 74% of project professionals think that more employees will continue to work from home. (14)
- There are approximately 843,910 project management specialists employed in the United States (6)
- Project Management Professional (PMP) certificate holders can earn salaries up to are 22% more than those without the certification. (24)
- The average salary of an entry-level project manager in the United States is $53,923. (25)
- The employment of project management specialists is expected to grow 6% from 2022 to 2032, faster than the average for all other occupations. (6)
- By 2030, the world will require 25 million new project professionals. (26)
- Over 61% of companies train employees in project management. (26)
- 14% of people believe AI will reduce job opportunities. (26)
- The demand for experienced project managers is growing faster than the demand in any other occupation, with approximately 88 million workers expected to be staffed in roles related to project management by the year 2027. (27)
These statistics show project management is such a broad canvas professionally. Project managers have a diverse skill set covering so much, from communications, strategic thinking, and leadership. A project manager plays an indispensable role in any modern business’s strategy, and the demand is currently growing faster than any other discipline in any other occupation.
The role of a project manager is not just someone overseeing the project in question, but needs to be a leader, confidante, team member, and showcase so many more approaches to work that they do not just become a key cog in the business, but are clearly the most indispensable part.
Optimize Project Management Performance with Visual Planning
Seeing a project through from beginning to end requires many skill sets. As project managers look for solutions to streamline their processes and achieve the desired results, staying ahead of the curve is not just an advantage, but an absolute necessity to guarantee success. The latest project management statistics and current trends can ensure professionals navigate their projects with greater precision, preparation, and prevention. However, being knowledgeable is not enough, and the right tools have become critical to ensure project managers can keep on top of every aspect of a project.
Visual Planning can be invaluable for your project management needs. A powerful, robust, and easy-to-use collaborative project management software solution that can allow you to build schedules, assign resources, generate reports, and visualize every aspect of the project in a timeline can help improve your decision-making at every turn.
By using Visual Planning software, you will not only be able to make better decisions that do not just help you keep track of workloads and resources but can improve business productivity in so many different ways. If you want to harness the power of an effective project management tool, ask for a demo of our Visual Planning platform, and you can see how it will revolutionize your approach to project management. Request a demo today to learn more about our platform and start your business on a journey toward greater project success.
References
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Communicator Journalist with an Organizational Communication master degree specialized in Digital Communication from Jean Moulin Lyon 3 University. Passionate about new technologies, social medias, marketing and cooking.
