43+ Project Management Statistics 2022 For Better Understanding Of Project Success
Project Management Statistics: We all have certain responsibilities that need to be finished on time. In a workplace, this becomes crucial for overall growth. But, the fact is that those who manage things better have greater chances of being successful. With the evolution of new technologies, managing things have become quite easy. Project management is one such gift of technology that is needed now more than ever. Actual business demanded project managers adopt a different and extensive approach and project management software yielded the desired results. This is why we see that more and more project management practitioners are relying on it. Here we are going to share some pressing project management statistics that will help you keep abreast of best practices being adopted by the industry at the moment and that too without even the need of expanding your own precious time and resources. To start with, let us tell you that Mordor Intelligence has predicted that project management software will reach a value of USD 9.81 billion in the next four years. Let’s have a look at some other important project management statistics that you should be aware of.
Key Project Management Statistics:
- Jirz, a project management software, is an industry leader with over 41% market share.
- Almost 39% of organisations are not providing any project management training to their employees.
- 58% of organisations fully understand and acknowledge the importance of project management.
- Poor project management has resulted in the wastage of over 11% of resources in organisations.
- It is also astonishing that 54% of project managers actually do not have any access to real-time data and key performance indicators (KPIs).
- More importantly, only 43% of all the projects are completed on budget.
- Only 29% of projects have been completed on time.
- Over 50% of all projects fail because of one reason or another.
- Team communication can be increased by 52% with the use of project management software.
- Project managers earn something around USD 88,907 every year.
- There will be a requirement of around 25 million new project management professionals by 2030.
- Business dissatisfaction with project portfolio management is increasing every year. While it was 45% in 2016, it increased to 50% in 2017 and 56% in 2018.
Project Management Statistics:
#1. Demand for project management software is growing by 10.6%
Project management software is in demand. This is evident by data that show a compound annual growth rate (CAGR) of 10.67%. According to Mordor Intelligence, the increase in demand is mainly because of the complexity of the modern workplace. The rise of a hybrid work system because of the COVID-19 pandemic requires better project management.
#2. Large enterprises to invest more in project management tools
According to ReportLinker, Small and Medium Enterprises (SMEs) are likely to increase their investment in buying project management tools by around 7.9%. However, large enterprises are the biggest market as they are set to increase their investment by over 9.1%.
#3. Technology giant Microsoft is at distant second position in terms of market share
While Jira is the market leader when it comes to project management tools, tech giant Microsoft is a distant second position with around 15.4% of the market share. Kanban is at number three with only 5.52% of the market share as of 2022.
#4. The US is one of the biggest markets for project management technology
The United States is one of the biggest markets for this technology. According to 2020 data, it accounted for over 295 of the market share. China also has a significant market for this technology with a projected growth of 7.45 in the next seven years.
#5. Government groups are biggest adopters
Some reports also highlight that some government groups are also adopting this technology. According to data, they are responsible for 25.3% of the market.
#6. 35% of project managers satisfied with project management technologies
According to a study by Wellington in 2020, 35% of organisations using project management technologies were either somewhat of very satisfied with the current level of maturity. But a whopping 52% of those who responded were not satisfied.
#7. Poor project management resulted in wastage of 11.4% of all resources
According to a survey conducted by Project Management Institute in 2020, 11.4 % of all resources are wasted simply because of the poor project management. Those who fail to properly integrate project management have greater chances of project failure.
#8. 70% companies project management tools are at level 3
The study also found that around 70% of companies feel that project management tools being used by them are at a level of 3 or even more. This was on a scale of 1 to 5 with 1 being the least mature and 5 being the most mature.
#9. 89% of organisation now have at least on project management office
According to a report, there is at least one project management office in place in around 89$ of all organisations.
Project Management Trends:
#10. Demand of project management on rise because of repetitive tasks
According to data, repetitive management and input of data are considered to drain most of the time at work. 32$ respondent of a survey said that they would love to use project management softwares to eliminate repetitive admin tasks completely. Over 70% of them said that they are willing to get access to automation tools to help with projects.
#11. Automation of tasks like tracking progress can save 5 hours
A survey found that 54% of the workforce are of the opinion that around 5 hours or more can be saved by using tools that allows them to automate tasks such as tracking progress of a project.
#12. Over 50% organisations have no access to KPIs
While pressure to manage projects on greater scale is increasing on companies with every passing day, many of the still don't have access to right technology. 54% of respondents who were part of the report said that have no access to real-time project KPIs.
#13. Project management software is used by most of the high-performing teams
The companies that use project management software generally have better results. According to a study conducted by PWC, 77% of the high-performing companies were using the software regularly.
#14. Project management tools essential
Several companies have accepted that project management tools are an integral part of tracking and monitoring projects.
#15. COVID-19 pandemic has a huge impact on project management
COVID-19 is among several events that have a significant impact on the approach toward project management. According to a report by analysts like KPMG, 58% of the companies believe that the coronavirus pandemic had a significant or at least moderate impact on their projects. It also found that a large number of project leaders were investing in systems and digital collaboration tools in order to engage and make their team capable of working remotely.
#16. Hybrid is the most common project management approach
According to the Rebel's Guide to Project Management, hybrid project management strategies were adopted by around 60% of project managers to complete their projects. The approach has a blend of both predictive and iterative methods. Their examples are waterfall and agile respectively.
#17. Less than 50% of projects are completed using the designated budget
The Wellington State of Project Management report found that less than 50% of the organisations managed to complete their projects within their designated budget. To be precise, the figure was 43%. Moreover, an even lower number of organisations managed to complete their projects on time. The precise figure, in this case, is 29%.
#18. Only 40% of companies say their projects deliver on benefits
The track record of project success in the companies was less than 50%. Only 40% feel that their projects always delivered on benefits.
#19. 48% of teams feel their organisations manage projects effectively
The KPMG report of 2020 found that only 48% of people feel that their companies are managing projects and programs effectively. It also found that only 25% of all projects were delivered successfully.
#20. Only 40% of companies feel their project governance strategies are effective
Only 52% of companies believe that they managed to satisfy their stakeholders through the project. There could be a number of reasons for that. Also, just 40% of companies feel that they have effective project governance strategies.
Project Management As A Career:
#21. 61% of organisations provide training
The PMI report from 2021 suggests that only 61% of companies took the initiative to provide some kind of training for project management. Interestingly, 47% of companies said that they have defined specific career paths for project managers.
#22. 52% of companies need a project professional
It is becoming more and more important for companies to have a dedicated individual to manage projects. Around 51% of companies now feel that they require a project professional to hold a certification for their role.
#23. 25 million new project management professionals are required by 2030
There is going to be a surge in the demand for project management professionals. A report by the Project Management Institute said that something around 25 million new project management professionals will be required by 2030. There could be a loss of around USD 345 billion in global GDP by that time in case of a lack of project management talent.
#25. Project managers spend most of their time on reporting
As a project manager, there are numerous tasks, but the main focus remains on the status of the project.
#26. Project management skills are now the most sought after
The Business Talent Group found in its study that project management was highly in demand during 2021. For new hires, project management capabilities are crucial.
#27. Project managers have good growth potential
A study found that as the demand for project managers increases, they have a good potential for salary growth. According to the 2022 PMI Talent Gap Study, project managers got salaries far higher than wages not related to project management. This was higher by a range of around 78%.
Project management failure statistics:
#28. Scoping documents for projects were either created sometimes or never by 25% of organisations.
#29. Organisations with high-value delivery maturity have a lower failure rate of 11%. On the other hand, this rate is around 21% or even higher for those organisations that have low-value delivery maturity.
#30. Project failure rate of 18% has been recorded in companies that do not use or have outdated project management technology.
#31. Over 60% of project professionals consider poor resource management as a significant problem in proper project management.
#32. A report in 2020 stated that 25% organisations were not using technology suitable for team collaborations.
#33. Some of the biggest roadblocks in the way to adopting agile techniques are resistance to change, lesser participation by leaders, and inconsistent practices.
#34. A report in 2021 stated that almost one in every five project managers considered resigning from their jobs.
Project Management Software Key Developments:
#36. 52% of companies believe that artificial intelligence would mainly play a role in PM assistants. However, 42% feel that the main role of artificial intelligence would be PM advisor.
#37. 75% of project professionals are of the view that the usage of collaboration tools for teams will increase.
#38. 35% of executive leaders believe that organisational agility will be the most critical factor in achieving success in the future.
#39. 31% of them also feel that learning relevant skills will be crucial to future success.
#40. There was a 2% increase in the usage of Microsoft Project Online from 2019 to 2020.
#41. 45% of the organisations that implemented project management solutions either received some, most, or all the intended benefits.
#42. In 2020, 22% of companies used the appropriate resource management solution.
#43. Perceived value of PMOs are likely to increase from 55% in 2019.
Conclusion:
It is eminent that using project management software can increase the percentage of project completion manyfold. Using project management software can definitely help in arresting some of the negative practices related to the project in the past. Also, with changes in the workplace scenarios, project management is likely to be a major focus point for organisations.
Sources
FAQ.
Project management is essential for good planning. It also helps better communication and increased employee productivity. All these things lead to a higher success rate of IT projects.
According to project management failure statistics, around 70% of all projects fail.
The number of projects that can be handled by a project manager will depend on various factors. For this, duration and scope are most relevant. However, time management statistics suggest that one should not handle more than two or three projects simultaneously.
Poor management of projects is the main cause of failure. Poorly defined goals, lack of proper planning, and poor communication are other factors responsible for it.
A survey by the Australian Institue of Project Management stated that the average age of project managers is around 42 years.
There are mainly five stages of the project life cycle. They are - conception and initiation, planning, execution, performance, and project close. However, the number of stages can be determined by stakeholders.
Barry is a lover of everything technology. Figuring out how the software works and creating content to shed more light on the value it offers users is his favorite pastime. When not evaluating apps or programs, he's busy trying out new healthy recipes, doing yoga, meditating, or taking nature walks with his little one.
