50+ Key Project Management Statistics & Trends [2024]

May 3, 2024 0 Comments

Did you know 75% of employees in the IT industry reported having no confidence in project success?

How important is project management?

Companies waste $1 million every 10 seconds due to ineffective management worldwide- approximately $2 trillion a year!

Coca-Cola wasted $4 million in development and another $30 million in back-stocked products after releasing New Coke. [11]

How to reduce the losses?- Project Management!

Proper project management processes reduce failure rates to 20% and below.

Are you ready to optimize your project performance? 

Navigate the world of project management with essential statistics.

Top Project Management Statistics: Editor’s Pick

Organizations that invest in project management waste 28x less money
  1.  70% of all projects fail to deliver the desired results to the customers. [12]
  2. According to the latest project management statistics, Jira leads the project management software market with a 20.59% market share. [1]
  3. Only 23% of project management professionals use project management software. [2]
  4. 88% of project managers reported using Microsoft Teams, making it the most popular collaboration software. [3]
  5. 36% of project management professionals said they spend between four hours and one day manually. [2]
  6. 62% of projects that have been completed successfully have supportive sponsors. [9]
  7. Poor resource management was reported as the biggest project management challenge in 2019. [9]
  8. 61% of organizations reported providing project management training. [6]
  9. The project management software market was valued at $ 6.1 billion in 2021 and is estimated to rise to $15.08 billion by 2030. [4]

70% of projects fail

It is alarming to note that 70% of all projects fail to deliver the desired results to the customers. [12]

Companies waste $1 million every 10 seconds due to ineffective management worldwide- approximately $2 trillion a year! [12]

91% of project management professionals said their organizations face project management challenges. [12] 

What’s the solution?

Proper project management processes reduce failure rates to 20% and below. [12] 

Organizations that invest in project management waste 28x less money. [12]

Project Management Statistics By Country

Gender disparity plays a role in every sector of society. Male project professionals outnumber females (3 to 1) in every region. 

Women earn less than men across the globe. [7]

IndustryFemaleMale
North America39%57%
Sub-Saharan Africa29%71%
China25%71%
Latin America24%75%
Europe24%74%
South Asia15%84%
Asia Pacific14%85%
Middle East/ North Africa8%91%
Source: PMI

Project Management Software Statistics

Project management software is an effective way to plan and deliver desired projects balancing budgets and needs. Which one is used most?

  • According to the latest project management statistics, Jira leads the project management software market with a 20.59% market share. [1]
  • Next in line is the Microsoft project with a 16.01% market share. [1]
  • Airtable has 8.55% market share. [1]
  • Kanban has an 8.18% market share. [1]
  • Smartsheet has a 6.98% market share. [1]

Only 23% of project management professionals use project management software. [2]

54% don’t have the technology to track KPIs in real time. [2]

54% of project management professionals said they lack effective collaboration technology. [2]

36% of project management professionals said they spend between four hours and one day manually. [2]

71% of project management professionals said their use of collaborative software has increased over the past 12 months. [3]

88% of project managers reported using Microsoft Teams, making it the most popular collaboration software. [3]

64% of project managers also use SharePoint, while 27% use Confluence. [3]

Project Management Performance Statistics

62% of projects that have been completed successfully have supportive sponsors

75% of employees in the IT industry reported having no confidence in project success. 

Does project management help?

In 2016, 62% of projects met the original business goals.

The percentage has increased to 70% in 2018. [9]

62% of projects that have been completed successfully have supportive sponsors. [9]

Poor resource management was reported as the biggest project management challenge in 2019. [9]

Roughly 50% of managers said the most critical process to project success is stakeholder engagement. [9]

Risk management comes next in line with 40%, followed by planning with 35%, and resource management with 25%. [9]

Project Failure Statistics

In 2018, it was reported that organizations that undervalue project management witnessed 50% more of their projects failing. [12]

What is lacking in projects that fail? Why do Projects fail?

  • No clear goals. 37% of projects fail due to a lack of clear goals. [12]
  • No proper alignment. 44% of projects fail due to a lack of alignment between business and project objectives. 
  • Budget Overruns. 55% of projects fail because of monet finance management and budget issues.  
  • Inadequate sponsor support. 41% of projects don’t perform well due to a lack of sponsor support.

Project Management Career Statistics

61% of organizations reported providing project management training. [6]

While 47% of companies made project managing a career path. [6]

It is to be noted that project managers who get a project management professional certificate make 22% more money than a project manager. [6]

In a survey conducted by Wellingtone, it was found that the IT & related services industry needs project managers the most, followed by education and consultancy. [2]

65% of respondents reported having job experience of 11 years or more. [2]

83% of respondents said that they have at least once in their career managed the project. [2]

State of project management
Source: Wellingtone

How much do project managers earn?

The median pay for US-based project management specialists is $94,500 per year. [8]

The top 10% of US-based project managers earn more than $159,140 per year. [8]

The least earning 10% of US-based project managers earn less than $49,750.

The project management software market was valued at $ 6.1 billion in 2021 and is estimated to rise to $15.08 billion by 2030. [4]

It is projected that 70,400 new jobs will be opened for project managers per year by 2030. [8]

Communication is seen as the most important skill for project managers to develop over the next five years. [10]

While 33% of leaders said the ability to drive change within organizations would also be a top skill in coming years. [10]

30% of managers mentioned leadership. [10]

Other top skills in project management include conflict management (26%), and agile methodology expertise (25%). [10]

FAQs

What are the main reasons projects fail?

Projects can fail due to various reasons, including unclear goals, inadequate planning, poor communication, budget overruns, and lack of stakeholder support. Addressing these issues early on can significantly improve project outcomes.

How can project management software help teams?

Project management software facilitates collaboration, task management, scheduling, and resource allocation. It centralizes project information, improves communication, and enhances transparency, leading to more efficient project execution.

What skills are essential for successful project managers?

Successful project managers possess a range of skills, including communication, leadership, problem-solving, time management, and adaptability. These skills enable them to navigate challenges, motivate teams, and drive projects to completion.

Emerging trends in project management include the increased adoption of agile methodologies, remote work collaboration tools, and artificial intelligence for project forecasting and risk management. Keeping abreast of these trends can help organizations stay competitive in the evolving project landscape.

How can organizations improve project success rates?

Organizations can improve project success rates by investing in comprehensive project management training, fostering a culture of accountability and collaboration, leveraging advanced project management tools, and prioritizing stakeholder engagement throughout the project lifecycle. 

Conclusion

Project management is vital for organizational success, yet it’s fraught with challenges. Despite its importance, a staggering 70% of projects still fail to meet their objectives. This failure rate results in significant financial losses, with companies worldwide wasting approximately $2 trillion annually due to ineffective management. 

With the right approach and tools, organizations can overcome challenges, optimize performance, and thrive in an ever-changing business environment.

Source

  1. Datanyze. Project Management Software Market Share
  2. Wellingtone. The State Of Project Management 2020
  3. KPMG. 2022 Project Management Survey
  4. Zion Market Research. Global Project Management Software Market Size
  5. Smartsheet. Future of Work Management Report 2023
  6. PMI. Ahead of the Curve: Forging a Future-Focused Culture
  7. PMI. The State of Women in Project Management 2023
  8. BLS. Project Management Specialists 
  9. Workamajig. Project Management Statistics: 45 Stats You Can’t Ignore
  10. KPMG. 2022 Project Management Survey
  11. NewWorldTech. Failed Projects and reasons behind their failure
  12. Team stage. Project Management Statistics: Trends and Common Mistakes in 2024