Project management statistics demonstrate a rapidly changing demand for better technology, talent, and opportunities in the PM world.
Lately, project management tools have become increasingly appealing for companies dealing with distributed, remote, and hybrid teams. At the same time, we’re seeing a rising need for project management professionals to oversee outcomes.
According to Mordor Intelligence, project management software will reach a value of $9.81 billion by 2026. Today, we’ll look at some of the most important statistics you should know about project management tools.
Key Project Management Statistics – Editor’s choice
- Project management software will be worth $9.81 billion by 2026
- Jira holds the largest market share for project management technology (c.42%).
- Only around 35% of project managers are happy with the technology and PM maturity in their organizations.
- 11.4% of resources are regularly wasted due to poor project management.
- 54% of project managers don’t have access to real-time data and KPIs.
- Less than half of all projects (43%) are completed on budget, and only 29% are completed on time.
- Around 25 million new project management professionals will be needed in the talent landscape by 2030.
Project Management Statistics: Market Growth
1. Project management software is growing by 10.6%
Project management software demand is growing faster than ever. Valued at around $5.37 billion in 2020, the market is set to reach $9.81 billion by 2026. According to Mordor Intelligence, this represents a CAGR of around 10.67%.
Mordor Intelligence believes a significant reason for the increased demand for Project Management tools is the increasing size and complexity of the modern workplace. The pandemic and the rise of hybrid work requires a more advanced strategy for project management.
2. Large enterprises are the biggest market for project management tools
A ReportLinker review of the Global Online Project Management landscape reveals a slightly slower growth rate for the marketplace compared to Mordor Intelligence, at around 7.9%. The report found some companies are embracing this technology faster than others.
SMEs are expected to increase their acquisition of project management tools by around 7.9% over the next 7 years. At the same time, large enterprises are set to increase their investment by 9.1%. The large enterprise segment currently accounts for around 49.2% of the market.
3. Jira currently holds the highest market share among project management tools
Following an analysis of the current project management software market, Datanyze found there are around 197 companies producing bespoke project management tools. Currently, Jira holds the top spot for market share, with c. 42% of the market.
Microsoft Project follows in second place with around 15.4% of market share, and Kanban is in third place with only 5.52% of market share, as of 2022.
4. The US Accounts for 29.2% of the market share
The ReportLinker review on project management software adoption indicates the US is one of the most significant markets for this technology, accounting for around 29.6% in 2020. However, China represents a significant growth area, with a projected growth of 7.4% in the next 7 years.
The “online” project management software market in the US is particularly significant, as companies drive more of their technology into the cloud, to manage the agile requirements of a post-pandemic environment.
Notably, ReportLinker also revealed that government groups are some of the biggest adopters of project management technology. Government groups are responsible for 25.3% of the market.
5. Only 35% of project managers are happy with their technology
A Wellington study on the state of project management solutions in 2020 found only around 35% of marketers said they were either somewhat or very satisfied with the current level of project management tools in the market. Around 52% of the respondents in the study felt dissatisfied.
Despite this, Wellingtone also found that around 70% of companies believe their project management tools is at a level of 3 or more on a scale where 1 is the least mature, and 5 is the most mature.
6. 11.4% of resources are wasted due to poor project management
A study by the Project Management Institute in 2020 found approximately 11.4% of all resources in the modern business landscape are wasted due to inferior processes for project management. According to surveys conducted by the researchers, organizations are struggling with finding the right strategies.
The surveys conducted by PMI revealed that organizations who failed to properly integrate project management tools into their strategies will see their project failure rate increase by a rate of around 2/3. Unfortunately, the same survey also revealed only around 46% of companies say their organization values project management.
7. 89% of organizations have at least one PMO
According to the Wellingtone state of project management report, around 89% of all organizations now have at least one project management office in place, and 50% have more than one solution available.
A further 71% of the people surveyed in this report said they believe the perceived value of “Project Management” in their business is increasing, up from 55% in 2019.
Project Management Statistics: Project Management Trends
8. Repetitive tasks are increasing demand for project management
According to Monday.com, project management tools could be the key to improving their efficiency at work. Around 54% of the workforce currently believes they would save around 5 hours or more from tools which allows them to automate tasks like tracking progress of a project.
Around 24% of respondents in the study said they consider the repetitive management and input of data to be their biggest time drain when at work. Around 32% said they would love an opportunity to eliminate repetitive admin tasks completely. Over 70% of those surveyed said they would like to access automation tools to help with projects.
9. 54% of companies don’t have access to real-time project KPIs
Though pressure on companies to manage projects on a greater scale is increasing, many organizations say they still don’t have the right technology in place. Around 54% of respondents in the Wellingtone report said they don’t have access to real-time project KPIs.
1/3 of respondents said they spend a day or more to manually collate project reports. Around 25% of the respondents in this report also said they don’t have the right technology to collaborate on information projects in their business.
10. 77% of high-performing teams us project management software
A study conducted by PWC found that the companies using software to manage and improve the processes of their projects generally achieve better results. 77% of the high-performing companies in the study said they used project management software regularly.
According to the respondents in the study, these project management tools are essential for tracking and monitoring the outcomes of projects.
11. Events like COVID-19 have a huge impact on project management
According to analysts like KPMG, events like COVID-19 have a huge impact on the approach companies take to project management and investing in new talent or technology. The report revealed 58% of respondents believed the pandemic had a moderate or significant impact on their projects.
The survey also highlighted an overwhelming number of project leaders were now investing in digital collaboration tools and systems to keep teams engaged and capable of working remotely.
12. Hybrid project management strategies are the most common
According to the Rebel’s Guide to Project Management, around 60% of project managers use hybrid methods to deliver their projects. Hybrid methodologies use a blend of predictive (waterfall) methods, and iterative (agile) strategies.
Typically, according to the Rebel’s Guide, a project will be initially established using the predictive planning method to mark key deadlines for the whole piece of work. However, sprints and agile iterations usually take place within that structure.
13. Only around 43% of projects are completed on-budget
The Wellington State of Project Management report indicates only around 43% of organisations mostly, or always complete their projects within their designated budget. An even lower number of companies (29%) mostly or always complete their projects on time.
To make matters worse, less than half of respondents (47%) say their organizations have a track record of project success, and only 40% say their projects always fully deliver on benefits.
14. 48% of people believe their organization manages projects effectively
As of 2020, the KPMG report on project delivery performance found less than half of all teams feel their organisation manages programs and projects effectively. The report also showed only around 25% of all projects were delivered successfully. What’s more, only 52% of companies think their projects are delivered to the satisfaction of stakeholders.
There are a number of reasons for the potential issues with project success rates, according to KPMG, including the fact only around 40% of organizations say their project governance strategies are effective.
Project Management Statistics: Careers
15. 61% of organizations provide project management training
According to the PMI report from 2021, project management is a growing career. Around 61% of companies commit to providing some kind of training for project management. Around 47% of companies also say they’ve defined specific career paths for project managers.
Increasingly, it’s becoming important for business leaders to have a dedicated individual in place responsible for dealing with project management. Around 51% of companies now say they need a project professional to hold a certification for their role.
16. There’s a growing demand for around 25 million new project management professionals
A recent report released by the Project Management Institute on the talent situation for project management professionals reveals some shocking results. According to the report, there will be a need for around 25 million new project management professionals by 2030.
The impact of the increasing skill gap could be felt on a global scale if it isn’t rectified, according to PMI. Lack of project management talent could create a possible loss of around $345 billion in global GDP by 2030.
17. Project professionals spend majority of their time reporting
According to the Wellingtone Project Management report, there are numerous tasks a project management professional needs to manage on a daily basis. The main focus for project managers seems to be on project status reporting.
The second most common task is simply maintaining the project list or portfolio, followed by maintaining the PM methodology and document templates. PMs must also deal with facilitating project approval processes and providing project management expertise.
18. Project Management skills are the most sought after proficiencies among new hires
A study conducted by the Business Talent Group, an online marketplace for independent talent, found project management was the most in-demand skill in 2021. Project management capabilities have been ranked among the most crucial skills for new hires for a number of years now.
Following Project Management, some of the other most crucial skills required by today’s business leaders included the ability to conduct market landscape research and deliver organizational design and workforce planning. Business leaders are also looking for experts in growth strategy, process optimization and transformation, and strategic planning.
19. Salaries for Project Managers are rising
The 2022 PMI talent gap study found the increasing demand for project managers is also leading to a higher salary potential for those with the right skills. According to the report, salaries for project management related roles were far higher than wages not related to project management – by a range of around 78%.
The average project-management oriented salary is around $111,399. Having project management related skills could increase the income of a manager by more than $30,000, according to the PMI Talent Gap Study. The software development landscape is particularly well-suited to offering high income opportunities.
The Transformation of Project Management
Companies are increasingly seeing a rising demand for project management strategies, tools, and professionals capable of driving a more efficient set of business processes. As the workplace continues to change and project stakeholder expectations evolve, companies will need to invest more time and money into perfecting project management.
It’s fair to say project management will continue to be a major focus point for business leaders in the years ahead. What remains to be seen is how companies stay ahead of the competition with their project management investments.
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