As we get closer to 2024, leaders and those involved in projects will encounter different challenges and chances that require a grasp of what’s currently happening in their sector.
To navigate this landscape effectively, we must turn to the power of data and statistics.
Statistics are not just a matter of numbers; they are the pulse of the industry, offering invaluable insights into project management’s current state and trajectory for the future.
In this article, we’ll explore a wide range of project management statistics and topics, such as how technology affects project success rates and how remote and hybrid work models change the way projects are carried out.
So, fasten your seatbelts as we embark on a data-driven journey through project management in 2024.
Table of contents
- Why is it necessary to keep an eye on PM trends?
- What are the current project management statistics up to 2024?
- Group 1: Project management certification and skills
- Group 2: Technology and AI in project management
- Group 3: Project management industry growth and demand
- Group 4: Project management performance and challenges
- Group 5: Organizational culture and practices
- Group 6: Agile methodology practices and trends
- What does the future of project management hold for us?
But first, let’s understand why we should watch over stats and trends.
Why is it necessary to keep an eye on PM trends?
In project management, change is constant, and adaptation is the key to success.
With PPM Express, you can keep a vigilant eye on emerging trends and evolving practices for several compelling reasons:
- Competitive advantage: Staying current with project management trends provides a crucial edge in today’s competitive business landscape as it enables more efficient project execution and the outperformance of competitors.
- Improved success rates: Embracing trends like agile methodologies and predictive analytics significantly can enhance project managers’ ability to deliver projects on time while meeting budgetary requirements and stakeholder expectations.
- Enhanced risk management: Keeping up with risk management best practices helps organizations to proactively identify and mitigate project risks, thereby safeguarding investments.
- Adapting to technology: Keeping up-to-date with the advancements in a rapidly evolving tech-driven environment is vital for optimizing project workflows and maintaining efficiency.
- Talent attraction and retention: Demonstrating a commitment to modern project management practices helps attract and retain your best talent.
- Alignment with business goals: Incorporating industry trends ensures projects align with broader business objectives, driving growth and profitability.
- Client and stakeholder satisfaction: Keeping abreast of project management trends helps to meet client and stakeholder (like program managers) expectations for timely, high-quality project deliverables, and fostering long-term relationships.
- Cost efficiency: Implementing efficient project management trends results in substantial cost savings through optimized processes and resource allocation.
As we explore the significance of monitoring trends, let’s dive into the latest project management statistics up to 2024.
What are the current project management statistics up to 2024?
As we dive deeper into this article, we’ll transition from the theoretical to the tangible.
Let’s start this data-driven journey with a look at the latest project management statistics that shed light on what lies ahead.
Group 1: Project management certification and skills
In this section, we explore the significance of project management certifications and qualifications, revealing how they can open doors to higher earning potential and greater career opportunities.
Discover the advantages of acquiring certifications and formal qualifications in project management, and stay tuned for the statistics that illustrate their real-world impact:
- The most common career goal for project managers is to attain certification, with over 20% planning to do so in the next year. Only 7% said their goal is to deliver high-quality projects.
- Notably, less than 72% of women and 76% of men in project management have certifications. Specifically, 57% of women have a PMP while 64% of men do, and 5% of women hold a CAPM compared to 2% of men.
- More than 50% of active project management professionals feel the need for formal qualifications.
- When hiring project management staff, around 55% of employers look for relevant qualifications or certifications.
- Over 72% of Project Management Office leaders believe that certification is vital for mid-career project managers.
- People with PMP certification earn 16% more than those without it.
- Professionals with a CBAP certification in business analysis earn 25% more, and those with at least one certification make 15% more than their non-certified peers.
- Fewer than 20% of women and 23% of men hold management roles such as PMO director, portfolio manager, or other managerial positions.
- Around 36% of business analysts have a master’s degree, and 2% have a Ph.D. or doctorate.
Pro tip: Unsure which certification will advance your career? Explore our comprehensive list of project management certifications to find your ideal match.
Next, we will explore how technology and artificial intelligence are being integrated into project management and how these innovations are shaping the industry and impacting project outcomes.
Group 2: Technology and AI in project management
Staying ahead with cutting-edge technology is paramount in today’s rapidly evolving business landscape.
Read on to find out how AI and technology can optimize project management processes and enhance productivity, and view the data that underscores their significance:
- About 27% of people think that AI will create more job opportunities in project management, while 14% think it will reduce them.
- Right now, the use of AI in analyzing data can save 47% of a project manager’s time.
- Using AI has two significant advantages: It can provide excellent value to customers (53%) and help a business achieve or even exceed its expected benefits (46%).
Pro tip: Want AI like ChatGPT to help you with your project management activities? Our article includes 180 ChatGPT prompts for you to use.
- Early adopters of AI in project management complete 61% of their projects on time, whereas those who are slower to adopt AI finish only 47% of their projects on time. Additionally, 64% of those early adopters see their projects meet or even exceed their financial goals, while only 52% of the later adopters achieve this.
Pro tip: If you’re searching for an AI-powered work management tool, we’ve prepared a comprehensive guide featuring the top choices for you.
- More than half (54%) of the workforce believes they could save more than five hours of their time with task automation, especially for administrative tasks such as setting up meetings and entering data.
- Around 54% of project managers need access to real-time key performance indicators (KPIs) and objectives and key results (OKRs) for their projects.
- Approximately 43% of project managers are using collaboration tools more often, with Microsoft tools such as MS Teams being the top choice for 88% of them.
- Less than a quarter (25%) of project managers think that their current technology is not very effective for informal projects where they need to collaborate with others.
- Only 23% use PPM software solutions like PPM Express or Resource Management platforms for their projects.
- More than 56% of organizations have a strategy for digital transformation that includes adopting AI.
In the next section, we’ll explore essential insights about the growth and changing requirements in project management, offering a comprehensive overview of the current trends and opportunities shaping this dynamic field.
Group 3: Project management industry growth and demand
This section focuses on the promising growth prospects, the increasing demand for project management professionals worldwide, and the exciting opportunities in the field and how they align with economic trends.
- Around 82% of people believe that project managers are really important for making projects successful.
- More than 68% of companies hire project managers from outside, either through outsourcing or through hiring on a contract basis.
- Currently, there are 90 million employees worldwide working in industries that focus on project management.
- In the United States, the average salary for jobs related to project management is $111,399.
- Most people (68%) think there will be more project work in the future.
- By 2030, we’ll need about 2.3 million new project managers every year, and the world will require 25 million new project professionals by then.
- The area of software development will see the most growth (14%) in jobs related to project management between 2019 and 2030.
- The money made by industries that heavily use project management will go up from $24.7 trillion in 2019 to $34.5 trillion in 2030.
- Almost half of the work activities in the world that are worth a lot of money have the potential to be done by machines. By 2055, about 50% of these activities could be automated.
- About 60% of projects usually have a plan with a clear way of doing things and a plan for managing risks. However, 25% of projects sometimes or never have a plan set, and 39% sometimes or never have set schedules.
- More than 89% of companies have a Project Management Office (PMO) to help with project management procedures and reports.
- Nearly 60% of project managers handle between two and five projects, 11% manage between six and ten, and 15% are in charge of over 10 projects. Almost 40% of project teams have 6 to 10 members.
- Most people expect their PMOs to get bigger (57%) and offer more services (72%), which they think will make the PMOs more valuable (71%).
- The worldwide online project management software market will be worth $13.7 billion by 2030.
Pro tip: Still annoyed by the search for the best project management software? We have an article to assist you on your journey.
In the next section, we’ll examine important data and insights to understand how effective project management practices are and the challenges that project managers face, giving a complete view of the field’s current state.
Group 4: Project management performance and challenges
Ensuring project success is an ongoing challenge for organizations.
Explore the common performance issues and challenges in project management to gain insights into where projects often falter, and discover the critical factors that can make or break project outcomes, as supported by compelling data.
- Only 2.5% of companies manage to finish all of their projects successfully.
- On average, about 11.4% of the money invested in projects is wasted because the projects don’t go well.
- Almost 10% of every dollar spent on projects is wasted due to poor performance, which adds to a staggering $99 million for every $1 billion invested.
- Only 29% of organizations are good at finishing projects on time.
- Less than half, around 47%, say their organizations have a good history of successful projects.
- More than 43% of organizations are good at staying within their project budget when it comes to projects.
- Nearly 40% of organizations are consistent in getting all the benefits they expect from their projects.
- Only 52% of projects manage to result in stakeholder satisfaction.
- Around 52% of finished projects have experienced changes that weren’t planned or controlled (without scope creep).
- More than 80% of the projects that do well are led by project managers with special certifications.
- According to top leaders, the three most important things for future success are being able to quickly change how your organization works (35%), making smart choices about the technology (like PPM Express) you use (32%), and having the right skills (31%).
- Less than 32% of organizations that try to manage changes in a structured way think they’re doing a good job at it.
- Only 58% of organizations fully understand how valuable project management is.
- Less than a third, around 33%, of IT projects fail because the top leaders in the company weren’t involved enough.
In the next section, we’ll see how cultural and procedural factors significantly influence project management, providing valuable insights into how organizations can adapt to today’s dynamic project demands.
Group 5: Organizational culture and practices
A thriving organizational culture can set the stage for project success. In this section, we look at the importance of organizational culture and practices, highlighting their role in achieving project goals.
Learn how a customer-centered culture and effective practices can drive results through the statistics that validate their impact.
- About 60% of project managers use a mix of different methodologies when they work on projects.
- More than 61% of companies give their employees training in project management, and only 47% have a clear path for those who want to build a career in project management.
- Nearly 70% of organizations make it a top priority to create a culture that always thinks about what the customer needs based on their feedback.
- Almost all organizations, approximately 93%, follow standard methods of conducting project management.
- About 59% of organizations use a creative approach called design thinking to come up with solutions to problems.
- In over 61% of projects, some sponsors are actively involved and supporting the project.
- More than 70% of Project Management Offices see project reporting on how well things are going as a significant part of their work.
- Around 41% of project managers get distracted by emails and notifications, and 20% of them feel like they’re getting too many emails.
- In companies that do well, not getting enough support from sponsors is one of the main reasons considered in 17% of failed projects.
In the next section, we’ll examine Agile project management, looking at how organizations adopt this method and the current trends influencing its use in projects.
Group 6: Agile methodology practices and trends
Agile methodologies have revolutionized project management.
Discover how Agile practices reshape project management, allowing for greater adaptability and success.
- More than 71% of people who use Agile methods feel that it improves the delivery of their projects.
- A big majority, over 70%, of people are happy with how Agile practices are working in their companies. About half are somewhat satisfied, and one in five is very satisfied.
- Only 25% of people think using a mix of different project management methods is effective. Four out of five prefer to use Agile, and half combine Agile with Waterfall or other methods.
- More than 52% of people find that Agile helps them get their products to market faster, and 44% like that it makes project delivery more predictable.
- Almost 80% of organizations have teams working on Agile projects in remote locations.
- About 55% of people think good cross-team collaboration and communication are essential when using Agile.
- More than 66% of people use Atlassian Jira for Agile project management, 42% use Mural/Miro, and 34% still use Microsoft Excel.
Pro tip: Are you still using Excel as a project management tool? We have a list of 15 Excel alternatives to enhance your project management.
- A whopping 89% of people think that high-performing Agile teams have a strong focus on people, a clear culture, good tools, and leaders who empower their teams.
- Almost 87% of people use Scrum, and 56% use Kanban as part of their Agile methods.
- Over 53% prefer SAFe, while more than 28% choose Scrum@Scale/Scrum of Scrums.
- A significant 87% of business analysts use Agile approaches in their work.
Now that we’ve examined the present landscape let’s turn our gaze toward the future of project management.
What does the future of project management hold for us?
Once we come to understand the current project management landscape and the statistics that define it, the inevitable question arises: What does the future hold for the world of project management?
The answer lies in a combination of project management statistics, emerging trends, technological advancements, and the collective wisdom of industry professionals.
- AI and automation will continue centralizing project management, empowering professionals to make informed decisions, optimize resources, and enhance risk management without replacing project managers.
- Evolving collaboration tools will enable seamless work across geographically dispersed teams, blurring the lines between remote and in-person work for more adaptable project management.
- Sustainability and Environmental, Social, and Governance (ESG) considerations will integrate into project management, demanding sustainable practices and responsible execution to meet stakeholders’ growing social and environmental expectations.
- Emphasis on soft skills like effective communication, leadership, and adaptability will remain vital for project management success.
- Lifelong learning will become standard for project management professionals, ensuring competitiveness by staying updated on the latest trends, tools, and methodologies in this evolving field.
In this landscape of change and innovation, it’s crucial to equip yourself with the right tools to stay ahead of the curve.
We recommend considering PPM Express, a cutting-edge project and portfolio management software solution. In an industry that moves faster than evolution, PPM Express provides the speed, accuracy, and adaptability your organization needs to thrive.
Try PPM Express today and lead your organization confidently into the future of project management.