By Raj Vardhman | March 23, 2020 | 0 Comments

25 Astounding Project Management Statistics [2020 Update]

The world of project management is primed, prepped, and practically begging for disruption. 

So what’s the hold-up?   

Whether you’re a newbie who is considering a career as a project manager, a seasoned project manager looking to find out more about your industry, or a business owner eager to discover why your projects aren’t as successful as they need to be– our stunning project management statistics have a little something of value for everyone. 

Perhaps you’re wondering:

 What percentage of projects are successful? What is the percentage of projects that fail? 

Is the investment into project management software worth it? What are the benefits of project management software use? Is a certificate even worth the paper it’s printed on? 

Now:

If you’ve found yourself asking any of the above questions, you’ve come to the right place. 

Let’s dive right in.

Productive Project Management Statistics – 2020

  • 22% of organizations make use of PM software. 
  • 9.9% of every dollar is squandered due to poor project performance.
  • The market for cloud-based project management tools is expected to surpass $6.88 billion by 2026.
  • PM software usage saves project managers an average of 10 minutes per day.
  • There are approximately 16.5 million project managers in the world.
  • 44% of project managers do not use any PM software. 
  • In the IT sector, 17% of IT projects fail so significantly that they could threaten the company’s entire existence.
  • The shortage of project managers could result in a $207.9 billion GDP loss by 2027.

PM Adoption Rate Statistics 

To help get you into the swing of things, we’ll start off with a look at the current PM adoption rate statistics and what this means for the industry at a glance. 

1. The adoption rate for PM software is 22%.

(Source: Wellintone) 

Despite the obvious benefits of project management software use, which we’ll fill you in on a little later, only about one-fifth of organizations currently make use of PM software. 

2. 77% of all high performing projects use project management software. 

(Source: Medium)

You know those stunningly successful projects you hear about? Chances are, project management software was a key ingredient in their recipe for success, seeing as more than three-quarters of high performing projects make use of such software

3. In 2018, more than two-thirds of organizations outsourced project managers. 

(Source: Project Management Institute)

Surprisingly, 68% of organizations use outsourced or contracted project managers to manage their projects. So, instead of hiring in-house project managers or making use of PM software, more organizations choose to dole those responsibilities out to external third parties.  

Wondering what the consequences of such an action could be? Well…

4. 9.9% of every dollar is squandered due to poor project performance.

(Source: Project Management Institute)

The released project management statistics pmi show that almost 10% of every dollar spent on a project is wasted due to poor project performance. 

To put that into perspective: 

If $1 billion is invested, $99 million is wasted

That’s a LOT of money, in our humble opinion. 

5. 44% of project managers do not use any PM software. 

(Source: PWC Projects)

As you can tell, it’s no surprise that organizations don’t use PM software. What IS surprising is that close to half of external project managers use no PM software

The question is: 

How do they manage projects and stuff? 

Project Management Software Market Share 

The PM adoption rate statistics you just read have likely left you wondering what the market share looks like, right? 

Fret not: 

We’ve got your back. 

6. The current global project management market is valued at $4 billion. 

(Source: Markets and Markets)

Project management statistics 2019 revealed that the global project management market was valued at a cushy $4 billion. The current CAGR is 6.9%, which is impressive by anyone’s standards. 

As if this weren’t remarkable enough:

7. The market for cloud-based project management tools is expected to surpass $6.88 billion by 2026.

(Source: Global News Wire)

In just six short years, the market for online project management tools is expected to skyrocket.That means that the project management software market share will be growing at a CAGR of 9.4%.  

8. The project management software market share is led by Jira at 39.35%.

(Source: Datanyze)

While Jira gobbles up a large portion of the project management software market share, others still lagging behind. Microsoft Project has 18.66% of the market, and Smartsheet has 9.26%

9. More than half of all organizations rank cost as the reason why they choose not to use PM software.

(Source: Capterra)

56% of organizations find the cost of PM software to be way too high, which is why the majority don’t invest in it. 

Let’s be honest, though: 

When isn’t cost a prohibitive factor? 

10. According to pm practices statistics, organizations spend an average of $861 per month on project management software.

(Source: Capterra)

Those that are currently making use of project management software spend a tidy sum on a regular basis. 

Is this cost worth it? Keep reading to find out.   

Project Management Jobs Statistics

For an insight into what life as a project manager is like, how much they earn, if having a PMP certificate is worth it and more, read these astonishing stats.

11. An estimated 234,883 project management jobs open each year in the US. 

(Source: Federal Times)

In the US alone, a total of 234,883 project management jobs open each year. On a global scale, there are upwards of 1.57 million jobs

12. In just seven years, employers will need 87.7 million employees to work in the PM field. 

(Source: ThinkTank Consulting)

At the rate things are going, by 2027 employers will require 87.7 million employees to work in roles associated with project management. 

13. The shortage of project managers could result in a $207.9 billion GDP loss by 2027. 

(Source: Project Management Institute)

Project management talent statistics reveal many things, but one thing is incredibly worrying: 

There is a severe talent shortage. So severe, in fact, that if it isn’t rectified soon, a potential mind-boggling GDP loss is on the cards. 

14. US project managers earn an average base pay of $90,139 per year. 

(Source: Project Manager)

Additionally, project management jobs statistics show that the average base pay for entry-level PMs is $89,286. IT project managers earn a base pay of $100,000, and Directors of PMOs earn an impressive $134,791 on average every year.  

Does anyone else want to open up their own PMO after reading that last stat? Nope? Just us? Alrighty then. 

15. Those with a PMP certificate earn 23% more than those without. 

(Source: Project Management Institute)

PM Certifications Statistics highlight the power of furthering your education. On average, project managers who are in possession of a certificate earn salaries that are considerably higher than those who don’t have one. 

Benefits of Project Management Software Use 

Why are Pm software adoption statistics so low? Are there any benefits of project management software use? And do project management and business performance statistics go hand in hand?

We’ll let you decide for yourself. 

16. Agile organizations grow revenue 37% faster than non-agile ones. 

(Source: Wrike) 

Agile adoption statistics 2019 revealed some incredibly interesting project management statistics

Firstly, businesses that adopted an agile project management system grew revenue 37% faster than their non-agile counterpart. Secondly, this translates to 30% higher profit generation.  

17. 90% of businesses that use open source PM software experience benefited from efficiency and innovation. 

(Source: Foreign Policy)

What company doesn’t want to foster a spirit of innovation and operate at maximum efficiency? Well, for nine out of ten businesses that use open source PM software both of these areas are thriving.  

18. Team communication is improved by 52% with the usage of PM software.

(Source: Wrike)

It’s a well-established fact that team communication has the potential to make or break a project. In teams that use PM software to manage their projects, communication gets a massive boost.   

19. 44% of businesses that use project management report that the quality of the final product was higher. 

(Source: Capterra)

Project Management impact statistics show that just shy of half of the businesses that implement project management report that the final product was of a higher quality

20. PM software saves project managers an average of 10 minutes per day.

(Source: Workzone)

While 10 minutes doesn’t sound like a lot, it is. In fact, it amounts to an astonishing 153 hours per year! And that’s just for the project managers themselves! 

Check this out:

Team members who work with these managers save up to 20 minutes per day, which equals to around 498 hours per year

That’s right! We told you PM software is impressive–now we’ve proven it. 

Fun Project Management Facts and Stats 

Before we wrap these project management statistics up, here are a few fun facts and stats that everyone should know. 

21. There are approximately 16.5 million project managers in the world. 

(Source: Project Management) 

Yep, that’s right. Approximately more than 16 million people around the world are employed as project managers

Next:

What are the most used project management methodologies?

22. Agile, Waterfall, Six Sigma, and Muri are amongst the most popular project management methodologies.

(Source: Zenkit) 

While Agile, Waterfall, Six Sigma, and Muri are the most popular, other methodologies are used, too. These include Scrum, Lean, Kanban, and PMBOK. On the other hand, PRINCE2 is the least popular project management methodology.  

23. More than 50% of projects fail. 

(Source: Project Management Institute) 

The pmi project failure statistics are eye-openers, to say the least. More than half of all projects fail. In the IT sector, 17% of IT projects fail so significantly that they could bankrupt the whole company

24. Agile projects are 28% more successful than traditional projects. 

(Source: PWC Projects) 

Project management success statistics reveal that projects employing the Agile methodology are significantly more successful than non-Agile projects.

 25. Project Management trends in 2020 include AI, hybrid project management, better data management and remote working  

(Source: Proof Hub) 

By now, we all know what 2019’s trends were thanks to the project management statistics 2019 brought with it. But what are the 2020 trends so far? AI, hybrid project management, better data management, and a rise in remote working are all things to keep your eye on this year. 

Wrap up

Project management is an industry that needs to get with the times in order to keep up with the growing list of demands that the digital-centric world brings with it.

The benefits of project management software use are clear for everyone to see. And in the hyper-competitive landscape of business today, they simply cannot be ignored.  

Have these project management statistics helped you realize that it’s finally time to take the plunge and invest in project management software?

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