30 Authentic project management statistics you cannot afford to miss! 

Ask any project manager what it’s like to manage projects (and teams) and they are likely to tell you that it’s not a walk in the park by any means.

Managing even seemingly simple projects can take a toll not only on project managers but also on the organization’s valuable resources; let alone handling larger, complex projects.

It is said that numbers don’t lie and quite rightly so.

As a project manager juggling various responsibilities, wouldn’t it be easier for you to have accurate numerical information related to various aspects of project management? 

Of course, you would!

When you have the latest project management statistics to refer to, it gets a whole lot easier to make well-informed decisions as you have factually correct information related to:

• The state of project management across the globe
• Factors responsible for project failures and success
• Most popular project management tools used by project teams
• Widely used project management methodologies

We understand the challenges that project managers face while handling teams and projects daily. So, to make your lives a bit easier we have compiled the well-researched project management statistics for you.

So, let’s dig deeper into the vast ocean of project management and fetch some eye-opening insights, which we can use to our advantage during the planning and execution of projects.

30 Important project management statistics you should know

1) The project management software is expected to grow at a CAGR of 10.67%

This stat highlights the widespread adoption of project management tools across the globe. According to a report by Straits Research, the project management software market is experiencing rapid growth. With a value of USD 6 billion in 2021, it’s projected to soar to USD 15.06 billion by 2030, boasting a remarkable CAGR of 10.77% from 2022 to 2030.

 2) Only 1 in 4 organizations use PM software

This project management statistic is in contrast to the first one. Despite the project management software market witnessing healthy growth, its adoption rates are still on the lower side. Only 25% of companies use it in any capacity. The rest are working with Excel, paper, or below-par tools. As a result, 75% of organizations are unable to track KPIs in real time. If you are among 75% who don’t use it then you know who to blame if your project fails!

3) Organizations end up wasting 12% of their valuable resources due to poor project management

Wastage of valuable resources is something that startups and small companies cannot afford. Many project managers often complain about the time wasted on repetitive and tedious tasks. As a result, inefficient project management processes cause nearly 12% wastage of organizational resources. This can be brought down by adopting a proactive approach and smart project management.

4) More organizations have centralized PMOs

57% of organizations opt to use a centralized PMO, which is a testament to the increasing importance of project management and cross-project dependency management.

5) Most managers are managing multiple projects

Only 15% of project managers focus on a single project at a time. They are lucky ones indeed! Because most managers are managing multiple projects at the same time; some of them are handling five or even up to ten projects. Considering such a hectic workload, project managers can get overly stressed and easily lose control over projects and teams, leading to project delays or even worse, project failure. Using a powerful work management and team collaboration tool like ProofHub can help project managers have a Bird’s-eye view of every project they are working on.

6) Most project managers are not happy with the technology they are using

If project managers are not happy with the technology they are using then how can you expect them to deliver the goods as expected? A study by Wellingtone in 2020 showed that only 35% of marketers were moderately or fully satisfied with the project management tools they were using. 52% of respondents reported dissatisfaction.

7) Good project management means fewer costs to organizations.

Every business, small or large, wants to keep its operating costs down while generating maximum revenue. Organizations that invest in tried and tested project management practices end up spending 28x less money as they can complete their strategic initiatives successfully. Capterra’s recent market research report discovered that a PM tool helps organizations to better estimate a timeline, which results in lower costs to companies.

Want to save money while delivering high-quality projects successfully? Let ProofHub be your project management ally. Start your free trial!

8) Most used and requested features in digital PM software.

There are so many project management software today that offer an array of features to users these days. Capterra reports that file sharing, email integration, Gantt charts, Time tracking, and Budget management are five of the most used features in project management software.

9) 54% of the workforce believes they would save more than 5 hours by using automation tools

A survey from Monday.com found that 54% of the workforce believes that by using tools that automate tasks, they would be more productive and efficient at work as it can help them save more than 5 hours at work. 24% of respondents found time-consuming, tedious data input to be the biggest time sucker at work. Over 70% said that they would like to use automation tools for routine and repetitive tasks.

10) Many organizations don’t have access to real-time project KPIs

Wellingtone’s The State of Project Management Report (2020) states that despite companies facing immense pressure to manage projects on a greater scale, 54% of companies don’t have access to real-time project KPIs. 25% of respondents in this report said they don’t have access to the right technology to collaborate on information projects in their business.

11) Only 2.5% of companies completed 100% of their projects successfully

Many companies want to score 100/100 when it comes to completing and delivering their projects. They want to achieve this goal with every project, but only 2.5% of companies can boast of this accomplishment. These companies can execute projects as planned due to efficient resource management and tracking at every stage of the project.

12. Hybrid project delivery is the most common approach

A survey of 220 project managers by Rebel’s Guide to Project Management showed that around 60% of project managers are using the Hybrid project delivery approach, which is a blend of Waterfall and Agile methods. Another revealing fact is that the hybrid delivery approach is preferred by project managers at all levels of experience, and not just seasoned professionals. 

13) Most project teams are compact

Project managers find it easier to manage small project teams than larger ones. The good news is that 40% of project teams comprise 6 to 10 people. 30.5% have more than 10 people; another 30.5% are composed of 1-5 people. Having too many people to manage can make it challenging for project managers to maintain team engagement and accountability at the same time

14) IT project failure rates correspond heavily to project size

Interestingly, bigger budgets always aren’t better when it comes to project management. Rather, the higher the budget, the more the chances of the project failing. 57% of companies exceed their allocated budget, and projects with budgets of more than $1 million are 50% more likely to fail as compared to the ones with a budget of less than $350,000.

15) Many organizations consider investing in new software as expensive

Of course, investing in a new project management system will cost an organization some amount of money. 56% of organizations find new software costs too high. However, considering the crucial benefits of using such a tool for project teams and organizations, it can be said that it’s worth it.

Not all project management software solutions are expensive. ProofHub offers flat-rate pricing plans with unlimited users! Subscribe today and save BIG!

16) PM software helps to improve team communication

Another crucial project management statistic that you cannot ignore. It is a fact that swift, transparent communication is one of the keys to successful project performance. Teams using project management software with inbuilt communication features have reported a 52% improvement in team communication, which has further improved transparency within the organization. 44% said that it improved the quality of the final product, and 38% said that it improved customer satisfaction.

17) High-performing teams use project management software

What is the secret behind the success of high-performing teams? A study conducted by PWC found that 77% of high-performing teams use good project management software that offers a wide variety of inbuilt features. These features help users to manage various aspects of work from a single platform rather than switching between various applications.

18) The US is the biggest market for project management software

SaaS tool makers eye the biggest market where they can sell their products in good numbers. Currently, the United States is the biggest market for this technology, with 29.6% of the market share. That said, China has shown a lot of promise as one of the leading markets with a projected growth of 7.4% in the next seven years.

19) Many organizations are providing project management training

Project management is a growing and promising career option and many organizations recognize this fact. A PMI report from 2021 has shown that 61% of companies provide some kind of project management training. In the same report, around 47% of companies have said that they have defined specific career paths for project managers.

20) Confusion surrounding job roles & responsibilities is a potential hurdle to a project’s success

38% of organizations believe that vagueness surrounding job roles and responsibilities is the biggest obstacle to a project’s success. If you face a similar problem then you can use good work management software with an inbuilt task management tool, which will help you to create, allocate, and monitor tasks from a centralized location.

21) Hectic workload is one of the main reasons for employee burnout

20% of workers have reported that a hectic workload is the main reason for employee burnout.  Often, this happens because managers do not allocate tasks evenly. Some employees end up with more tasks they can handle while others end up with too little work to do. This uneven distribution of tasks can lead to some of your employees feeling stressed out and reaching the stage of potential burnout.

22) Lack of clear goals and vision leads to project failures

There can be many reasons for project failures, but the lack of clear goals and vision is the most common factor (37%). Project managers should use Gantt charts or Boards to have a clear visualization of their project and deliverables.

23) The average salary of a project manager in the US is $94,995

Based on the data collected from anonymous PM employees in the US, a BuiltIn survey has reported that the average salary for a Project Manager in the US is $94,995. The average additional cash compensation for a Project Manager in the US is $10,287. The average total compensation for a Project Manager in the US is $105,282.

24) Rework is such a waste of time

Rework leads to time wastage and also is a big cause of project failure. 80% of respondents in a Geneca survey said that they spend half their time on rework, which leaves them with little time to work on other tasks at hand.

25) Stress is taking its toll on project managers

Managing multiple projects simultaneously and relentless pressure to meet deadlines can take its toll on even the most efficient project managers. Though perks are quite good, 1 in 5 project managers has admitted to considering leaving their job.

26) Hybrid is the most common delivery approach

60% of project managers use the Hybrid approach i.e. the combination of Waterfall and Agile methods to deliver their projects. It’s something that both experienced and new project managers use as the most common delivery approach.

27) Project managers “dislike” project documentation

20% of project managers have said that project documentation is the first thing they would want to see the back of as they find this as a process that delivers low value and takes up a lot of time and effort as well.

28) PMP certification helps managers earn more

Project managers with PMP certification earn 23% more in salaries as compared to those who are without it. So, get this certification, further your education, and achieve more financial growth than others.

29) Project management professionals are in high demand

A report by the Project Management Institute said that around 25 million new project management professionals will be required by 2030, and a loss of around USD 345 billion in global GDP is estimated by that time in case of a shortage of project management talent.

30) PM software helps the average employee save 498 hours per year

Every business and every professional wants more time to do things, but many people struggle to meet deadlines and achieve the desired productivity.  The project management success statistics show that workflow management software helps employees save 498 hours on average per year.

The final word

As we reach the beginning of 2024, project management statistics reveal an important piece of information about recent developments in this fast-growing industry. Project managers and organizations should refer to these accurate statistics while implementing strategies and making important decisions in projects.

 Using efficient work management and team collaboration software can enhance your chances of project success by streamlining your workflow and organizing all your work in a centralized location.

ProofHub is one such tool that can enable you and your project team to achieve enhanced productivity and collaboration in the most simple way possible.

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