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 just on project managers but also on the organization’s valuable resources; leave 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 a 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, we chose to make your lives a bit easier by putting together well-researched project management statistics for you.
So, let’s dig deeper into the vast ocean that is project management and fetch some eye-opening insights, which we can use to our advantage during planning and execution of projects.
“77% of high-performing project teams use project management software. Do you? Get one today. Book a DEMO now!”
Table of Contents
- 21 Eye-opening Project Management Statistics You Should Know
- 1) The project management software is expected to grow at a CAGR of 10.67%.
- 2) Only 1 in 4 organizations use a PM software.
- 3) Organizations end up wasting 12% of their valuable resources due to poor project management.
- 4) Covid-19 has had a huge impact on project management.
- 5) Most managers are managing multiple projects.
- 6) Most project managers are not happy with the technology they are using.
- 7) Good project management means less costs to organizations.
- 8) Reliability, ease-of-usage, and integration are most sought-after features in a digital PM software.
- 9) 54% of the workforce believes that they would save more than 5 hours by using automation tools
- 10) Many organizations don’t have access to real-time project KPIs
- 11) Only 2.5% of companies completed 100% of their projects successfully
- 12) Hybrid project delivery is the most common approach.
- 13) Most project teams are compact in size.
- 14) Bigger budgets always aren’t better.
- 15) Many organizations consider investing in new software as expensive.
- 16) PM software helps to improve team communication.
- 17) High-performing teams use project management software.
- 18) The US is the biggest market for project management software.
- 19) Many organizations are providing project management training.
- 20) Confusion surrounding job roles & responsibilities is a potential hurdle to a project’s success.
- 21) Hectic workload is one of the main reasons for employee burnout
- The Final Word
- Why are project management statistics important?
- What are some top project management tools?
- What are five major project management variables?
21 Eye-opening Project Management Statistics You Should Know
1) The project management software is expected to grow at a CAGR of 10.67%.
This stat-fact deserves to be on the top of the list of project management statistics as it underlines the increasing implementation of PM tools by various organizations worldwide. A report by Mordor Intelligence states that the project management software market is growing faster than ever before. It was valued at USD 5.37 billion in 2020 and estimated to reach USD 9.81 billion by 2026 at a growth rate of CAGR of 10.67% over the forecast period (2021 – 2026).
2) Only 1 in 4 organizations use a PM software.
This project management statistic is in contrast to the first one. Despite the project management software market witnessing a healthy growth, its adoption rates are still on the lower side. Only 25% of companies use it in any capacity. Now, 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. However, 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) Covid-19 has had a huge impact on project management.
The global pandemic of Covid-19 has dramatically changed the way the majority of businesses operate and manage projects. A report from KPMG has found that 58% of respondents accepted that Covid-19 has had a mild or major impact on their projects. Companies switching to remote work and hybrid work models also led them to change their project management techniques.
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, which can lead to project delays or even worse, a 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 highly satisfied with project management tools they were using. 52% of respondents reported dissatisfaction.
7) Good project management means less 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 are able to complete their strategic initiatives successfully. Good project management software can help organizations save a lot of valuable time and money.
“Want to save money while delivering high-quality projects successfully? Let ProofHub be your project management ally. Start your free trial today!”
8) Reliability, ease-of-usage, and integration are most sought-after features in a digital PM software.
There are so many project management software today that offer an array of features to users these days. However, 73% of business leaders believe that ease-of-usage, ease of integration, and reliability are the top three factors to look out for when choosing a PM software. So, now you know what to look out for in an ideal PM software for your organization.
9) 54% of the workforce believes that 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 to 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 in spite of 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 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 are able to 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 hybrid delivery approach is preferred by project managers at all levels of experience, and not just seasoned professionals.
13) Most project teams are compact in size.
Project managers find it easy to manage small project teams than larger ones. The good news is that 40% of project teams comprise 6 to 10 people. This enables project managers to know each team member individually as well as track their performance. Having too many people to manage can make it challenging for project managers to maintain team engagement and accountability at the same time.
14) Bigger budgets always aren’t better.
Interestingly, bigger budgets always aren’t better when it comes to project management. Rather, higher the budget, 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. The ideal method of keeping overrunning budgets under control is via efficient project planning and expenditure monitoring.
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.
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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 a successful project performance. Teams using a project management software with inbuilt communication features have reported 52% improvement in team communication, which has further improved transparency within the organization.
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 a 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.
Obviously, SaaS tool makers eye for the biggest market where they can sell their product in good numbers. Currently, the United States is the biggest market for this technology, with 29.6% of 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 a 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 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 a potential burnout.
The Final Word
As we reach the second half of 2022, 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 an 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.
Why are project management statistics important?
Project management statistics are important because they represent an accurate picture of the state of project management across different industries across the globe.
What are some top project management tools?
Some of the best project management tools available today are ProofHub, Wrike, Basecamp, Trello, and Teamwork. Of all these tools, ProofHub offers the most value for its price.
What are five major project management variables?
Five major project management variables are - time, scope, cost, quality, and risk.