Project management software has come a long way in recent years. And today, project management professionals have access to great project management software. This software makes their work easier and more efficient.
There are many different types of project management software out there. This includes personal productivity tools and cloud-based project management tools. From these, we have found statistics related to the project management industry to be worth knowing.
Statistics in project management have undergone changes over the last several years. Most notably in the areas of resource management, budgeting, resourcing, and even technology.
Getting to know these statistics and why they are relevant is a big step toward understanding how you can better your projects.
Statistics in Project Management Software Industry
While project management software applications in the past had steep learning curves and took a good deal of hard work to understand, recent strides have largely addressed this.
This makes the software much more user-friendly. They have managed to keep their own unique features, making it a very useful tool for businesses.
Whether your business is small or large, a project management software dashboard can help you more effectively plan and carry out your tasks.
The following figures are reflections of recent trends in the project management space.
- 40% of the project and program governance activities of organizations are considered very effective (KPMG, 2020).
- Only 58% of organizations understand the value of project management.
- Standardized project management practices are reportedly being used by 93% of organizations.
- Only 23% of organizations use a project management software like monday.com for managing projects.
- The project management software market is expected to register a Compound Annual Growth Rate (CAGR) of 10.67% from 2020 to 2025. (Mordor Intelligence, 2020)
- According to Project Management Institute, 73% of businesses believe that the three go-to requirements for choosing a project management software are reliability, ease of use, and ease of integration.
- Project management Professional (PMP) certificate holders earn 22% higher salaries than those without. (PMI)
- Around 1.2million project management and business operations specialists are hired in the US. (US Bureau of Labor Statistics, 2021).
Project Planning Statistics
It is common knowledge that most projects live and die at the design and planning stage. You’ve got tons of resources at hand, including dedicated project management software. The problem is, most are not being used to their full potential.
When it comes down to it, these mistakes will cost your business in the short and long term unless you gather your teams and work toward a standard methodology throughout the organization.
There is something for everyone in these project planning statistics. From what you need to know about your PMO and the standard software you should consider to choosing the right project delivery method for your new website project, these statistics will surprise and amaze you!
- About 55% of organizations do not have access to real-time project KPIs (Wellingtone, 2020).
- Only, 60% of project managers report that they always apply a defined project methodology.
- Also, 50% of organizations mostly or always baseline their project schedules (Wellingtone, 2020).
- According to KPMG, 67% of organizations include project change management in their initiatives.
- Nearly, 72% of PMOs are projected to increase in scope and responsibilities, up from 61% in 2019 (Wellingtone, 2020).
- About 53% of organizations that are considered project management technology innovators apply agile techniques (PMI, 2019)
Project Performance Statistics
One fact that has remained constant is that delivering a project on time and on a budget is always a high priority. However, this doesn’t stop many business owners from constantly screaming out for cost reduction or better management when they find themselves in the thick of it.
What most people don’t know is that there are a lot of factors that give projects their chance for success. Here are some key factors that contribute to the best-performing projects.
- 77% of high-performing projects use project management software (Hive, 2020).
- 40% of projects mostly or always deliver their full benefits (Wellingtone, 2020).
- 60% of project management always or mostly engages in risk management (Wellingtone, 2020).
- 29% of projects are mostly or always completed on time (Wellingtone, 2020).
- To improve performance, 68% of organizations emphasize developing leadership. Also 65% focus on developing the technical skills of their personnel (PMI, 2020).
- About 36% of spend one or more days annually collating project reports (Wellingtone, 2020).
- 89% of organizations have one or more PMOs; 26% of these are less than two years old (Wellingtone, 2020).
- Interestingly, 54% of organizations do not have access to real-time KPIs (Wellingtone, 2020).
- The Scaled Agile Framework is the most popular scaling method with 35% of organizations applying it. (Digital.ai, 2020)
Project Failure Statistics
No matter how good the idea and how talented the team is, projects will to fail if project managers and executives don’t address their biggest problem: project management.
Project failure rates have remained fairly steady over the past few years. About one-third of projects are cancelled or terminated before completion.
The biggest factors contributing to this trend include an incomplete definition of goals, lack of executive support, and inadequate funding.
- Almost one in five project managers have thought of leaving their jobs (Girl’s Guide to Project Management, 2021).
- 47% of agile projects are late, have budget overruns, or result in unhappy customers (Scrum inc, 2021).
- According to Scrum, in 2021 11% of agile projects fail outright and end up delivering nothing
- 25% of organizations sometimes or never create scoping documents for projects (Wellingtone, 2020).
- Organizations with low-value delivery maturity have a project failure rate of 21%, much higher than those of organizations with high-value delivery maturity, which have a failure rate of 11% (PMI, 2020)
Use These Stats to Better Manage your Projects
The future of project management is one that’s changing so rapidly that your investments in this software need to keep pace. To succeed, be sure to select project management software that is going to be the most flexible and powerful option for your needs.
Project managers, who can have such a powerful effect on so many different aspects of both individual and company success, face unique challenges that require specialized tools and skills. These numbers provide valuable insight into what these professionals will be facing in the future.
Armed with this information, project managers can ensure they are up-to-date on all of today’s most relevant trends and skillsets so that they can more successfully manage all of the projects they oversee.