The role of project management has evolved a lot, and today, project managers have become an integral part of all businesses. As your business scales up, you need project managers who can efficiently manage the projects, ensure their timely completion, and maintain good relationships with the stakeholders. Also, as more and more tools and technologies enter the market, project managers must make themselves aware of crucial project management statistics.
In this post, we will take a look at the top 20 project management statistics in 2023
Top 20 Project Management Statistics
- Even though project management software has become quite popular and essential, only 25% of the organizations, i.e., one in four companies, use it to effectively manage their work. The remaining 75% still depend on multiple tools, spreadsheets, etc.
- According to The-State-of-Project-Management-Report-2020, about 54% of companies suffer project failures due to a lack of effective KPI tracking in real-time. As a result of ineffective project management, organizations end up wasting about 12% of their resources.
- Research revealed that only 15% of project managers were able to focus on one project at a time. The majority of them often ended up handling five or sometimes even more than five projects simultaneously. This is also one of the primary reasons why projects fail.
- Even though the adoption rate of project management software is low, a report by Mordor Intelligence states that the project management software market is growing exponentially. It is estimated that by 2026, the industry will reach USD 9.81 billion.
- The ideal project management team size preferred is 6-10 members. Though many project managers often handle larger teams, it is more beneficial to handle smaller teams because it is easier to manage them and ensure work gets done more efficiently.
- A whopping 77% of successful projects have robust project management software as one of their critical resources. With the help of the software, it becomes easier for project managers to facilitate collaboration, track KPIs, gain analytical insights, etc.
- In 2020, it was reported that just 35% of the project managers were happy with their existing project management system. This dramatically affects the success of the projects. Implementing the right project management software is one of the best workarounds for this.
- Budget overruns are expected, with almost 57% of organizations reporting failing to complete their projects within the stipulated budget. It is essential to keep track of your expenses and spending.
- According to a survey, one of the things that project managers dislike about their job is documentation! Many feel that spending hours on documentation work demotivates them and eats into their time which can be used for other productive tasks.
- According to a survey by monday.com, 54% of employees spend their time on repetitive tasks that do not require specific skills or knowledge. According to 85% of CEOs, this issue can be resolved by implementing AI-based solutions.
- One of the critical challenges most project managers face is the effective management of their project team. Since every individual is different, project managers must ensure that they can successfully bring everyone on the same page.
- According to this report, one in five project managers thinks of leaving their jobs due to job pressures. The ideal option would be to use effective project management software like Asana, ProofHub, etc.
- Depending on email communication for effective collaboration is not an ideal option for successful project management. Instead, it is recommended to use project management software with in-built collaboration tools to ensure hassle-free communication between the team members.
- Bigger budgets do not ensure successful project management. In fact, according to research, it is believed that the higher the budget, the more chances of project failure. About 50% of projects with a budget of more than 1 million are likely to fail.
- Effective project processes are crucial to increasing the success rate even when there are unanticipated situations. Having the right approach enables 77% of businesses to meet their goals successfully, and 63% of businesses are capable of delivering their projects on time.
- Around 60% of organizations prefer using a hybrid approach when choosing the right project management approach. A combination of predictive (waterfall) and iterative (Agile) approaches enables businesses to implement the best of both approaches.
- With its substantial growth, it is not surprising that about 61% of organizations offer project management training, and about 47% of businesses have designed clear career paths for project managers.
- Around 80% of project managers are unaware of how their projects align with the company’s goals and strategies.
- It is believed that businesses that implement proven project management practices spend 28x less money compared to their counterparts without a streamlined project management approach.
- According to 73% of business leaders, the top three things to look out for while choosing a project management software are ease of usage, reliability, and integration.
We hope these top 20 statistics help you keep pace with the fast-growing project management industry. Project managers can keep these statistics in mind while implementing various strategies and making critical decisions related to their projects.