Project management stats for 2024
Project management is an ever evolving field often driven by processes, timelines and relevant software created to help teams track multiple projects at any one time and, particularly within large scale organisations managing growing portfolios of projects, keeping up with the latest project management trends, available software(s) and statistics is imperative to ongoing project success.
Here are 10 project management stats all Project Managers must know in 2024.
10 project management stats all Project Managers must know in 2024
- Only 15% of Project Manager focus on one project: just 15% of Project Managers are focused on a single project at any one time. Instead, the vast majority (85%) of PMs manage multiple projects at any one time – often between 5 and 10 different projects!
- Only 25% of organisations use project management software: despite the fact that adoption of project management software is growing, only 25% of organisations actually use PM software to manage their teams and projects. In reality, 75% organisations actually use Excel for their PM needs.
- Over 80% of Project Managers value PPM as influential: 80% of Project Managers view Project Portfolio Management as critical to influencing overall business success.
- Around 44% of Project Managers struggle with resources: 44% of Project Managers say that lack of resources is actually one of their top challenges.
- Surprisingly, 70% of projects fail: although it may seem like an unrealistically high statistic, it’s reported that 70% of all projects actually fail. However, adopting and implementing project management processes can significantly decrease the fail rate to under 20%.
- Over 65% of organisations opted to outsource: over 65% of organisations opted to outsource for project managers last year, reflecting a trend toward bringing in expertise on a project-by-project, rather than on a permanent or long term basis.
- Around 83% of executives say AI is a top priority: 83% of executives say AI is a top priority for their business in 2024 and can be utilised by Project Managers to summarise reports, answer project questions, or set up an initial timeline or project budget. And, although AI used in this way may be in its infancy, it will inevitably learn and develop over time.
- Over 25% of Project Managers lack effective collaboration tools: 25% of Project Managers and project management professionals report that they lack effective collaboration tools to achieve their goals and objectives.
- Employment of project management specialists is expected to grow by 6%: the employment of project management specialists is expected to grow by more than 6% by 2032.
- By 2030, the world will require 25 million new project professionals: By the year 2030, just 6 years away, the world will reportedly require 25 million new project professionals to plan, track, manage and carry out all manner of projects!
All-in-all, the wonderfully versatile and ever-evolving world of project management has never been more exciting, with so many opportunities just on the horizon.