Few would dispute that in the present complex world, businesses are facing increased competition and ongoing disruption from exponential technology boom, ever-demanding clients, market shifts and even social trends. Business success is no longer driven by any one single future of project management factor but requires multiple factors to be met. Smart organizations understand that proven project management practices, anticipating and following the trends lead to greater success of the business and less waste.
This article will help you know the future of project management and understand the gaps. Alongside, you can go for the best Project Management training to further boost your knowledge of PMP.
Future of Project Management: Based on Top 15 Industries
A list of ten top industries with a towering need for project management and qualified project management professionals are:
1. Construction
Increasing prices, regulations, risks, uncertainty, and other concerns make it tough for project management in the construction industry to profit even under excellent demands. Companies prefer a collaborative project management approach, using building information modeling (BIM) software and cloud-based management tools. The use of IoT, AR/VR, construction monitoring and inspection, and digitalization are elements construction companies emphasize.
2. Engineering
Digitization, robotization, AI, IoT, VR, and 3D printing are changing the engineering industries. Engineers often find themselves managing projects as part of their duties, making project management skills essential. Project management is now a tool for implementing strategic changes to adapt to the market. Trending elements in this sector include AI automating routine tasks, hybrid project management methodologies, an emphasis on soft skills, and remote work for nearly 50 percent of the global workforce.
3. Information Technology (IT)
The future of IT project management is evolving significantly, with enterprises needing to adapt or risk closure. The PMI survey reports that 81 percent of professionals mention AI and automation impact their firms. By automating low-value tasks, project managers can focus on strategic goals. Project Management Software combined with AI-based automation brings positive changes in managing large and complex projects.
4. Finance, Insurance Services
Project management plays a crucial role in the finance industry. Trends include financial management tools using data analytics to identify spending patterns, cloud-native systems replacing legacy alternatives, and supporting hybrid working environments. AI and machine learning will increase in importance, with predictions of significant growth in low-code/no-code AI applications. These technologies enhance foresight, productivity, and accessibility for non-coders, driving industry growth.
5. Healthcare, Hospital Management
Project management is vital in healthcare for improving patient care, managing costs, and complying with regulations. Digital health initiatives, electronic health records (EHRs), telemedicine, and patient data security require skilled project managers to implement and maintain. The adoption of AI for diagnostic processes, data management, and patient monitoring is accelerating, necessitating proficient project management to integrate these technologies seamlessly.
6. Marketing
Increased Adoption of Agile Methodologies: to remain adaptable in the future changing market conditions and give the flexibility to meet the needs and expectations of the target audience continuously.
AI to continue to drive efficiency: increased dependency on AI to replace manual tasks, become more efficient and have access to more data and insights to make better decisions and deliver higher-quality campaigns.
Increased dependency on marketing project management software: to make better decisions when planning their projects and do more in less time.
There will be an everincreasing demand for project management software tools that are cloud-based offering advanced features including:
AI and Machine Learning
Project Online Briefing and Templates
Project Planning and Scheduling
Time and Progress Tracking
Marketing Resource Management
Collaboration Tools
7. Manufacturing
Manufacturing industries are increasingly reliant on project management to streamline operations, enhance productivity, and manage supply chains. The integration of IoT, automation, and data analytics is revolutionizing manufacturing processes, requiring project managers to oversee these complex implementations. Lean manufacturing principles and Six Sigma methodologies are also popular for improving efficiency and quality, highlighting the need for skilled project management professionals.
8. Law
Legal project management (LPM) is here to stay and so will the legal project managers. The largest law firms might have been early adopters but LPM is now gaining relevance to firms of all sizes.
Hybrid project management is gaining ground; where the more traditional āpredictiveā approaches are mixed and matched with techniques with āadaptiveā approachesā like Agile project management. Because a hybrid approach encourages legal project managers to a) define the scopes and sequence the project activities and b) provide tools to hasten the delivery efforts as the legal matter progresses.
9. Consulting
The management consulting industry has experienced tremendous growth over the past few years. The increase of consulting market size brings new challenges and trends. A few top trends that will shape the future of project management consulting firms are:
Hybrid working models: the shift to remote and hybrid working have been successful, which is why this trend will continue to grow in future.
Increased use of Professional services automation or PSA software: to track project and labor costs effectively, making better informed decisions for project teams and in other areas.
Wider use of AI and machine learning: to free up employees from manual work, boost efficiency and make informed decisions.
10. Energy and Utility Services Industry
The energy and utility sector is undergoing significant transformation with a focus on sustainability, renewable energy, and smart grid technologies. Project managers are critical in managing these complex projects, ensuring regulatory compliance, and optimizing operations. The integration of IT and operational technology (OT), digital transformation, and cybersecurity are key trends driving the need for qualified project management professionals.
11. Pharmaceuticals
The pharmaceutical industry demands rigorous project management to navigate the complexities of drug development, clinical trials, and regulatory approvals. Project managers ensure that projects stay on track, within budget, and comply with stringent regulations. The industry's reliance on data analytics, AI, and automation for drug discovery and development underscores the importance of project management in delivering successful outcomes.
12. Telecommunications
Telecommunications projects are becoming increasingly complex with the rollout of 5G networks, IoT, and advanced communication technologies. Project managers are essential for coordinating these large-scale implementations, ensuring timely delivery, and managing resources effectively. The emphasis on cybersecurity, network optimization, and customer experience requires skilled project management to navigate the evolving landscape.
13. Retail
The retail industry is rapidly evolving with the growth of e-commerce, omnichannel strategies, and digital transformation. Project managers play a crucial role in implementing technology solutions, optimizing supply chains, and enhancing customer experience. Trends such as AI-driven personalization, inventory management, and data analytics are reshaping retail, necessitating effective project management to stay competitive.
14. Entertainment and Media
Project management in entertainment and media will focus on navigating digital content creation, distribution, and audience engagement across diverse platforms like streaming services, virtual reality (VR), and interactive media.
15. Transportation and Logistics
In transportation and logistics, project management will drive innovations in supply chain optimization, last-mile delivery solutions, and integration of autonomous vehicles and AI-driven logistics platforms.
The transformational trends to continue will be:
The energy companies of the future will be embracing more engineering and IT technologies to solve business problems requiring the convergence of operational technology (OT) and information technology (IT).
Digital transformation and strategic digital journey will continue to be a top priority for Oil & Gas companies.
Digital transformation will include thoughtful implementation of digital technologies ā including analytics, machine learning, artificial intelligence and big data sets.
Additionally, companies will also prioritize cybersecurity and cloud adoption in 2023 and onwards.
Future of Project Management: Based on Location
We have already discussed what is the future of project management and also the current and future trends in project management earlier in this article. Here we will highlight the project management scope in the future with respect to various countries.
As per the PMI survey, in the 11 countries analyzed, newly created positions are expected to occur each year in project management-oriented industries making the project management future in 2024 and onwards encouraging.
India: With its massive infrastructure development sprees to achieve growth targets, India is a hotspot for project management. By 2030, it is estimated to have more than 1.5 billion people, making the future of project management lucrative.
US: By 2027, the USA is projected to have 22 million new project management job vacancies.
UK: The UK has a rapidly growing demand for project management professionals, with over 2 million people employed in project-based roles contributing significantly to the economy.
Australia: Project management is one of the most sought-after professions in Australia, with a high demand for skilled professionals.
Singapore: Despite the construction industry's slow recovery post-pandemic, major public sector projects are expected to stimulate growth, with projected demand from 2023 to 2026.
Future of Project Management Jobs
Project management fulfills both earning potential and career growth. A PMI report highlights that organizations are willing to hire project managers even after reducing headcounts in other departments. PMI findings show that PMP certified Project Managers in the U.S. earn significantly more than those without certification. Project management offers flexibility, as the required skills are applicable across various industries, making it less vulnerable to economic fluctuations.
PMI and Anderson Economic Group predict a 33 percent growth in project-oriented employment opportunities across 11 countries. The demand for skilled project management workers is increasing, and by 2027, businesses will need 87.7 million professionals in project management roles.
Engage with the top trending KnowledgeHut's Project Management Courses
With the global economy becoming more project-oriented, the practice of project management expands within industries that were traditionally less project-oriented, brightening up the future of project management. For example, legal, publishing and professional services are now contributing to future trends in project management.
As per Project Management Institute (PMI), across the globe, a widening gap exists between the need for skilled project management workers by businesses versus the availability of professionals to fill those roles.
Stimulants of project management future scope are:
A dramatic increase in the number of vacancies requiring project-oriented skills.
High attrition rates (including professionals retiring from jobs).
High demand for project talents, especially in rapidly developing economies such as China and India.
By 2027, businesses will need 87.7 million professionals in project management roles.
Shortage of qualified professionals is a huge risk for organizations requiring to depend on them to implement strategic initiatives, drive change and deliver innovation.
For the 11 countries analyzed by PMI, this gap could result in a potential loss of some US$207.9 billion in GDP through 2027.
Job openings due to the expansion of project management with newer sectorās requirements for project management increasing, coupled with attrition in project-oriented sectors from 2017ā2027 in the 11 countries analyzed are shown here:
PMI survey shows that the demand is high for practitioners with the necessary mix of competenciesā i) a combination of technical ii) leadership skills plus strategic and iii) business management.
Project management activities contribute to a nationās productivity by supporting GDP that in turn contributes to the standard of living. Here is the GDP loss projection by PMI.
Annually, businesses will require to fill nearly 2.2 million new project related roles each year through 2027. The Project Management Professional PMPĀ® Certification is the number one certification in project management recognized by employers. The course prepares an attendee with the skills to design, organize, execute, and drive project success in any industry, regardless of project size or complexity. Interested aspirants could attend the online PMP course to prepare themselves better.
Trends That Will Impact the Future of Project Management
Project Management Institute (PMI) enlists some significant trends that have shaped the project management profession over the last five decades, namely the globalization of the discipline, the explosion of methods, techniques and practices applied to projects and many others. As new trends continue to emerge, many have already made a dramatic impact on how project managers go about their work. Some such trends are discussed below:
Artificial Intelligence (AI): AI and automation are significantly impacting project management processes. Businesses use AI for performance insights, decision management, data visualization, risk analysis, and resource scheduling.
Data and Analytics: Big Data analytics is essential for project scheduling, risk estimation, and quality management. Project managers leverage data insights to make informed decisions that drive business growth.
Collaborative Workspaces: Technology enables global project management with increased remote work and distributed workforce arrangements. Tools like Slack and advanced internet technology facilitate effective collaboration.
Widespread Agile: Agile principles focus on flexibility and adaptability. Businesses are increasingly adopting DevOps practices and scaling agile development for continuous innovation.
Blended Project Management: Hybrid project management methodologies combine aspects of different methodologies to meet project requirements. This approach provides flexibility and is preferred by project managers who feel limited by a single methodology. Popular combinations include Waterfall, Agile, Six Sigma, and PRINCE2.
By leveraging these trends and adapting to the evolving landscape, project management professionals can ensure successful project outcomes and drive organizational growth.
Demand for Soft Skills: Financesonline mentions it as one of the soft trends of this year as the hard skills gained from education and experience alone are not enough to gain an edge on the job market. With AI tools taking over the rote aspects of the job, businesses are emphasizing soft skills, demanding that Project Managers cultivate soft skills to make themselves valuable to organizations. Businesses are prioritizing the following skills within their talent pool in supporting successful projects:
Technical Skills (68percent)
Leadership Skills (65percent)
Business Skills (58percent)
Digital Skills (50 percent) (PMI, 2020): Modern project management surpasses merely fulfilling the project scope and the required documentation. To excel in the role of project manager requires managing stakeholders and building relationships with team members. All these are but the by-products of leadership skills.
Excellent leaders manage to communicate their vision, have great problem-solving skills to mitigate project roadblocks, and can unite team members for a common goal. You can go for PRINCE2 Foundation and Practitioner training course to know and understand the course better.
Top Cities where Knowledgehut Conduct Project Management Certification Training Course Online
Hybrid Project Management: The Next Step for Agile
We already mentioned the concept of hybrid project management. Here we will discuss the advantages and disadvantages of hybrid project management and also the challenges of hybrid project management. We will consider here the Agile and Waterfall features to keep things simple.
Agile Solutions bring flexibility by including features that clients ask for throughout the production and development process and are ideal for highly personalized projects or where continuous feedback is required. Furthermore, it enhances efficiency by finishing multiple tasks simultaneously, sharing responsibilities within the team and offering simple solutions.
Waterfall offers a more traditional project management route with more focus on planning and strategizing to ensure the perfect completion of a process. It means (as the waterfall follows a fixed course) once production and development start, they move forward efficiently knowing the next steps and tasks happen in sequence to avoid mistakes and miscommunication and reduce risks.
Pros and Cons of Hybrid Project Management
Pros
Cons
Holistic Approach
Needs Enough Exposure to Both
Focus on Improvement
Stakeholder Understanding
Adaptation
Best of Both (or all)
Chances of understanding new approaches
Pros
Holistic Approach: Possible to tailor a projectās processes to match all of the project details, not just the scope enabling true command of the entire project details.
Focus on Improvement: The hybrid approach gives the flexibility to improve the processes.
Adaptation: Though it might take a while to adjust to new things about both the elements in hybrid mode, but once committed, things get easy with a positive impact on teams and individual players.
Best of Both (or all): All the models are good and can complement each other with the best of all to leverage a projectās success.
Chances of understanding new approaches: hybrid project management is a great way to experience new approaches and varieties. In the context of traditional project management (combining Agile with Waterfall), 71 percent of organizations have adopted Agile methodologies, but it is not always intuitive. A hybrid approach helps boost the comfort level of the team and gives a better understanding of the tasks involved and the project's overall scope.
Cons
Needs Enough Exposure to Both: without hands-on experience with both models, implementing a hybrid model is not possible, rather, it could affect the outcomes.
Stakeholder Understanding: Stakeholdersā understanding would be required. A project manager must ensure to provide the proper level of knowledge sharing and discussion about the processes, their involvement, and any other relevant expectations that need to be put in place.
KnowledgeHut Project Management training brings a comprehensive, hands-on approach to you becoming a leading project manager and keeping pace with emerging shifts.
Challenges of Hybrid Project Management
Though hybrid project management allows the best parts of the chosen methodologies, say Agile and Waterfall, it is not without its challenges.
Handling a project under two separate methodologies could be tough as both might have different timelines that demand in-depth planning to ensure everything gets covered.
Getting approval from stakeholders could be difficult. The sponsor might be unfamiliar with the hybrid methodology the project manager intends to use.
Communication could get complicated (due to the increased variety and frequency of communications) with the use of different methodologies not only that the project manager needs a thorough knowledge of both approaches but also needs to be properly communicative.
Transform your project management with Agile! Discover top-notch practices and techniques for quicker and more efficient results with best course for Agile Project Management.
Conclusion
Having dealt with all the nuts and bolts of the future of project management, we will end with yet another bonus trend of the GIG economy which is one of the most transformative global economic trends influencing project management. The term refers to the prevalence of short-term contracts or freelance work as opposed to permanent jobs. It reflects in many ways the growing dominance of projects and their management.
Around 68 percent of organizations now use outsourced or contract project managers. Instead of considering employment as a life-long or even multi-year commitment, many now move smoothly from project to project and from company to company.
Frequently Asked Questions
1. How to start a career in project management?
Earn a bachelor's degree in management or business.
Find an entry level job in project management to gain experience (mandatory for a PMP certification).
Earn a certification in project management, preferably PMP.
2. What is the next generation of project management?
Project management of the future will:
Transform project managers into effective leaders capable of dealing with the strategic and business aspects of the projects.
Delegate the project managers to motivate and inspire teams with a vision.
Empower to adapt their management style to the right project and environmental context.
3. Is Project Management easy to learn?
Project management is not necessarily hard to learn. However, some may find some necessary soft skills difficult to learn. For example, leadership and people management could be quite difficult for some. Whereas effective communication could be a challenge for others.
Kevin D.Davis
Blog Author
Kevin D. Davis is a seasoned and results-driven Program/Project Management Professional with a Master's Certificate in Advanced Project Management. With expertise in leading multi-million dollar projects, strategic planning, and sales operations, Kevin excels in maximizing solutions and building business cases. He possesses a deep understanding of methodologies such as PMBOK, Lean Six Sigma, and TQM to achieve business/technology alignment. With over 100 instructional training sessions and extensive experience as a PMP Exam Prep Instructor at KnowledgeHut, Kevin has a proven track record in project management training and consulting. His expertise has helped in driving successful project outcomes and fostering organizational growth.
Share This Article
Ready to Master the Skills that Drive Your Career?
Avail your free 1:1 mentorship session.
Upcoming Project Management Batches & Dates
Name
Date
Fee
Know more
Offer
Hello! Ready to elevate your career? Explore 500+ future-ready courses with KnowledgeHut upGrad šx
