The demand for project management professionals is projected to increase on a global scale as organizations around the world become more project-oriented and reliant on technologies and projects to support business strategies, growth and innovation.
From technology to healthcare and everything in between, nearly all industries need project managers. By 2027, organizations will need 87.7 million employees working specifically in project management-oriented roles, according to PMI’s 2017 Project Management Job Growth and Talent Gap report.
While the career gap is expected to grow, there are some industries with a higher demand than others. According to the report, leading sectors that will have the most project-oriented openings in the future include:
- Manufacturing and construction
- Information services and publishing
- Finance and insurance
- Management and professional services
In the U.S., the healthcare sector experienced the largest increase (17%) in project-oriented jobs when compared to all other sectors, the report states. There are numerous factors affecting growth in this sector, including a growing aging population and new developments in technology. As the healthcare industry continues to shift from traditional paper-based medical records to electronic health records, digital project managers and others in health information management will continue to be needed.
Additionally, data and analytics projects, database creation and maintenance will also contribute to the need for IT project managers and similar occupations within the healthcare industry.
Manufacturing and Construction
National and global economic factors affect the rate of construction projects and investments made by private, public companies and more. According to Forbes, the gross domestic product has improved from 2017 to 2018. As the economy improves, organizations are more likely to invest in infrastructure, including building new projects and renovating existing buildings. Construction project managers and more are greatly needed in this field to ensure building projects are completed on time, within budget and adhering to regulations.
According to PMI’s 2017 report, 9.7 million job openings are projected in this industry alone by 2027.
Information Services and Publishing
Global service and tech organizations need project managers to develop solutions and IT infrastructure required to expand services and foster growth. With growing technologies including machine learning, artificial intelligence, data and analytics, there is an abundance of opportunities within the information services and technology sectors.
Between 2017 and 2027, 5.5 million project-oriented jobs within information services and publishing will be created due to expansion and attrition, PMI reports.
Finance and Insurance
The financial services industry dates back more than 150 years – if you count Wells Fargo’s famous stagecoach carrying gold across the U.S. However, the industry has grown and gone digital. As the amount of IT projects increase, so does the need for project managers to oversee all projects, including those meant to increase revenue and retain customers.
Financial service and insurance organizations need to align strategic plans with execution and meet increasing consumer demand for more personalized banking and easy access to accounts, credit cards and loans. The financial services industry has become more consumer-facing, which means projects are vital to growth.
According to PMI’s report, there will be 4.6 million open project management positions by 2027 within finance and insurance.
Management and Professional Services
The demand for project managers within professional services organizations, which includes consulting, taxes services, accounting, IT services and management services, is also expected to grow. According to PMI, 1.7 million openings within this industry is expected by 2027.
Professional services, which includes some of the largest consulting firms such as Deloitte, Accenture and PricewaterhouseCoopers, need effective project managers to manage teams, budgets, planning and execution of all projects to prevent project failures.
Ready to Meet the Demand?
Experienced professionals across industries will have to rise to the occasion to meet the demand for project management professionals. According to Florida Tech Adjunct Professor Wayne Brantley, a certified Project Management Professional (PMP®), industry experts often make the transition to project management:
“You start out technical in some job of your dreams, and you get moved on up the pipe. You become a team lead, you become a manager, a supervisor, as you move on up, your career is evolving, and that’s people that end up in project management.”
Ready to start your career in project management? Or are you a project management professional looking to advance? View Florida Tech’s 100% online project management programs here.