India to be the fastest growing market for project managers: Global PMI Study
The project management profession will outperform total global job growth over the next decade, creating millions of new positions in India that pay highly-competitive wages, predicts a new Anderson Economic Group (AEG) analysis commissioned by the Project Management Institute (PMI).
According to the report, India will emerge as the fastest growing country in the world for project management-oriented employment providing jobs to over 70 lakh people over the next 10 years.
The growth in project management oriented occupations will be on account of expansion in key sectors like manufacturing and construction, information services/technology and publishing and finance/ insurance.
“Within India alone, more than 70 lakh new project management jobs will be open over the next decade in project-oriented industries – the largest growth rate (48 percent) of the 11 nations studied. Additionally, by 2027, India will have the second-largest number of project management-oriented jobs in the world (218 lakh), behind only China (460 lakh),” PMI’s report said.
The project management jobs outlook continues to outshine the overall labour market due to both growth and attrition. However, the potential talent shortage puts at risk a total of nearly US$208 billion in GDP from 2017–2027 for the 11 countries assessed —and 11 per cent (US$23.4 billion) of that amount is at risk from India.
“As the project management profession continues to show considerable growth, the global shortage of project talent will present exceptional opportunities for qualified professionals to begin and advance their careers,” said PMI President and CEO Mark A. Langley. “Executives will face increased financial and human resource risks due to this talent gap. Organisations will find themselves competing for this critical talent, so it’s essential that they implement best practices, as finding and retaining qualified project personnel can positively impact an organisation’s strategy and bottom line.”
In the 11 countries analysed, from 2017-2027, 70 per cent of the 22 million new project management jobs will come from the manufacturing and construction industries and the information services and publishing sector, according to the analysis. Other key industries that will see job growth include:
• Manufacturing and Construction: 97,43,709
• Information Services & Publishing: 54,50,122
• Finance & Insurance: 46,10,811
• Management and Professional Services: 17,07,506
• Utilities: 2,78,706
• Oil & Gas: 48,629.
In the next decade, the most job growth across all the countries analysed in the study is expected to occur in manufacturing and construction with more than 97 lakh new roles. Information services and publishing will account for the second-largest increase with nearly 55 lakh new roles; finance and insurance will create more than 46 lakh roles, and management and professional services will see the addition of more than 17 lakh new positions.
The countries analysed for the study include Australia, Brazil, Canada, China, Germany, India, Japan, Saudi Arabia, United Arab Emirates, United Kingdom and United States.
Commenting on the report Raj Kalady, Country Director, Project Management Institute, India said “India will need 70 lakh skilled project managers in the next 10 years, in order to avoid delays and escalation of budgets in projects in key industries like roads, railways, IT and manufacturing. These sectors are going to see large scale investments along with important programs such as Digital India and Smart Cities. The key to enable timely completion of projects is to have qualified project managers to execute the plans and investment as they are important contributors to our nation’s wealth, economic growth and a better standard of living for citizens.”