Market Research Report: Project Management Institute (PMI)
1. Company Overview
The Project Management Institute (PMI) is a U.S.-based not-for-profit professional organization dedicated to project management. Founded in 1969, PMI has grown into a global authority, serving over five million professionals, including more than 680,000 members across 217 countries and territories. The institute offers a range of services, including the development of standards, research, education, publications, networking opportunities, conferences, training seminars, and accreditation in project management.
2. Financial Performance
As of 2021, PMI reported revenues of $343.21 million and expenses totaling $278.55 million. The organization employs approximately 721 staff members and engages around 14,000 volunteers.
3. Certifications and Standards
PMI offers several globally recognized certifications, with the Project Management Professional (PMP) being the most prominent. As of July 2020, there were over one million active PMP-certified individuals worldwide. The PMP certification is based on the Exam Content Outline (ECO) and is one of eight credentials offered by PMI.
4. Recent Initiatives
In September 2024, PMI launched a significant research initiative redefining project success. The new definition emphasizes delivering value that justifies the effort and expense, moving beyond traditional metrics like schedule, budget, and scope. This initiative aims to shift the focus of project professionals toward stakeholder value and accountability.
5. Competitive Landscape
PMI operates in a competitive environment with several notable organizations:
- AXELOS: Established in 2014 as a joint venture between the UK government and Capita, AXELOS manages certifications such as ITIL and PRINCE2. In 2021, PeopleCert acquired AXELOS, further solidifying its position in the project management and IT qualifications sector.
- Association for Project Management (APM): Founded in 1972 in the UK, APM is a professional organization for project and program management. It received a Royal Charter in 2017 and boasts over 45,000 individual members and more than 470 corporate partners.
- International Project Management Association (IPMA): IPMA offers various certifications based on experience levels, focusing on a structured, process-oriented approach. It has a strong presence in Europe and other regions, providing an alternative to PMI's offerings.
6. Market Trends
The project management software market is experiencing significant growth. Valued at $6.59 billion in 2022, it is expected to grow at a compound annual growth rate (CAGR) of 15.7% from 2023 to 2030. This growth is driven by the increasing need for business software to reduce disparities and chaos within organizations. Project management software facilitates efficient workflow, planning, scheduling, and performance tracking, making it essential for businesses adopting hybrid and remote work strategies.
7. Salary Insights
PMI's "Earning Power: Project Management Salary Survey" (13th edition) highlights the financial benefits of obtaining the PMP certification. Respondents with the PMP certification reported median salaries 33% higher than those without the certification across 21 countries. Additionally, 66% of participants noted an increase in total compensation over the 12 months preceding the survey.
8. Strategic Partnerships
In March 2022, PMI, in collaboration with PricewaterhouseCoopers (PwC), released a series of global research reports. These reports identify attributes and strategies employed by leading project management offices (PMOs) to adapt and thrive in the evolving work ecosystem. The research provides guidance for organizations aiming to enhance their PMOs' value, impact, and maturity.
