Best Industries for Project Managers

There can be no other better time to start a Project Management career. The reason is that as per the report released in the year 2021 by Project Management Institute, the Project Management labor force is believed to grow by 33% across 11 countries in the world by 2027. 

Businesses operating in different domains in general and Project Management industries to be specific operating from other world destinations are constantly looking out for the most efficient and latest operations for cost-effectively managing their projects. This is why the Project Management domain has turned out to be an exciting and diverse field as a career option. In short, Project Management is needed in almost all industries. However, some are identified as the best industries for Project Management.

Why is Project Management Important?

Project Management is not just about considering the credits and debits. But, it also is the core for any business to succeed. Right from infancy until the industry turns out to be a forerunner in any field, everything comes under the purview of Project Management. With effective Project Management, you can take your business on the path to success.

Some are identified as the best industries for Project Managers as a team of Project Managers can make the best outline for any project before the actual work begins. When you follow the protocol suggested by a Project Manager, hiring only a skilled workforce for your organization will be possible. In turn, the business performance will improve and everything will also stay on track. Above all, it will improve the work atmosphere in your organization and will have a positive effect on the efficiency and productivity of a business to a great extent. These reasons make Project Management and Project Managers essential for many industries. Here are the top industries for Project Management that you should be aware of:

Industries That Need Project Managers:

1. Utility Industry:

The utility industry is known to open up thousands of jobs in the next decade. To be specific, the oil and gas industry is open to innovation and new ways to conserve or for the creation of fuel for the mainstream across the world. Presently, the oil industry is significantly related to international politics with countries that are rich in oil production. Due to the potential for innovation in utilities moving ahead, project managers will find this industry to be the most useful for their careers. Research coordination, communication of vision and goals and also experience in Agile Project Management would be helpful for Project Managers who chart fresh territory in energy management and production.

Project managers should have robust forecasting and budgeting skills when they work in established oil, gas, water, and energy management sectors. Efficiency in managing risk is equally important when they work for large-scale utility industries. The entire industry can be affected by delays, outages due to disasters, or potential shortages.

Project Managers working in this industry are well-rewarded for their hard work. Based on the size of the company, industry type, employer and other factors like the experience of the Project Manager, the salary can range between $59,000 and $1,34,000 as per Glassdoor data.

2. Advertising Industry:

Nowadays, businesses that operate in different fields face tough competition. So, advertising becomes important and advertising initiatives generally call for impressive metrics even if organizations have considerable budget restrictions. Without a Project Manager's guidance, advertising campaigns risk turning ineffective, unorganized and bloated. To prevent these issues, it is important for project managers to work in consensus with marketing departments. Otherwise, when the organization hires an advertising service, the Project Manager will have to work with this marketing service to develop campaigns that work and brings the best return on the money that his employer spends.

Project managers' responsibilities in the advertisement domain will differ based on the scope of a particular marketing campaign, company, or industry. Project Managers are essential when an organization deals with multiple advertising campaigns simultaneously. Managers will take care of various things like A/B testing and content optimization. With the guidance of a Project Manager, organizations can ensure that they can meet the objectives of their marketing campaigns and deliver them on time based on the wishes of the target market.

3. Construction Industry:

When discussing the best industries for Project Management, the construction industry has been the forerunner in hiring Project Managers for many decades. Irrespective of whether a construction company is small, medium or large, it will have to handle a lot of construction projects throughout the year. 

A project manager working for a construction firm will be responsible for planning and executing construction jobs from the project's instigation to its completion. He will ensure everyone on the construction site performs as expected out of them safely. Further, the Project Manager will be responsible for ensuring that the resources and raw materials are constantly supplied. A Project Manager working in this industry will make around $87400 per year on average.

4. Defense and Aerospace:

Aerospace production hubs from across the world increasingly embrace Project Management business processes of achieving the goals of the project. In this domain, Project Managers will be responsible for identifying key tasks, keeping an eye on the progress for achieving milestones and devising strategic objectives. With stringent and complex regulations that are followed in the aerospace industry, the importance of a Project Manager cannot be underestimated.

5. Engineering Industry:

When talking about engineering, is undoubtedly one of the best industries for Project Managers. The reason is that when talking about engineering, there are many sub-fields like marine, agricultural, nuclear, electrical, biomedical, chemical, aerospace, industrial, civil and mechanical. All these sub-domains need Project Managers. Of course, along with project management skills and knowledge, they should have a master's degree or even a degree in a particular engineering field. The average salary earned by Project Managers working in the engineering field differs based on different factors like the nature of the projects they handle, the specific engineering field they choose, their experience, etc.

6. Banking and Finance:

Banking and finance, as you know, are all about handling money. Therefore, nowadays, it has become too crucial to hire management staff to keep all records related to customers properly. Without a trained Project Manager, it will be hard for banking employees to handle the huge volume of data. This is why banking is one of the top industries in project management.

7. Manufacturing Industry:

No one can deny the fact that the manufacturing industry is one of the busy sectors. This industry continues to produce a lot of products. This industry undoubtedly needs project managers to handle every associated task. In this domain, Project Managers will be responsible for associating with clients. They will even be responsible for keeping both the clients and vendors happy by maintaining a healthy relationship with both. In most instances, they will engage in managing both vendor and client accounts and projects and streaming the production process when getting rid of safety hazards, risks and hazards.

Project Managers working in this domain should be good at managing budgets. They will supply estimates on productivity and labor in this industry. Also, it is better for Project Managers interested in this field to develop risk management knowledge. It will help them resolve issues in unavoidable delays and production lines without causing any disturbance to the vendor-client relationship.

Project Managers working in this field can expect a salary of around $65,000. However, depending on the skillset, company, and location, this salary can comfortably vary between $40,000 and $100,000.

8. Information Technology and Services:

Present-day information technology initiatives are more ambitious than ever. Organizations depend on advanced solutions to improve accuracy and productivity while driving innovation. The scope of these efforts can make them hard to implement, particularly when maintaining a reasonable budget.

As IT is one of the best industries for Project Managers, they help organizations secure the best possible return on investment for technological systems that are hard to understand. Above all, they will have to make sure that any initiative stays within the budget of the company. The reach of information technology Project Managers can be vast, particularly when compared to Project Managers working in other fields. The reason is that they will have to take care of emergency recovery, database storage, network configuration, software implementation, hardware installation, mobile app development, and web development. 

Also, check: Project Manager Roles and Responsibilities 

Conclusion:

Apart from these industries, other industries like healthcare, insurance, consulting, and law also need Project Managers and Project Management. With Project Management, businesses can make better business decisions and deliver superior projects, and organizations can shield against the wastage of money and time. With effective Project Management, many industries can set SMART goals and achieve them.

In the ever-evolving landscape of project management, now is the opportune moment to embark on a career in this dynamic field. Projections from the Project Management Institute suggest a 33% growth in the project management workforce across 11 countries by 2027, underscoring the demand for skilled professionals.

Industries across the spectrum, from utilities to aerospace, banking to manufacturing, are seeking adept project managers to streamline operations, drive innovation, and deliver results. Project managers play a pivotal role in ensuring projects stay on track, meet objectives, and yield optimal returns on investment.
Simpliaxis offers comprehensive training and certification programs to equip individuals with the skills and knowledge needed to excel in project management courses across diverse industries. Enroll today to kickstart your journey toward a rewarding and impactful career in project management.