Product Management Statistics 2024
– Everything You Need to Know


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Product Management Statistics 2023: Facts about Product Management outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Product Management, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Product Management Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Product Management Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 38 Product Management Statistics on this page 🙂

Product Management “Latest” Statistics

  • In 2021, the base salary for a Product Manager in an entry-level position is $86,005.[1]
  • According to the Wall Street Journal, 7% of recent Harvard Business School graduates accepted product management positions.[2]
  • According to a recent report from Harvard Business School, there were three times as many applicants for the Product Management 101 course as there were available seats.[2]
  • Only 28% of respondents to the Pragmatic Marketing Inc. survey said they spent any time strategizing, while 72% spent time on tactics and execution.[2]
  • 60.3% of executive leaders are only partially aware of the benefits a product manager provides to their company.[2]
  • 60% of businesses do not have a strategy to improve their product management process, and nearly half of PMs dislike it.[2]
  • According to 37.9% of product managers, their backlog is chaotic.[2]
  • According to a 2016 study, 39% of Product Managers participating were between the ages of 35 and 44. Between the ages of 45 and 54, 54% were present.[3]
  • According to the 2018 Zippia report, 73 percent of Product Managers are White.[3]
  • Eighty percent of Product Managers, according to McKinsey & Company, are involved in activities related to design.[3]
  • On August 22, 2020, research revealed that 698,945 individuals listed their profiles as product managers.[4]
  • Glassdoor, a U.S. job portal, analyzed 40,713 salaries and determined that the average base pay for a product manager was approximately $108,992.[4]
  • Product managers earn an annual salary of $110,916 on average worldwide.[4]
  • Product managers earn the most, on average, $108,992 per year in the United States.[4]
  • The American software company Aha! says, The median salary for product managers in San Francisco is $129,000.[4]
  • The average annual salary for some product managers at Google, Slack, Uber, and Microsoft can exceed $200,000.[4]
  • With an average annual salary of $122,737, Washington is the best place to work as a product manager, according to the career portal Zippia.com.[4]
  • A Product School survey found that 55% of product managers would rather work for small to medium-sized businesses (SMEs) due to these businesses’ flexibility and willingness to try new things.[4]
  • Professor Clayton Christensen of the Harvard School of Business asserts that nearly 30,000 new products are introduced into the market annually in an effort to attract customers’ attention.[5]
  • Recent statistics indicate that only 40% of products produced by businesses tend to remain on the market.[5]
  • When introduced to a new product, approximately 63% of testimonials stated that they liked it, according to a recent survey.[5]
  • A survey found that 75% of people would be willing to pay more for automotive innovation.[5]
  • Nearly 57% of those who took part in the most recent survey stated that they had made a recent trip to a basic grocery store and purchased new products.[5]
  • The belief that more products on the market might have a chance of making their lives easier is held by nearly 27% of potential customers.[5]
  • According to BetterCloud, businesses today use an average of 80 IT-sanctioned SaaS applications.[5]
  • Business owners estimate that 70% of the work-related apps they use today are primarily based on SaaS.[5]
  • According to companies that have implemented cloud-based SaaS platforms, they are now able to increase their market growth by 20% to 40%.[5]
  • According to 15% of project managers, they need to concentrate on one project at a time.[5]
  • 69 percent consider product management to be a leadership position.[5]
  • 43,3% believe that product managers are highly effective at increasing the company’s annual growth rate and are regarded as leaders and key differentiators within their organization.[5]
  • When shopping with a smartphone, 51% of respondents to the survey said they prefer to use a brand’s mobile app because they can earn rewards or points for their purchases.[5]
  • A survey of 280 people found that one in five products doesn’t meet the needs of customers, making a good product manager even more important.[6]
  • 56% of respondents to the report “Challenges in Product Management” stated that the skills of their product manager were average or below average, indicating that there is room for improvement.[6]
  • Product management is in charge of 34% of departments.[6]
  • A Product School survey found that 55% of product managers would rather work for small to medium-sized businesses due to their flexibility and willingness to try new things.[7]
  • Product Managers, on average, make $118,411 per year, according to Zippa.[7]
  • In May 2021, the average annual salary for industrial production managers was $103,150.[8]
  • From 2021 to 2031, the employment of industrial production managers is expected to rise by 3%, which is lower than the average for all occupations.[8]

Also Read

How Useful is Product Management

At its core, product management is the glue that holds various teams together to ensure a product’s success. It can act as a bridge between the engineering, marketing, finance, and sales departments within a company, helping to align everyone’s efforts toward a common goal. By understanding the needs and wants of customers, product managers can steer the product development process in the right direction and ensure that the end result meets or exceeds market expectations.

One of the key roles of product management is to prioritize ideas and features based on their potential impact on the product’s success. This involves analyzing market trends, competitor offerings, user feedback, and business goals to make informed decisions about what to build and when. By determining what features are essential and what can wait, product managers can streamline the development process and optimize resources for maximum efficiency.

Furthermore, product management involves continuous iteration and improvement based on feedback and data. Through user testing, analytics, and market research, product managers can gather valuable insights that inform decisions about future product updates and enhancements. This iterative process ensures that products remain relevant and competitive in a rapidly changing marketplace.

In addition to guiding the product development process, product management also plays a crucial role in driving product strategy and positioning. By understanding the target market and competitive landscape, product managers can devise plans to differentiate the product and carve out a unique value proposition that resonates with customers. This strategic thinking can be the difference between a product’s success and failure in a crowded marketplace.

Another important aspect of product management is communication and stakeholder management. Product managers must effectively communicate with internal teams, external partners, and customers to ensure everyone is on the same page and working toward a common goal. By setting expectations, managing priorities, and facilitating collaboration, product managers can ensure that everyone is aligned and moving in the right direction.

Ultimately, the usefulness of product management lies in its ability to drive innovation, deliver value to customers, and maximize business outcomes. By guiding the product development process, prioritizing features, iterating based on feedback, driving strategy, and fostering collaboration, product managers play a critical role in bringing successful products to market. In today’s competitive business landscape, the role of product management is more important than ever in helping companies navigate uncertainty, seize opportunities, and stay ahead of the curve.

Reference


  1. 280group – https://280group.com/product-management-blog/product-manager-salary-data-in-2021/
  2. airfocus – https://airfocus.com/blog/surprising-product-management-stats/
  3. productgym – https://productgym.io/product-manager-statistics-you-need-to-know/
  4. theproductmanager – https://theproductmanager.com/general/statistics-career-product-management/
  5. userguiding – https://userguiding.com/blog/product-statistics-trends/
  6. uxcam – https://uxcam.com/blog/product-management-statistics/
  7. webinarcare – https://webinarcare.com/best-product-management-software/product-management-statistics/
  8. bls – https://www.bls.gov/ooh/management/industrial-production-managers.htm

About Author & Editorial Staff

Steve Goldstein, founder of LLCBuddy, is a specialist in corporate formations, dedicated to guiding entrepreneurs and small business owners through the LLC process. LLCBuddy provides a wealth of streamlined resources such as guides, articles, and FAQs, making LLC establishment seamless. The diligent editorial staff makes sure content is accurate, up-to-date information on topics like state-specific requirements, registered agents, and compliance. Steve's enthusiasm for entrepreneurship makes LLCBuddy an essential and trustworthy resource for launching and running an LLC.

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