That's an improvement from last year when 57 percent reported one or more failed projects in the preceding year.

However the current survey has 86 percent of respondents reporting losses of up to 25 percent of targeted benefits from their project portfolio.

More than 600 organizations in 22 countries participated in the survey.

"The survey shows that many IT projects fail to deliver expected value back to the business," says Graeme Sinclair, national partner in charge at KPMG audit and risk advisory service.

Of survey respondents, 81 percent reported an increase in the number of new projects and 79 percent said that project budgets have risen. The new projects were driven by new products and services or business process improvements (74 percent), technology updates (48 percent) and compliance and regulatory changes (24 percent).