The PSA software market is estimated to reach USD 12.88 billion by 2022, according to a new report by Grand View Research, Inc.
PSA software is used to standardize business processes and provide reports, insights, and control for resources and projects. The value of such systems is to enable critical information to be analyzed and shared across organizations for more insightful and timely decision-making. Increasing advancements in functionalities of the solution are anticipated to boost industry growth over the forecast period.
The industry is expected to witness substantial growth owing to increasing demand in the marketing and communication application segment. The market for PSA software is gaining traction in consulting firms with the increasing requirement for resource management.
Increasing needs to improve operational efficiency among professional service firms are expected to propel the market over the forecast period. The companies have been focusing on optimally aligning resources, while profitably delivering projects on time. Professional service automation tools offer benefits such as optimized staffing, improved collaboration, and automated time & expense.
Effective use of professional services automation tools can help organizations improve productivity, operational efficiency, financial margins, and billable utilization. PSA software improves project management and resource management by increasing efficiency through increased collaboration and personnel utilization, better planning, and integrated knowledge management. The software also provides standardized reports, which help management in making key business decisions.
Small enterprises have been using spreadsheets for various tasks such as resource and time management. However, as businesses grow, complexity is bound to increase which in turn is expected to increase the need for automating these tasks. The challenge of maintaining business quality, throughput, and effectiveness is also projected to grow. Small-sized businesses are untapped markets for these tools. Increasing IT budgets of such enterprises are expected to increase the demand over the forecast period.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/professional-services-automation-software-market
Further key findings from the report suggest:
·
Cloud technology is gaining popularity among
cost-sensitive customers and small & medium enterprises. Increasing
ubiquitous computing owing to smartphone penetration and better internet
infrastructure is expected to drive the PSA mobile application over the
forecast period. Support for different mobile platforms such as Android and iOS
has become a basic requirement of the software. Cloud-based solutions offer
benefits such as economies of scale, disaster recovery, effective monitoring of
projects, and reduced technology infrastructure cost. Increased concern for
data privacy of cloud-based solutions is anticipated to pose a challenge to
their growth.
·
Professional service automation software is
popular in consulting firms, technology companies, and marketing &
communication firms. These solutions are also being adopted by legal and
architectural firms. Technology companies are the major application segments
and held a market share of over 40% in 2014.
·
Projector PSA, ChangePoint, NetSuite OpenAir,
Appirio, Inc., Microsoft Corporation, FinancialForce.com, Tenrox, and
ConnectWise are some of the prominent industry participants in this field.
Other key vendors include Compuware Corporation, Autotask Corporation, Oracle,
Panview, Clarizen, and Deltek, Inc. Netsuite Open Air PSA software can either
be deployed as a standalone system or can also be integrated with existing
enterprise solutions such as ERP and CRM.
Browse All Reports of this category @ http://www.grandviewresearch.com/industry/digital-media
Grand View Research has segmented the PSA software market on the basis of application, deployment and region:
PSA Software Application Outlook (Revenue, USD Million, 2012 – 2022)
·
Consulting firms
·
Technology companies
·
Marketing and communication firms
·
Others
PSA Software Deployment Outlook (Revenue, USD Million, 2012 – 2022)
·
Cloud
·
On-premise
PSA Software Regional Outlook (Revenue, USD Million, 2012 – 2022)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
No comments:
Post a Comment