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.
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Further key findings from the study 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.
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