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 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.
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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