The professional service automation (PSA) software market is
estimated to reach USD 14.39 billion by 2024, 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 next seven years.
Bundled Remote Monitoring &
Management (RMM)/PSA is gaining popularity among users. Existing players are
adding such solution to its product portfolio either through in-house
development or through acquisition of the exiting company. For instance, Connect
wise acquired Labtech in 2010 to offer this bundled solution, similarly Kaseya
has acquired Vorex in 2016 and Auto task acquired CentraStage in 2014. The
industry is expected to witness tremendous 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. PSA
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 will increase and need for automating these
tasks will also rise and the challenge of maintaining business quality,
throughput, and effectiveness will grow as well. Small-sized businesses are
untapped markets and increasing IT budgets of these enterprises are expected to
demand over the forecast period.
Browse full research report on Professional Service
Automation (PSA) Software Market: http://www.grandviewresearch.com/industry-analysis/professional-services-automation-software-market
Further key findings from
the report suggest:
- Cloud technology is becoming popular among
cost-sensitive customers and small & medium enterprises. Increasing
ubiquitous computing owing to smart phone penetration and better internet
infrastructure is expected to drive the PSA mobile application over the
next seven years.
- Support for a variety of 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 hinder its growth over the forecast period.
- PSA 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 2015.
- Projector PSA, ChangePoint, NetSuite OpenAir,
Appirio, Inc., Microsoft Corporation, FinancialForce.com, ConnectWise, and
Tenrox are some of the major industry players in this domain. 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 more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/digital-media
Grand View Research has segmented the PSA software market on
the basis of application, deployment and region:
Application Outlook (Revenue, USD Million; 2014 - 2024)
- Consulting
firm
- Technology
companies
- Marketing
and communication
- Others
Deployment Outlook (Revenue, USD Million; 2014 - 2024)
- On-premise
- Cloud
Regional Outlook (Revenue, USD Million; 2014 - 2024)
- North
America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia
Pacific
- China
- Japan
- India
- Latin
America
- Brazil
- Mexico
- Middle
East & Africa (MEA)
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, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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