The global professional service automation software market size is estimated to reach $16,015.0 Million by 2025, at a CAGR of 11.7% according to a new report by Grand View Research, Inc. PSA software is used for standardizing business processes and providing 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. Rapid advancements in functionalities of the solution are anticipated to boost growth.
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 and 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 make key business decisions.
Small enterprises have been using spreadsheets for various tasks such as resource and time management. However, as businesses grow, complexity, need for automation, 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.
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Further key findings from the report suggest:
Cloud technology is becoming popular among cost-sensitive customers and small and medium enterprises. Increasing ubiquitous computing owing to smartphone penetration and better internet infrastructure is expected to drive the PSA mobile application over the next six years.Support for a variety of mobile platforms such as Android and iOS has become a basic requirement of the software
Technology companies held the largest market share of over 46% in 2018. However, marketing and communication firms segment is anticipated expand at the highest CAGR of 15.5% from 2019 to 2025
North America and Europe are expected to remain key regions in the global Professional Service Automation (PSA) software market over the forecast period
Projector PSA; ChangePoint; NetSuite OpenAir;Appirio, Inc.;Microsoft Corporation; FinancialForce.com; ConnectWise; and Tenrox are some of the major players
Other key vendors include Compuware Corporation;Autotask Corporation; Panview; Clarizen; Deltek, Inc.; and Oracle
Grand View Research has segmented the global PSA software market on the basis of application, deployment, and region:
Professional Service Automation (PSA) Software Application Outlook (Revenue, USD Million, 2014 - 2025)
Marketing and Communication Firms
Professional Service Automation (PSA) Software Deployment Outlook (Revenue, USD Million, 2014 - 2025)
Professional Service Automation (PSA) Software Regional Outlook (Revenue, USD Million, 2014 - 2025)
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