IT Consulting Services Industry
Global software industry performance (as a part of the global IT services market) is expected to accelerate to generate revenue of almost $357 billion by 2015, reports MarketLine. Software and related consulting services providers are predicted to focus on innovation to meet rising demand, fuelling market growth. The global software and consulting service industry involves providing an extensive range of business sectors with suitable software solutions. In general, software consulting projects are adapted to specific problems a company might need to tackle.
Consulting firms and software consultants get an in-depth view of a company’s business processes and then provide recommendations and software solutions accordingly, as well as helping to integrate the right software solutions to optimize business processes. Custom-made software solutions integrated into business processes aim to boost efficiency while cutting down on labor costs.
Key Software Categories
- TechNavio predicts the global business process management software sector will witness 13% yearly growth between 2011 and 2015. Market growth will be fuelled by the need to improve business processes on an ongoing basis. While mobile BPM is paving its way in the global business process management software sector, difficultly in using the software effectively may represent an obstacle to market growth.
- The world log data management software market continues to witness strong growth following improved performance in 2008, reports TechNavio. Growing demand for log management solutions from a range of industries will fuel performance. The financial services sector in particular represents a growing source of demand due to an increase in compliance guidelines. The government sector also represents an important growth driver due mostly to an increase in log data. The world log data management solutions market is therefore set to continue recording growth in coming years, fuelled by demand for a high-speed, high-volume data manager. Integration difficulties with pre-installed systems may represent a significant obstacle to growth in the log data management software market.
- The global product data management software sector is forecast to record yearly growth of close to 13% for the four-year period ending 2014, according to research from TechNavio. Market growth may be slowed by a lack of awareness and participation on the part of supply chain partners.
- India’s product data management (PDM) software market is forecast to exceed 16% yearly growth between 2010 and 2014, predicts TechNavio. Outsourcing of engineering services and product design to India is a major growth driver in this sector. The country’s PDM software sector is currently witnessing integrated product data management software with enterprise applications, though enterprise application vendors may be set to become an obstacle to market growth. Leading industry players currently operating in India’s PDM software market include Parametric Technology, SAP, Dassault Systems and Siemens PLM Software.
- The EMEA region PDM software market is expected to record yearly growth of more than 14% for the four-year period ending 2014, reports TechNavio. Cutting down time to market product is a major growth driver. Recently, integration of enterprise applications with PDM software has become increasingly prevalent. The need for multiple PDM software could, however, represent a significant obstacle to market growth. Apart from SAP, Siemens PLM Software and Oracle, other names dominating this market include Dassault Systèmes, and Parametric Technology.
Leading industry players dominating the global business process management software market include Oracle, Pegasystems, Adobe Systems and IBM. Other players currently operating in this market space include Appian, PNMsoft, Bizagi, Metastorm, Global 360, Handisoft, K2 Software, Intalio, AgilePoint, Polymita, Fujitsu, Cordys, SAP, Pallas Athena, Tibco Software, Progress Software and Open Text.
While industry players in the global software and consulting industry are weathering the economic recession by tightening budgets, those that continue to invest in IT will fare best. IT investment will boost efficiency, lowering costs in the long run.
Various sectors from finance to retail are implementing business solutions to optimize productivity, representing huge demand for software and consulting services. The ability to successfully integrate various software management solutions with pre-installed systems, and inform and encourage participation of supply chain partners will afford industry players a competitive edge moving forward.
Leading Industry Associations
- Association of Business Process Management Professionals
- BPM Forum
- Software and Information Industry Association
- Information and Software Industry Association
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