Professional Service Automation Software Market, By Application (Consulting Firms, Technology Compan

Published Date: April 2020 | Report Code : IT2064556

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Professional Service Automation Software Market, By Application (Consulting Firms, Technology Companies, Marketing and Communication Firms, Others), Deployment (Cloud, On-Premise), and By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2028

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Report Code : IT2064556

Status : Published April 2020

The Global Professional Service Automation Software Market size was valued at USD 8,266.1 million in 2019, estimated to achieve $16,015.0 Million by 2028, at a CAGR of 11.7%. PSA software is employed for standardizing business processes and providing reports, insights, and control for resources and projects. The worth 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 must improve operational efficiency among professional service firms that are expected to propel the market over the forecast period. The businesses have been specializing in optimally aligning resources while profitably delivering projects on time. PSA tools offer benefits like optimized staffing, improved collaboration, and automatic 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 are using spreadsheets for various tasks like resource and time management. However, as businesses grow, complexity, need for automation, and therefore the challenge of maintaining business quality, throughput, and effectiveness will grow also. Small-sized businesses are untapped markets and increasing IT budgets of those enterprises are expected to demand over the forecast period.

Key Factors Impacting the Growth of Professional Service Automation Software Market:

  • Cloud technology is becoming popular among cost-sensitive customers and small and medium enterprises. Increasing ubiquitous computing due to smartphone penetration and better internet infrastructure is predicted to drive the PSA mobile application over the subsequent six years. Support for a spread of mobile platforms like Android and iOS has become a basic requirement of the software
  • Technology companies held the most important market share of over 46% in 2018. However, marketing and communication firms segment is anticipated to expand at the very best CAGR of 15.5% from 2019 to 2025
  • North America and Europe are expected to stay key regions within 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 a number of the main players
  • Other key vendors include Compuware Corporation; Autotask Corporation; Panview; Clarizen; Deltek, Inc.; and Oracle

The Professional Service Automation Software market segmentation is based on Application, Deployment, and Region.

Application Outlook:

Dynamic resources and fast-paced projects within the technological field may affect the industry positively. Technology companies accounted for over 46% of the worldwide revenue share in 2018 and are expected to continue being the dominant segment in terms of market size by 2025. This solution is additionally employed by consulting firms, legal firms, and the marketing and communication industry.

The growing popularity of the tools among marketing and communication firm is predicted to drive adoption over the forecast period. The increasing popularity of digital and social media marketing is predicted to drive the marketing and communication industry over the forecast period. The industry is predicted to witness tremendous growth due to increasing demand within the marketing and communication application segment. The professional service automation software market is gaining traction in consulting firms with the increasing requirement for resource management.

Moreover, PSA software is finding growing applications in professional services concerning consulting, auditing, and assurance. The industry software allows professional service providers to automate their processes and offer high productivity at much lower costs and time.

Deployment Outlook:

Cloud and on-premise are the 2 deployment methods employed by industry players. The PSA software industry stands to profit from the increasing sprawl of cloud services and therefore the ease and pay-as-you-go nature. Cloud-based solutions held significant market share and were valued at USD 5,562.5 million in 2018.

Increased concern for data privacy of cloud-based solutions is anticipated to hinder its growth over the forecast period. However, the segment will still maintain its dominance throughout the forecast period due to the very fact that cloud-based solutions offer greater benefits. The range of advantages includes economies of scale, disaster recovery, effective monitoring of projects, and reduced technology infrastructure cost, among others.

On-premise is anticipated to lose revenue share over the subsequent six years to cloud due to the need for low investment cost. Stringent government regulations to safeguard information stored on the cloud are expected to hinder its growth over the forecast period.

Regional Outlook:

The North American region is predicted to emerge as the largest user of professional services automation software. Both North America and Europe are anticipated to be key regions within the market over the subsequent six years as the regions comprise a significant share of early adoption of the industry software.

North America's regional market comprises the majority of industry technology leaders. These leaders are actively working towards the advancement of existing technologies also as the development of innovative market offerings. Higher demand is experienced due to the rapidly aging workforce within the region, automation facilitates easy management and efficient allocation of obtainable resources.

The Asia Pacific PSA market contributed to over 18% of the general revenue in 2018 and is predicted to grow at a CAGR of over 10 percent from 2019 to 2028. Increasing adoption of the solutions by SMEs is anticipated to spur regional growth within the next six years.

Competitive Landscape

Appirio, Inc., ChangePoint, ConnectWise, FinancialForce.com, Microsoft Corporation, NetSuite OpenAir, Projector PSA, and Tenrox are some of the main industry players in this domain. Other key vendors include Autotask Corporation, Compuware Corporation, Clarizen, Oracle, Panview, and Deltek, Inc.

Key industry players like Autotask Corporation, ConnectWise, and HarmanyPSA supply their product offerings to satisfy the requirements of Managed Services Providers (MSPs). Many new entrants are expected to enter into this space over the subsequent six years.

Partnerships and strategic mergers and acquisitions are anticipated to be the foremost effective ways for industry players to realize quick access to emerging markets and enhance technological capabilities.

This report also includes the profiles of key Professional Service Automation Software market companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.

Key Developments in Professional Service Automation Software Market:

  • In November 2015, Unanet announced partnerships with Cordia Partners and DragonEye Consulting LLC to deliver outsourced business functions to project-driven organizations.
  • In December 2015, Upland Software announced the supply of its latest version of Tenrox professional service automation and time & expense tracking application to empower Upland customers to maximize business performance by simplifying the user experience.
  • In November 2015, Upland Software announced a partnership with Dell Boomi to supply its customers with the potential to integrate multiple cloud products.

What Does This Report Provide?

This report provides a detailed understanding of the global Professional Service Automation Software market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Application

  • Consulting Firms
  • Technology Companies
  • Marketing and Communication Firms
  • Others

By Deployment

  • Cloud
  • On-Premise

By Region:

  • North America Professional Service Automation Software Market
    • By Country (US, Canada, Mexico)
    • By Application
    • By Deployment
  • Europe Professional Service Automation Software Market
    • By Country (Germany, Russia, UK, France, Italy, Spain, Rest of Europe)
    • By Application
    • By Deployment
  • Asia Pacific Professional Service Automation Software Market
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Application
    • By Deployment
  • Middle East & Africa Professional Service Automation Software Market
    • By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa)
    • By Application
    • By Deployment
  • South America Professional Service Automation Software Market
    • By Country (Brazil, Argentina, Colombia, Rest of South America)
    • By Application
    • By Deployment

Reasons to Buy This Report:

  • Market size estimation of the Professional Service Automation Software market on a regional and global basis
  • Unique research Usage for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

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