The Professional Service Automation Market is predicted to witness a CAGR of 9.8% during the year 2020 to 2027, a forecast period.
Professional Services Automation Market- Introduction
The professional Service Automation (PSA) Market is utilized to systematize processes of business and offers report insights and control for projects and resources. Such systems are to authorize an analysis of critical information and distribute it to the organizations for timely decision-making.
PSA systems are a software product created to assist the companies of professional services to go through the number of operations, optimized efficiency, higher profitability, and productivity without any trouble. These systems are business solutions that involve project management, time tracking, resource allocation, a variety of capabilities along with billing invoices.
Different types of PSA systems are used in many organizations. However, growth in the availability of PSA solutions along with the improved functionalities is increasing the demand for these products globally. Still, many of the companies depend on spreadsheets and other types of in-house tools. However, significant benefits gained by the companies due to adoption of PSA solutions in the terms of decreased attrition rates of products and services, improved time to market, better profitability is experiencing profit in the market.
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Professional Services Automation- Market Overview
Currently, Professional Services companies are experiencing challenges like shortage of experienced and knowledgeable resources, robust market environment, spin-offs mergers and acquisitions, and growth in sophisticated clients. However, at the same time, the top executive’s decision-makers are becoming aware of the benefits in making the company more profitable and competitive due to PSA solutions. These are all the factors driving the global professional service automation market.
Professional Services Automation- Market Drivers
Growth in the Automation among the industries and increasing requirement for flexibility and scalability professional services automation solutions are the factors driving the growth of the market. This term is extensively deployed in several industries including entertainment and media, accountancy and audit, health care and life science along legal services. Growing requirements for the enhanced mobility service consultants will further improve the size of the professional service automation market through the year 2028.
Professional Services Automation- Market Size
The professional Services Automation Market is estimated to grow in the year 2016 by the US $634.7 million to US $1,244.8 million by the year 2022, with a CAGR of 11.7% during the year 2017 to 2022, the forecast period.
Market Segmentation-
The Professional Services Automation market is segmented on the basis of types, applications, and regions.
By Types- On-Premises and Cloud.
The Cloud sector is predicted to hold a large market share during the forecast period and is continuously growing.
By Application- Telecom, Information Technology, Architecture, BSFI, Engineering and Construction, Legal Services, Media and Entertainment, Healthcare and Life Science, and Government.
The Information Technology sector acquires a large market share during the forecast period and will continue to dominate the market for the upcoming years.
By Region- Europe, North America, Asia-Pacific, Middle East, and Africa and Latin America.
North America is predicted to acquire a large market share and is estimated to dominate the market during the forecast period.
Key-Players in the Professional Services Automation Market-
- ChangePoint
- ConnectWise
- Appirio, Inc.
- Financial Force.com
- Microsoft Corporation
- NetSuite OpenAir
- Projector PSA
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