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Increasing need for enhanced mobility among service consultants, growing trends of automation, and need for scalable and flexible PSA solutions are driving the Professional Services Automation (PSA) market.
The PSA market size is expected to grow from USD 716.5 million in 2017 to USD 1,244.8 million by 2022, at an estimated Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period. This market is driven by growing need for scalable and flexible PSA solutions, and opportunities created with growth in analytics and big data technologies. On the other hand, system conflicts and lack of awareness about PSA solutions is one of the restraints for the PSA market growth.
Project management solution is expected to hold the major market size during the forecast period.
The project management solution enables clients to engage with project throughout its lifecycle. It manages every aspect of project from start to completion of a project including budgets, costing, approvals, scheduling, deliverables management, issue tracking, and revenue management. It facilitates organizations with a capability to monitor real-time status of a project. It also enables organizations to track which customer engagement is successful or at risk.
Information technology vertical is expected to hold the major market size during the forecast period.
IT enterprises are engaged in various activities such as software development, testing, on-site management, and client support. The IT vertical includes software vendors, system integrators, and IT service providers. IT service providers offer various IT services, such as data processing, hosting, IT consulting, and related services. The IT vertical is the largest revenue contributor to the global PSA market, owing to the evolution of various platforms and mobile devices across all regions that trigger huge volumes of data generated by both internal and external sources.
North America is expected to hold the largest market size during the forecast period.
North America is the largest revenue contributor to the PSA market, as the region is an early adopter of cloud technology and has advanced IT infrastructure facilities as well. North America, especially the US and Canada, are expected to implement PSA solutions to simplify and automate business processes. Organizations in North America are dealing with a major concern of an aging workforce, which has been addressed through an effective implementation of PSA. Major growth drivers include increased cloud deployments and growing adoption of online service delivery.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
The break-up of profiles of primary participants is given below as:
- By company type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By designation: C-level – 35%, Director level – 25%, and Others – 40%
- By region: North America – 48%, Europe – 22%, APAC – 22%, Latin America – 4%, and MEA –4%
The PSA ecosystem comprises major vendors, such as Autotask Corporation (US), Changepoint Corporation (US), FinancialForce (US), Microsoft (US), Atlassian (Australia), ConnectWise (US), Kimble Applications (UK), Mavenlink, Inc. (US), Oracle (US), SAP (Germany), Upland Software (US), Projector PSA (US), Project Open Business Solutions S.L (Spain), and Kaseya Limited (US).
The report includes in-depth competitive analysis of these key players in the PSA market, with their company profiles, recent developments, and key market strategies. The research report segments the PSA market by component (solutions and services), deployment type, organization size, vertical, and region.
Reasons To Buy the Report
The report on the global PSA market will help leaders/new entrants in the market in the following ways:
- The report segments the PSA market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub segments. The market numbers are further split across various industries and regions.
- The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders in better understanding the competitors and gaining more insights to better position their businesses.
- There is a separate section on competitive landscape, including competitor ecosystem, and mergers and acquisitions. Besides, there are company profiles of 13 major vendors in this market. In this section, market internals have been provided that can put them ahead of the competitors.