According to a new market research report ”Professional Services Automation Market bySolution (Project Management, Resource Management, and Opportunity and LeadManagement), Service, Deployment Type (On-Premises and Cloud), OrganizationSize, Vertical, and Region - Global Forecast to 2022", published byMarketsandMarkets™, The PSA market size is expected to grow from USD 716.5Million in 2017 to USD 1,244.8 Million by 2022, at a Compound Annual GrowthRate (CAGR) of 11.7% during the forecast period.
Growing need for enhanced mobility among service consultants,and for scalable and flexible PSA solutions is a major factor driving thegrowth of the PSA market. Moreover, the increasing adoption of PSA solutions bySmall and Medium-sized Enterprises (SMEs) is expected to drive the PSA market.
Browse 67 Market Data Tables and31 Figures spread through 135 Pages and in-depth TOC on "Professional Services Automation Market by Solution(Project Management, Resource Management, and Opportunity and Lead Management),Service, Deployment Type (On-Premises and Cloud), Organization Size, Vertical,and Region - Global Forecast to 2022"
Major Key Players
The major vendors in the Professional Services Automationmarket include 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).
TheAsia-Pacific (APAC) market is expected to grow at the highest CAGR during theforecast period. The APAC region comprises key economies, such as China, India,Japan, Singapore, Malaysia, and Australia. The region is expected to have thehighest adoption rate of PSA solutions, owing to the presence of a large numberof SMEs which are inclined toward the adoption of cloud-based PSA solutions.The increase in adoption of cloud technologies and the presence of a broadcustomer base are driving the adoption of PSA across enterprises in APAC.
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The auditand accountancy vertical is expected to be the fastest growing vertical interms of the adoption of PSA during the forecast period. The efficientmanagement of finances is very crucial for any organization to run businesssuccessfully. PSA solutions facilitate audit and accountancy agencies, firms,accountants, and auditors to ensure consistent and quality services deliveredto clients and to remain competitive in the global market. PSA solutionsfacilitate organizations to focus on financial success and stability.
The clouddeployment type is expected to grow at a higher CAGR during the forecastperiod. The cloud-based PSA solutions offer organizations withsubscription-based pricing. Due to the easy deployment of cloud and its growingawareness of flexibility among organizations across all industries, its marketsize is expected to grow at a higher rate. Cloud-based PSA solutions empowerorganizations to meet the varied needs of customers and to reduce overall cost.Cloud-based solutions offer enterprises various advantages, such as disaster recovery,project monitoring, and economies of scale. PSA solutions can be easilyintegrated with the customer relationship management (CRM) system to facilitateorganizations to share business data and process, in order to automate quote tocash operation.
The Smalland Medium-sized Enterprises (SMEs) segment is expected to grow at a higherCAGR during the forecast period. Organizations with less than 1,000 employeesare categorized as SMEs. SMEs face specific challenges, such as the requirementof domain-specific technical personnel and skilled workforce, budgetconstraints, scalability, management control, and limited economies of scale.The increasing usage of cloud-based offerings among various organizations hasled to the implementation of PSA solutions among SMEs as well. The deploymentof PSA on the cloud has helped organizations reduce their expenditure on ITinfrastructure and its maintenance, as cloud-based PSA solutions are lessexpensive than the on-premises solutions.