Professional Services Automation Market Insights
The Professional Services Automation (PSA) Market is anticipated to grow at a CAGR of more than 12% over the coming years due to its benefits such as improved prediction capability, project effectiveness, minimum revenue leakage, and enhanced customer satisfaction.
Factors such as the rising demand for enhanced mobility amongst consultants, reduced overall cost, and increased requirement for scalable & flexible PSA solutions are likely to drive the growth of the Professional Services Automation market. Moreover, increased prevalence of Professional Services Automation solutions and services by several industries, such as media & entertainment, healthcare & life sciences, audit & accountancy, and legal services, is projected to boost the market growth.
Robust market conditions coupled with lack of skilled & experienced resources are predicted to restrain the market growth. However, decision makers and managers are highly aware of these advantages of PSA solutions and their role in making organizations more competitive and productive.
Professional Services Automation Market: Component Insights
The global professional services automation market is segmented into solutions and services. The solutions application segment is further divided into project management, project accounting, time & expense management, project analytics, and resource management amongst others.
The services component is subdivided into System Integration Services, Consulting, and Training & Support. The services application segment is likely to experience a significant CAGR over the forecast period as it helps organizations in easily deploying the software on their premises or cloud.
Professional Services Automation Market: Deployment Type Insights
Based on deployment, the Professional Services Automation market is divided into Cloud and on-premise. Cloud-based solutions accounted for the major market share in 2016 due to its growing awareness and adaptability amongst organizations across all industries. On-premise deployment segment is likely to lose revenue share to cloud due to the increasing demand for low initial investment cost. Stringent government norms to hedge information stored on the cloud are projected to hamper the market growth over the forecast period.
Cloud-based PSA solutions enable organizations to meet the diverse needs of customers. Cloud-based solutions offer industries various benefits such as disaster recovery, project monitoring, and economies of scale at a much lower cost.
Professional Services Automation Market: Organization Size Insights
The Professional Services Automation market is segmented into small & medium-sized enterprises and large enterprises. The Small & Medium-sized Enterprises segment is anticipated to grow at a lucrative CAGR over the forecast period. Companies with less than 1,000 employees are considered as SMEs. Growing popularity of cloud computing coupled with increasing IT budget of Small and Medium Enterprises are projected to stimulate industry growth.
Professional Services Automation Market: Vertical Insights
Based on verticals, the Professional Services Automation market is divided into BFSI, architecture, engineering & construction, information technology, telecom, legal services, healthcare & life sciences, and government among others. Information Technology companies are anticipated to be the dominant segment in terms of market size by 2025. The PSA software is also majorly used by consulting firms, legal firms, and marketing & communication industry. Increasing popularity of these technologies amongst marketing & communication firm is expected to drive the demand over the coming years.
The professional services automation software provides advantages such as minimum cost along with enhanced efficiency, which in turn is likely to drive the market growth. Growing demand for digital & social media marketing is projected to drive marketing and communication industry over the forecast period.
Professional Services Automation Market: Regional Insights
North America and Europe are expected to account for major revenue share in the global market over the coming years due to the early adoption of software. This growth can be attributed to technological advancements in the solutions and their rapid sprawl in the services industry.
Asia Pacific accounted for more than 20% of the overall revenue in 2016. It is further projected to grow at a healthy CAGR over the forecast period. Growing adoption of the solutions by SMEs is projected to aid regional growth over the coming years.
Professional Services Automation Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from global professional services automation market. The major consumers of the product are AT&T Inc., Symantec, and Medtronic.
Professional Services Automation Market: Competitive Scenario
Key companies profiled in the professional services automation market include Microsoft (the U.S.), Atlassian (Australia), ConnectWise (the U.S.), Autotask Corporation (the U.S.), Changepoint Corporation (the U.S.), FinancialForce (the U.S.), Kimble Applications (the UK), Mavenlink, Inc. (the U.S.), Oracle (the U.S.), SAP (Germany), Upland Software (the U.S.), Projector PSA (the U.S.), Project Open Business Solutions S.L (Spain), and Kaseya Limited (the U.S.).
Please note: This is not an exhaustive list of companies profiled in the report.
In Feb 2016, Kaseya acquired Vorex, to build a highly responsive web interface to reduce training costs and enhance user productivity for both power and casual users.
In Feb 2010, Connectwise acquired Labtech, a remote monitoring, and management (RMM) software provider, to offer bundled remote monitoring & management solutions.
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The global Professional Services Automation Market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the industry analysis; industry trends; market analysis; market trends; market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Professional Services Automation Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, VPs, CEOs, COOs, financial consultants, business consultants, strategy consultants, project management consultants, business management consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, demand forecasting, SWOT analysis of the companies, and customer analytics.