(IT-NEWSWIRE.COM, September 11, 2019 ) According to a new market research report "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", published by MarketsandMarkets, The PSA market size is expected to grow from USD 716.5 Million in 2017 to USD 1,244.8 Million by 2022, at a Compound Annual Growth Rate (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 the growth of the PSA market. Moreover, the increasing adoption of PSA solutions by Small and Medium-sized Enterprises (SMEs) is expected to drive the PSA market.
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The rapid adoption of Professional Services Automation solutions, owing to a strong and well-established economy is expected to make North America the largest regional market.
North America consists of developed economies, such as the US and Canada. In this region, organizations are rapidly adopting and willing to invest in emerging technologies, such as smartphones and cloud platforms. Organizations in North America are dealing with a concern of an aging workforce, which has been addressed through effective implementation of Professional Services Automation. The major growth drivers include increased cloud deployments and growing adoption of online service delivery. Furthermore, organizations in this region have adopted the inorganic growth strategies to strengthen their presence across the world. For example, Oracle opted for mergers and acquisitions to optimize and strengthen its portfolio.
The audit and accountancy vertical is expected to grow at a higher CAGR during the forecast period.
The vertical comprises organizations which are primarily involved in offering various services including audit, accountancy, designing accounting systems, tax returns, developing budgets, bookkeeping, payroll processing, and billing. Management of finances efficiently is very crucial for any organization to run business successfully. Professional Services Automation solutions facilitate audit and accountancy agencies, firms, accountants, and auditors to ensure consistent and quality services delivered to client in order to remain competitive in the global market. Professional Services Automation solutions facilitate organizations to focus on financial success and stability.
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The large enterprises segment is expected to gain a larger market share during the forecast period.
Organizations with more than 1,000 employees are categorized as large enterprises. Such enterprises have a huge corporate network and many revenue streams. Large enterprises have their customers across various regions and possess high market shares, technical expertise, and effective business strategies. However, large enterprises have to face many challenges pertaining to economies of scale, region, language, and accounting challenges. Professional Services Automation solutions offer a competitive edge to large enterprises in the global market. They prefer implementing Professional Services Automation solutions that can assist them in maximizing resource utilization, thereby improving service delivery in a cost-efficient manner.
The major vendors in the Professional Services Automation market 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).
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