The professional services automation market size will reach $1,244.8 million by 2022 from $716.5 million in 2017 at a CAGR of 11.7% between (2017-2022) driven by the increasing need for enhanced mobility among service consultants, growing trends of automation, need for scalable and flexible PSA solutions and opportunities created with growth in analytics and big data technologies.
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The major vendors in the professional services automation market include Autotask Corporation (US), Changepoint Corporation (US), Financial Force (US), Microsoft (US), Atlassian (Australia), Connect Wise (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).
North America is expected to hold the largest professional services automation 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.
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Project management solution is expected to hold the major professional services automation 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.
Key Target Audience
- Professional Services Automation vendors
- Project management solution providers
- Resource management solution providers
- Analytics vendors
- Project accounting solution providers
- Value-added resellers
The information technology vertical is expected to hold the major professional services automation 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.
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In the process of determining and verifying the professional services automation 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 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.