Professional Service Automation (PSA) Software Market Growth, Segmentation, Application Outlook & Growth Report, 2024

Felton, Calif., USA, Dec. 14, 2020 — /EPR Network/ —

The global Professional Service Automation (PSA) Software Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The global professional service automation (PSA) software market size was valued at USD 6.65 billion in 2015 and is expected to reach USD 14.39 billion by 2024. PSA solutions are used for refining operational visibility and process efficiency in services and project-driven organizations.

Key Players:

• Appirio
• Autotask Corporation
• ChangePoint
• Clarizen
• Compuware Corporation
• ConnectWise
• Deltek
• FinancialForce
• Kimble Apps
• Microsoft

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Growth Drivers:

Essential functions of PSA software characteristically comprises automated time & billing, project management capabilities, and resource management. These systems additionally provide powerful and consistent dashboards and reports offering management the crucial information they require making informed decisions. Some of the other advantages of PSA systems include project usefulness, better client satisfaction, enhanced estimating capability, as well as reduced revenue leakage. All the aforementioned advantages of PSA software are expected to boost demand amongst the service companies over the next eight years.

Small and medium sized organizations bank on spreadsheets to capture expense, time and manage resources. SMBs lay emphasis on solutions which facilitate streamline and automation processes. Businesses using customary tools for commercial purposes, for instance, spreadsheets are likely to provide growth opportunities over the forecast period. This solution decreases complete administration expenditure as a result of the lesser manual, error-prone spreadsheets, and expensive data re-entry. Increasing IT budget of small and medium enterprises (SMEs) are predicted to drive market growth.

Application Outlook:

• Consulting firm
• Technology companies
• Marketing and communication

Technology companies held more than 40% of the overall income share in 2015 and it is also predicted to carry on their domination in terms of market size by 2024. This solution is utilized by legal firms, marketing firms, consulting firms, and communication industry. Rising attractiveness of these tools amongst marketing and communication companies is projected to increase implementation over the next eight years. The growing reputation of social media and digital marketing is also forecasted to fuel marketing & communications business in the future.

Deployment Outlook:

• On-premise
• Cloud

Regional Insights:

Europe and North America are projected to be the foremost regions in the global PSA software market over the next eight years as a result of the early adoption of software. In 2015, the Asia-Pacific market for PSA software accounted for more than 18% of the global revenue. It is also projected to grow at a CAGR of over 10% from 2016 to 2024. Growing implementation of these solutions by SMEs is forecasted to boost the regional growth over the forecast period.

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