According to report published by Grand View Research, “Professional Service Automation (PSA) Software Market Size & Analysis By Application (Consulting Firms, Technological Companies, Marketing And Communication, Others), By Deployment (On-Premise, Cloud), By Region, And Segment Forecasts, 2018 – 2024”, published by Grand View Research, Inc., The professional service automation (PSA) software market is estimated to reach USD 14.39 billion by 2024. Bundled Remote Monitoring & Management (RMM)/PSA is gaining popularity among users. Existing players are adding such solution to its product portfolio either through in-house development or through acquisition of the exiting company. For instance, Connect wise acquired Labtech in 2010 to offer this bundled solution, similarly Kaseya has acquired Vorex in 2016 and Auto task acquired CentraStage in 2014. The industry is expected to witness tremendous growth owing to increasing demand in the marketing and communication application segment. The market for PSA software is gaining traction in consulting firms with the increasing requirement for resource management.
Key Takeaways from the report:
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Cloud technology is becoming popular among cost-sensitive customers and small & medium enterprises. Increasing ubiquitous computing owing to smart phone penetration and better internet infrastructure is expected to drive the PSA mobile application over the next seven years.
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Support for a variety of mobile platforms such as Android and iOS has become a basic requirement of the software. Cloud-based solutions offer benefits such as economies of scale, disaster recovery, effective monitoring of projects, and reduced technology infrastructure cost. Increased concern for data privacy of cloud-based solutions is anticipated to hinder its growth over the forecast period.
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PSA software is popular in consulting firms, technology companies, and marketing & communication firms. These solutions are also being adopted by legal and architectural firms. Technology companies are the major application segments and held a market share of over 40% in 2015.
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Projector PSA, ChangePoint, NetSuite OpenAir, Appirio, Inc., Microsoft Corporation, FinancialForce.com, ConnectWise, and Tenrox are some of the major industry players in this domain. Other key vendors include Compuware Corporation, Autotask Corporation, Oracle, Panview, Clarizen, and Deltek, Inc. Netsuite Open Air PSA software can either be deployed as a standalone system or can also be integrated with existing enterprise solutions such as ERP and CRM.
Global PSA software market, by application, 2014 – 2024 (USD Million)
Increasing needs to improve operational efficiency among professional service firms are expected to propel the market over the forecast period. The companies have been focusing on optimally aligning resources while profitably delivering projects on time. PSA tools offer benefits such as optimized staffing, improved collaboration, and automated time & expense. Effective use of professional services automation tools can help organizations improve productivity, operational efficiency, financial margins, and billable utilization. PSA software improves project management and resource management by increasing efficiency through increased collaboration and personnel utilization, better planning, and integrated knowledge management. The software also provides standardized reports, which help management in making key business decisions.
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Asia Pacific PSA software market, by deployment, 2015 (USD Million)
Small enterprises have been using spreadsheets for various tasks such as resource and time management. However, as businesses grow, complexity will increase and need for automating these tasks will also rise and the challenge of maintaining business quality, throughput, and effectiveness will grow as well. Small-sized businesses are untapped markets and increasing IT budgets of these enterprises are expected to demand over the forecast period.
Grand View Research has segmented the PSA software market on the basis of application, deployment and region:
Application Outlook (Revenue, USD Million; 2014 – 2024)
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Consulting firm
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Technology companies
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Marketing and communication
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Others
Deployment Outlook (Revenue, USD Million; 2014 – 2024)
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On-premise
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Cloud
Regional Outlook (Revenue, USD Million; 2014 – 2024)
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North America
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U.S.
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Canada
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Europe
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UK
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Germany
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Asia Pacific
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China
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Japan
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India
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Latin America
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Brazil
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Mexico
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Middle East & Africa (MEA)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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