16-Jan-2020 | Facts and Factors
Facts and Factors Market Research has published a new report titled “Professional Service Automation (PSA) Software Market By End-Users (Consulting Firms, Technology Companies, Marketing & Communications Firms, & Others), By Deployment Mode (Cloud Based & On-Premise), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 – 2026”. According to the report, the global Professional Service Automation (PSA) Software market is predicted to be valued at approximately USD 655 Million in 2020 and is expected to reach a value of around USD 1,243.7 Million by 2026, at a CAGR of around 8.9% between 2021 and 2026.
Professional service automation (PSA) software is a software application through which routine jobs in the professional services sector are mechanized. The software application is mainly utilized by project managers, counselors, IT consultants, jurists, auditors, various service-oriented experts, and businesses. The key functions of professional services automation encompass mechanized billing & time, invoice management activities, expense management, resource allocation, and project management events.
Browse the full “Professional Service Automation (PSA) Software Market By End-Users (Consulting Firms, Technology Companies, Marketing & Communications Firms, & Others), By Deployment Mode (Cloud Based & On-Premise), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 – 2026” Report at https://www.fnfresearch.com/professional-service-automation-psa-software-market-by-deployment-290
Furthermore, professional service automation software helps the firms offering professional services to move beyond MS-excel spreadsheets and e-mail and derive the benefits of system automation for increasing the return on investment.
Massive need for automating marketing services to steer the business growth
The growing necessity of generating leads has resulted in enhanced demand for automating marketing activities, thereby leading to a massive surge in the market growth over the forecast period. Moreover, professional service automation (PSA) software integrates different information pieces & makes them accessible to the end-user or the audience. Citing an instance, many of the organizations track the contact information of the consumer and this information is also utilized by the sales group, billing team, and customer support group for sending & receiving information to the consumer through professional service automation software. Apart from this, solution providers coming across the issue of tight ROI margins are predicted to hire or buy professional service automation software. Such moves are predicted to spur market growth trends over the forecast period.
Furthermore, the growing necessity of professional service organizations for enhancing functional efficacy is set to steer the expansion of the professional service automation (PSA) software industry over the forecast period. In addition to this, rise in the utilization of cloud computing systems along with huge IT budget allocation in small & medium-sized firms will favorably influence the expansion of the market during the forecast timeline. However, the lack of experts, as well as experienced & knowledgeable professionals, is predicted to hamper the growth of the business over the forecast period.
Services segment to register highest CAGR over the forecast period
The services segment is predicted to record the highest growth rate of more than 12% during the period from 2019 to 2025. The segmental growth during the forecast timeline is due to the massive use of the software in small firms as well as medium-scale firms across the globe.
Information technology segment to dominate the application landscape by 2025 in terms of revenue
The segmental growth during the forecast timeline is owing to a humungous demand for dynamic resources and swiftly moving ventures in the domain of information technology.
North America to account majorly towards the overall market share by 2025
The regional market growth during the forecast timeline is owing to the large-scale acceptance of innovative technologies along with the need for investing in mechanized procedures. In addition to this, the effective allocation of available resources along with huge product demand as a result of the aging workforce will create lucrative growth avenues for the regional market over the forecast timeline.
Top Market Players
The key market participants for the global professional service automation (PSA) software market are Appirio, Inc., ChangePoint, ConnectWise, FinancialForce.com, Microsoft Corporation, NetSuite OpenAir, Projector PSA, Tenroxare, Autotask Corporation, SAP, Upland Software, Project Open Business Solution LLC, Kaseya Limited, and Oracle, among others.
This report segments the Professional Service Automation (PSA) Software market as follows:
Global Professional Service Automation (PSA) Software Market: By End-Users Segment Analysis
- Consulting Firms
- Technology Companies
- Marketing & Communications Firms
Global Professional Service Automation (PSA) Software Market: By Deployment Mode Segment Analysis
Professional Service Automation (PSA) Software: By Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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