The global professional service automation market was valued at USD 7,325 million in 2017 and is anticipated to grow at a CAGR of 9.6% during the forecast period.
Professional service automation (PSA) is software-based solution designed for companies to manage their operations to attain higher efficiency, thereby increasing productivity and profitability. These systems offer solutions for project management, invoice management, time management and resource allocation. PSA software can create a consistent process for planning, managing and measuring performance of each project with respect to position in its lifecycle. The increased availability and the vast and improved range of solutions has increased the demand for these products globally.
The growing demand for automation in business processes, and rising need to improve efficiency while reducing costs primarily drive the professional service automation market. The growing adoption of analytics and big data technologies, and increasing adoption of SaaS technology has accelerated the adoption of professional service automation. There has been an increase in the number of organizations adopting PSA due to the overall profitability it provides to an organization. The need of organizations to extract meaning from massive amount of data generated to enhance decision making supplements the growth of this market. The growing technological advancements, rising adoption of cloud computing, and increasing adoption by small and medium sized enterprises would drive the market growth during the forecast period.
The global professional service automation market is segmented on the basis of deployment model, organization size, end-user, and geography. Based on the deployment model, the market is segmented into on-premise, and cloud. In 2017, the on-premise segment dominated the global market. However, the cloud segment is expected to grow at the fastest rate during the forecast period.
The organization size segment is categorized into large enterprises, and small and medium businesses. The small and medium businesses are expected to grow at a significant rate during the forecast period owing to increasing need to improve business efficiency, reduce costs, and growing adoption of cloud computing.
The end-user segment is categorized into IT and telecom, BFSI, media and entertainment, legal services, audit and accountancy, and others. The IT and telecom segment dominated the global Professional Service Automation market in 2017.
Geographically, the market segmented across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. North America dominated the global Professional Service Automation market in 2017 owing to the established telecommunication industry and cloud infrastructure. The rising need for automation of business processes, and growing need to improve business efficiency support the professional service automation market growth in this region.
The vendors in the market are launching new products to meet the growing customer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base. The Professional Service Automation market is highly competitive with the presence of many small and large vendors.
The leading players in the market include Microsoft Corporation, Autotask Corporation, Planview, Inc., NetSuite OpenAir, Inc., Projector PSA, Deltek, Inc., Kimble Apps, SAP SE, Appirio, Inc., and Compuware Corporation among others.