Global professional service automation market is expected to amass a valuation of around $16,407 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Professional services automation provides professional service providers an alternative to the range of separate tasks including project management, invoicing, time tracking, resource planning, business intelligence and collaboration tools used by businesses. PSA applications establish a consistent process for planning, measuring, and managing the performance of projects throughout their life cycle by centralizing business process and data. According to the report, the on-premise segment led the global market, in terms of revenue in 2017. The same year, North America acquired the highest share in the global professional service automation market in terms of regional penetration.
The growing demand to enhance business efficiency coupled with the increasing need for scalable and flexible solutions spiked the demand for professional service automation over the last few years. Stiff competition within the global market persuades organizations towards professional service automation in order to make data-driven business decisions and to gain knowledge about possible future events in an effort to gain an edge over competitors, thereby favoring market growth. The increasing use of cloud computing and data analytics will accelerate the adoption of professional service automation, increasing product implementation.
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Additional factors driving market growth, according to the report, comprise technological advancements, the rising need for enhanced mobility, and growing adoption of cloud computing technology. Moreover, new emerging markets, as well as increasing adoption by SMEs, would present the professional service automation market with lucrative growth opportunities over the forecast time period, cites the report.
With reference to regional growth, the report suggests that the North America market registered the highest market share in the global market in 2017. The growth is primarily driven by the established telecommunication industry and implementation of advanced cloud infrastructure, growing automation of business processes, advancements in technology, and high investment in R&D in the region. The rising penetration rate of mobile devices and increasing adoption of cloud computing technology will further proliferate the professional service automation market in the region. Additionally, improved cloud deployments, increasing implementation of online service delivery, and growing adoption of IoT and connected devices will add impetus to professional service automation market demand in the region.
Furthermore, the report provides an in-depth analysis of the professional service automation market drivers, restraints, and opportunities over the estimation timeline. A detailed analysis of the report in terms of deployment format, organization size, regional spectrum, end-user landscape, and competitive ranking analysis has also been included in the report. In addition, company profiles of major market contenders have been elaborated in the report highlighting business overview, product benchmarking, financials, and recent developments of market partakers.
The major players active within the competitive sphere of the global professional service automation market include Autotask Corporation, Microsoft Corporation, Compuware Corporation, Projector PSA, NetSuite OpenAir Inc., Deltek, Inc., SAP SE, Kimble Apps, Appirio, Inc., and Planview, Inc. The key growth strategies observed in this business space include launching innovative services and teaming up with other market leaders to design new software and meet the rising consumer needs and requirements, thereby augmenting the global professional service automation market growth during the foreseeable timeline.