Tuesday, August 4, 2020

Professional Service Automation (PSA) Software Market Share, Strategies and Forecasts To 2024


Professional Service Automation (PSA) Software Market strategic research study offers company accounts, industry investors, and industry members with consequential insights to enable them to make reliable strategic decisions regarding the opportunities in the global market.

Professional Service Automation (PSA) Software Market research report offers detail overview of industry with all the requisite data to support tactical business decisions and come up with strategic growth plans. This study also proposes a comprehensive insight into the development policies and plans in addition to manufacturing processes and cost structures.

KEY BENEFITS
1. Professional Service Automation (PSA) Software market analysis based on current industry scenario and expected future trends to enable stakeholders take strategic decisions.
2. Analysis of the factors impacting the Professional Service Automation (PSA) Software market to understand business opportunities.
3. Identification of key investment pockets for various applications, type and geographies.
4. Identification of the Professional Service Automation (PSA) Software market top key players and their strategic moves.
5. Evaluation of Professional Service Automation (PSA) Software market trends to provide deep-dive intelligence into every market segment.
6. Competitive analysis to effectively plan and execute a business plan.
7. Professional Service Automation (PSA) Software market micro-level analysis based on application, type and geography.


Industry Insights
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. The PSA market is projected to witness huge demand on account of changing the business model of enterprises over the forecast period.

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.

Solution vendors have added features including opportunity and project management proficiencies for the sustenance of deal capture, project delivery, and resource scheduling. The major market players have incorporated functionalities such as graphical reporting, support for a range of mobile devices, dashboards, and assimilation with chief social channels to the prevailing solutions. This is expected to improve products and gain a competitive edge.

Application Insights
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 Insights
There exist two methods for deployment used by the market participants who include cloud and on-premise. Of these, cloud-based solutions hold the chief share in the market, whereas, on-premise solutions are predicted to lose their revenue share over the next eight years on account of the need for low costs of investments. However, rigid regulations by the government for protecting the information stored on the cloud are anticipated to hamper its growth over the forecast period.

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.

Competitive Market Share Insights
The prominent players in the global PSA software market include ChangePoint, FinancialForce.com, NetSuite OpenAir, Tenrox, Autotask Corporation, Clarizen, Panview, Deltek, Inc., Appirio, Inc., ConnectWise, Microsoft Corporation, Projector PSA, Compuware Corporation, and Oracle.

Companies such as ConnectWise, Harmany PSA, and Autotask Corporation source their product offerings to fulfill the requirements of Managed Service Providers (MSPs). Moreover, several new players are anticipated to foray into this space in the near future. The most efficient initiatives adopted by the key industry players to improve their technological proficiencies as well as gain quick access to the emerging markets include strategic mergers & acquisitions and partnerships.




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