MarketsandMarkets expects the Professional Services Automation (PSA) market to grow from USD 716.5 million in 2017 to USD 1,244.8 million by 2022, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period.
Browse 67 Market Data Tables and 31 Figures spread through 135 Pages and in-depth TOC on “Professional Services Automation Market by Solution (Project Management, Resource Management, and Opportunity and Lead Management), Service, Deployment Type (On-Premises and Cloud), Organization Size, Vertical, and Region – Global Forecast to 2022″
The Asia-Pacific (APAC) market is expected to grow at the highest CAGR during the forecast period. The APAC region comprises key economies, such as China, India, Japan, Singapore, Malaysia, and Australia. The region is expected to have the highest adoption rate of PSA solutions, owing to the presence of a large number of SMEs which are inclined toward the adoption of cloud-based PSA solutions. The increase in adoption of cloud technologies and the presence of a broad customer base are driving the adoption of PSA across enterprises in APAC.
The audit and accountancy vertical is expected to be the fastest growing vertical in terms of the adoption of PSA during the forecast period. The efficient management of finances is very crucial for any organization to run business successfully. PSA solutions facilitate audit and accountancy agencies, firms, accountants, and auditors to ensure consistent and quality services delivered to clients and to remain competitive in the global market. PSA solutions facilitate organizations to focus on financial success and stability.
The cloud deployment type is expected to grow at a higher CAGR during the forecast period. The cloud-based PSA solutions offer organizations with subscription-based pricing. Due to the easy deployment of cloud and its growing awareness of flexibility among organizations across all industries, its market size is expected to grow at a higher rate. Cloud-based PSA solutions empower organizations to meet the varied needs of customers and to reduce overall cost. Cloud-based solutions offer enterprises various advantages, such as disaster recovery, project monitoring, and economies of scale. PSA solutions can be easily integrated with the customer relationship management (CRM) system to facilitate organizations to share business data and process, in order to automate quote to cash operation.
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. Organizations with less than 1,000 employees are categorized as SMEs. SMEs face specific challenges, such as the requirement of domain-specific technical personnel and skilled workforce, budget constraints, scalability, management control, and limited economies of scale. The increasing usage of cloud-based offerings among various organizations has led to the implementation of PSA solutions among SMEs as well. The deployment of PSA on the cloud has helped organizations reduce their expenditure on IT infrastructure and its maintenance, as cloud-based PSA solutions are less expensive than the on-premises solutions.
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