Market World Professional Service Automation Software Market | Page 2

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.
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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