Professional Service Automation Market:
Professional service automation (PSA) systems are software products designed to help professional services companies streamline a number of operations, optimize efficiency, and attain higher productivity and profitability. These systems are complete business solutions and include a variety of capabilities, including project management, billing, invoice management, time tracking, expense management, and resource allocation.
A variety of PSA systems are commonly used by many organizations across a number of industries. The increased availability of PSA solutions with an improved set of functionalities is leading to heightened demand for these products worldwide. For the streamlining of operations, many small-scale companies still rely on spreadsheets and other in-house tools. However, the vast benefits gained by companies that have adopted PSA solutions, in terms of improved time-to-market, reduced attrition rates of products and services, and improved profitability, testify that the assimilation of PSA solutions in business practices can prove mission critical, and that without them, the growth prospects of a company can be greatly affected.
The report on the professional service automation market gives a thorough overview of its current state; the major drivers, challenges, and trends that are impacting the market’s development prospects; and a detailed insight into its competitive scenario. The data in the report has been gathered from a number of sources and with the help of numerous primary as well as secondary research methodologies.
Professional Service Automation Market: Overview
Professional services companies are currently faced with challenges such as robust market environments, shortage of knowledgeable and experienced resources, spin-offs from mergers and acquisitions, and an increasingly sophisticated clientele. At the same time, decision makers and top executives are becoming increasingly aware of the benefits of PSA solutions and their role in making companies more competitive and profitable. These are the major factors driving the global professional service automation market.
The key components of a typical PSA system include resource planning and forecasting, project management, time and billing management, knowledge management, communication management, opportunity and lead tracking, employee time and expense entry and processing, financial accounting, human resource management, and proposal automation.
Some of the major end users of the global professional service automation market are IT service companies, design and planning companies, architecture and engineering firms, accounting companies, management consulting firms, research organizations, and government contractors.
Professional Service Automation Market: Key Trends and Opportunities
Of the two major deployment methods of PSA solutions-cloud and on-premise-PSA products and services hosted on cloud platforms are gaining popularity, especially among small- and medium-sized companies. The numerous benefits of cloud hosting in terms of flexibility, disaster recovery, increased collaboration, and reduced infrastructure development costs are some of the chief factors behind the rising popularity of the cloud hosting module. Additionally, the rising inclusion of smartphones, tablets, and other devices into the internal networks of companies is leading to the development of the PSA mobile application segment.
Professional Service Automation Market: Region-wise Outlook
The market for professional automation is projected to earn a major share in revenues from developed regions such as Europe and North America over the report’s forecast period. Demand for PSA solutions in Asia Pacific is also expected to rise at a steady pace over the report’s forecast period owing to the rising adoption of PSA by small- and medium-sized companies in the region.
The global market for PSA solutions is highly fragmented and features several technology giants who have entered the market with products featuring competitive and innovative functionalities. Some of the major vendors operating in the global PSA market are Microsoft Corporation, NetSuite OpenAir, Oracle, Autotask Corporation, FinancialForce PSA, Appirio, Inc., Deltek, Harmany PSA, Autotask Corporation, and Projector PSA.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
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- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
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Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.