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Professional services automation (PSA) is an automated software product developed to help and support professionals, including IT and telecom consultants, lawyers, auditors, and others. PSA software encompasses crucial functions including project and resource management capabilities, automated time & billing, invoice management, expense management, resource allocation, and others. Automated software also delivers benefits, such as enhanced project efficiency, enriched customer satisfaction, reduced income outflow, improved projection capability, among others.
According to sources, in 2018, in the U.S., there were around 116 million jobs in the service sector, covering the largest portion of the job market, with a total share of 79 percent. By the end of 2022, that number is projected to reach around 132 million. As the service industry grows, it’s essential for service provider companies to have the precise tools to manage client lifecycles while remaining lucrative on the back end. PSA software offers secure and reliable reports and dashboards, which help management to gain key information to make intuitive decisions.
Key Market Driver -
Key Market Driver – • Expansion of digitalized and automated solutions including cloud-based business models • Growth of artificial intelligence (AI) and machine learning technology
Key Market Restraint -
Key Market Restraint – • Lack of proficiency in operating and upgrading the software
Increasing necessities of automation services and reduction in the overall cost to enhance operational productivity in terms of revenue among professional service organizations are key factors expected to drive PSA software market growth in the forecast period. Further, the increasing need for advanced mobility service among consultants, and growing need for scalable and flexible professional services are expected to favour development in market.
Huge investment in core technology, including cloud-based services and machine learning software, is one of the important elements accountable for the growth of the PSA software market. For instance, in 2018, Infor., an enterprise software company, successfully acquired Alfa-Beta Solutions, Netherlands based company. This acquisition was completed to develop and deploy a cloud-based solution in PSA software. Later, the company released ‘CloudSuite HCM solution’’. CloudSuite is an advance cloud-based management software solution that provides easy and secure processing, workflows, and set up systems with advanced automated technology.
Key players in global professional service automation software market include Microsoft Corporation, Autotask Corporation, Projector PSA, Inc., NetSuite OpenAir, Changepoint Corporation, ConnectWise Inc., Mavenlink, Inc., SAP, Upland Software, Project Open Business Solutions S.L, and Kaseya Limited.
North America market for professional services automation software is currently holding a major share in terms of revenue. This market growth is mainly due to the owing to the early adoption of core technologies, including cloud solutions and machine learning technology. Additionally, this growth is due to substantial investment by IT-based companies for the development and deployment of cloud solutions in PSA software. Key service providers in this market are focusing on partnership and acquisition to strengthen their business growth in terms of revenue.
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For instance, in November 2015, Unanet declared their partnerships with DragonEye Consulting LLC and Cordia Partners to offer subcontracted business functions to project-driven organizations. This need would help the company to adopt PSA software to manage the project-driven application such as expense management, resource allocation, and others. However, Europe is anticipated to observe the highest growth rate during the forecast period due to the factor such as rise in IT spending supported by government initiatives in emerging economies such as Germany, Denmark, and others.
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