The automated software known as professional services automation (PSA) was created to assist and support professionals such as IT and telecom consultants, attorneys, auditors, and others. PSA software includes project and resource management skills, automatic time and billing, invoice management, resource allocation, expenditure management, and other critical features.
New York, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Professional Services Automation Software Market Size, Share & Industry Trends Analysis Report By Application, By Deployment, By Enterprise Size, By Solutions, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06422608/?utm_source=GNW
Additionally, automated software offers advantages, including increased project effectiveness, greater client happiness, decreased income outflow, and improved projection capabilities. Globally, the demand for PSA software is predicted to increase due to firms shifting their attention to digitizing corporate operations for increased business process efficiency and operational visibility.
Additionally, PSA’s many benefits, including improved customer experience, reduced revenue leakage, and improved forecasting capability, boost PSA systems’ sales. Additionally, this software is essential for boosting profit margins, automating numerous time-consuming operations, and fostering open communication among corporate stakeholders of the company, which supports market expansion.
Furthermore, PSA solutions establish a unified platform that enables teams to effectively communicate and finish the assigned work or projects in the shortest amount of time. Most governments prioritize digitalizing their economic processes, which is expected to expand the market. Several governments, like those of Canada, India, Saudi Arabia, and Germany, assist regional market participants in speeding up economic growth.
COVID-19 Impact Analysis
Companies are taking into account sophisticated asset management systems for remote alerts, notifications, & monitoring, remote services, and control, which is anticipated to fuel market expansion. Due to an increase in remote working techniques and hybrid projects, the COVID-19 pandemic had a beneficial impact on the market for professional services automation software. In order to balance integrated project delivery, increased project profitability, and effective project resource utilization in the face of the pandemic, the corporations deployed PSA software throughout their business models.
Market Growth Factors
Cutting back on administrative while boosting billable hours
PSOs should spend in cloud-based time tracking tools since time tracking needs to be adaptable and simple. In the end, there is a direct connection between the best practices for project visibility, billable hours, and project planning. In addition, PSOs can enhance their business processes, leading to better resource usage and productivity, by emphasizing time tracking and expanding access to historical and real-time data. These factors are pressuring firms to use PSA software in their operations. Hence, the demand of Professional Services Automation Software Market is growing.
Increased resource usage and improved predictability
Improved team communication and agility also lead to higher usage rates. PSA software brings together teams for communication, knowledge-sharing, and collaboration in one area. Teams that work in sprints may maintain focus, minimize rework, and find the fastest pace possible for everybody. At the same time, kanban boards give a clearer picture of who is working on what and how to represent dependencies. Hence, these factors are driving the demand of Professional Services Automation Software Market.
Market Restraining Factors
Integration challenges with existing systems while using PSA software
The time required for deployment might be a huge turnoff for firms in the PSA search, similar to how much effort it may take to discover the correct tool. When done correctly, implementing software successfully and providing the necessary training to operate it will always take time. Companies should think about how much time a PSA tool will ultimately save them and how much better their business operations will be overall. The time and work spent creating a system will be well worth it if professionals use a comprehensive review and the proper instrument. These factors are hampering the growth of Professional Services Automation Software Market.
Based on Solutions, the Professional Services Automation Software Market is segmented into Project Management, Billing & Invoice Management, Resource Management, Timesheet & Expense Management, Business Analytics, and Others (Opportunity Management, Contract Management, and Knowledge Management). The Timesheet & expense management segment showcased the substantial revenue share in the professional services automation software market in 2021. Businesses are employing PSA software to organize financial procedures and enhance a company’s overall operational efficiency. In addition, the professional services automation software market is expanding as companies use virtual technologies to improve their operations and better serve their clients.
Based on Application, the Professional Services Automation Software Market is segmented into Consulting Firms, Technology Companies, Marketing and Communication Firms, and Others (Audit & Accountancy, Legal Services, and Government). The technology companies segment acquired the largest market share in the professional services automation software market in 2021. Technology solution providers employ PSA solutions in the company’s development processes to speed up the time to market for their products and create an open corporate structure. To enhance their PSA solution offering and reach a wider potential audience, several PSA service providers for technical firms place a strong emphasis on mergers and alliances.
Based on Deployment, the Professional Services Automation Software Market is segmented into On-premise and Cloud. The cloud segment garnered the prominent revenue share in the professional services automation software market in 2021. The segment is growing as a result of the many advantages offered by cloud-based PSA solutions, including rapid implementation, support for unlimited storage capacity, remote work management, and lower Total Cost of Ownership (TCO) and CAPEX expenses. Strategic alliances are being prioritized by market participants, including Kimble Applications, Projector PSA, and SAP SE, to expand their portfolio of cloud-based professional services automation software.
Enterprise Size Outlook
Based on Enterprise Size, the Professional Services Automation Software Market is segmented into Large Enterprise and Small & Medium Enterprise. The large enterprise segment held the largest market share in the professional services automation software market in 2021. Due to their low operating expenses, improved customer experiences, improved teamwork, and lower personnel costs, large enterprises are prominent users of professional services automation solutions. These large businesses mostly enter into long-term partnerships with professional services automation software suppliers to reduce software costs and make it easier for their staff to quickly acquire accustomed to PSA solutions.
Based on Region, the Professional Services Automation Software Market is segmented into North America, Europe, Asia Pacific, and LAMEA. The North America region garnered the highest revenue share in the professional services automation software market in 2021. In North America, PSA solutions are gaining strong traction due to the integration of cutting-edge technologies like AI and ML and the release of new products by market participants. Additionally, the presence of well-known industry companies in the region fosters market expansion.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include BMC Software, Inc. (KKR & Co., Inc.), Deltek, Inc. (Roper Technologies, Inc.), Microsoft Corporation, Oracle Corporation, Atlassian Corporation PLC, SAP SE, Projector PSA, Inc. (BigTime Software, Inc.), Planview, Inc. (Changepoint), Datto, Inc. (Autotask) (Kaseya Limited), and Upland Software, Inc. (Tenrox).
Scope of the Study
Market Segments covered in the Report:
• Technology Companies
• Consulting Firms
• Marketing & Communication Firms
By Enterprise Size
• Large Enterprise
• Small & Medium Enterprise
• Project Management
• Business Analytics
• Timesheet & Expense Management
• Resource Management
• Billing & Invoice Management
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• BMC Software, Inc. (KKR & Co., Inc.)
• Deltek, Inc. (Roper Technologies, Inc.)
• Microsoft Corporation
• Oracle Corporation
• Atlassian Corporation PLC
• SAP SE
• Projector PSA, Inc. (BigTime Software, Inc.)
• Planview, Inc. (Changepoint)
• Datto, Inc. (Autotask) (Kaseya Limited)
• Upland Software, Inc. (Tenrox)
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• Assured post sales research support with 10% customization free
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