Emerging Markets has Significantly Boosted the Professional Service Automation Market
Professional Service Automation Market: Description
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.
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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.
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