ProfessionalServices Automation (PSA) is adopted by companies across the globe, due to thegrowing need for scalable and flexible PSA solutions and standardizing the PSAprocesses. Hence, PSA providers, with advancements in SaaS Technology, areenhancing their solutions to boost their revenue growth. Strategic partnershipis an important strategy adopted by the key market players to develop newservices and gain traction in the PSA market. MarketsandMarkets expects the PSAmarket to grow from USD 716.5 Million in 2017 to USD 1,244.8 Million by 2022,at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period
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PSAincludes project management, project accounting, timesheet and expensemanagement, billing and invoice management, analytics, resource management,opportunity management, and contract management. Major vendors of PSA includeAutotask Corporation (US), Changepoint Corporation (US), FinancialForce (US),Microsoft (US), Atlassian (Australia), ConnectWise (US), Kimble Applications(UK), Mavenlink, Inc. (US), Oracle (US), SAP (Germany), Upland Software (US),Projector PSA (US), Project Open Business Solutions S.L (Spain), and KaseyaLimited (US). These players have adopted various strategies, such aspartnerships, collaborations, agreements, mergers and acquisitions, and newproduct developments, to achieve growth in the PSA market.
FinancialForce(US), with a significant presence in the Professional Services Automationmarket, is aspiring to become the top market provider of PSA solutions focusingon resource management, project management, talent management, salesmanagement, reporting and dashboards, time and expense management, and salesengagement. In September 2016, FinancialForce introduced an app called as Wave,powered by Salesforce Wave Analytics, for PSA. This app allows users to gainbusiness intelligence, have backlog visibility, and billing forecast from anydevice. In March 2015, FinancialForce expanded its operations in New Zealandand Australia. This expansion allowed the company to expand user base and tocater to the increasing cloud adoption in the area.
ChangepointCorporation (US) is another top player in the PSA market. The company providesspecialized solutions for each of its offering, such as Daptiv for projectportfolio management, Changepoint for PSA, and barometerIT for enterprisearchitecture solutions. In June 2016, Changepoint Corporation launched a newDaptiv TTM application, an enhanced solution for team task management. DaptivTTM provides users with features, such as timesheet submission application forteam members, time entry, and task management.