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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The audit and accountancy vertical is expected to grow at a higher CAGRduring the forecast period.
Thevertical comprises organizations which are primarily involved in offeringvarious services including audit, accountancy, designing accounting systems,tax returns, developing budgets, bookkeeping, payroll processing, and billing.Management of finances efficiently is very crucial for any organization to runbusiness successfully. Professional Services Automation solutions facilitateaudit and accountancy agencies, firms, accountants, and auditors to ensureconsistent and quality services delivered to client in order to remaincompetitive in the global market. Professional Services Automation solutionsfacilitate organizations to focus on financial success and stability.
The large enterprises segment is expected to gain a larger market shareduring the forecast period.
Organizationswith more than 1,000 employees are categorized as large enterprises. Suchenterprises have a huge corporate network and many revenue streams. Largeenterprises have their customers across various regions and possess high marketshares, technical expertise, and effective business strategies. However, largeenterprises have to face many challenges pertaining to economies of scale,region, language, and accounting challenges. Professional Services Automationsolutions offer a competitive edge to large enterprises in the global market.They prefer implementing Professional Services Automation solutions that canassist them in maximizing resource utilization, thereby improving servicedelivery in a cost-efficient manner.
Themajor vendors in the Professional Services Automation market include AutotaskCorporation (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).