Professional Services Automation (PSA) is adopted by companies across the globe, due to the growing need for scalable and flexible PSA solutions and standardizing the PSA processes. Hence, PSA providers, with advancements in SaaS Technology, are enhancing their solutions to boost their revenue growth. Strategic partnership is an important strategy adopted by the key market players to develop new services and gain traction in the PSA market. MarketsandMarkets expects the PSA market 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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PSA includes project management, project accounting, timesheet and expense management, billing and invoice management, analytics, resource management, opportunity management, and contract management. Major vendors of PSA include Autotask 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 Kaseya Limited (US). These players have adopted various strategies, such as partnerships, collaborations, agreements, mergers and acquisitions, and new product developments, to achieve growth in the PSA market.
FinancialForce (US), with a significant presence in the Professional Services Automation market, is aspiring to become the top market provider of PSA solutions focusing on resource management, project management, talent management, sales management, reporting and dashboards, time and expense management, and sales engagement. In September 2016, FinancialForce introduced an app called as Wave, powered by Salesforce Wave Analytics, for PSA. This app allows users to gain business intelligence, have backlog visibility, and billing forecast from any device. In March 2015, FinancialForce expanded its operations in New Zealand and Australia. This expansion allowed the company to expand user base and to cater to the increasing cloud adoption in the area.
Changepoint Corporation (US) is another top player in the PSA market. The company provides specialized solutions for each of its offering, such as Daptiv for project portfolio management, Changepoint for PSA, and barometerIT for enterprise architecture solutions. In June 2016, Changepoint Corporation launched a new Daptiv TTM application, an enhanced solution for team task management. Daptiv TTM provides users with features, such as timesheet submission application for team members, time entry, and task management.