Professional Service Automation (PSA) Software: A Global Strategic Business Report
San Jose, California (PRWEB) August 25, 2011
Professional service automation (PSA), a type of enterprise software, is designed to automate and integrate core business functions associated with service delivery, business development, and allocation of resources – people, time, and intellectual capital for service-intensive industries, departments, and organizations. These solutions are mainly targeted towards professional service organizations, such as accounting firms or IT consulting firms, and professional service divisions within an organization that charge services performed by their employees on a daily or hourly basis. Companies that embrace PSA will find tangible results from better quality of information, increased productivity, better insight into organizational performance, improved decision making capabilities, greater scrutiny in terms of accountability, and the ability to transfer and preserve knowledge. Besides the immediate tangible benefits, PSA solutions also help in improving project effectiveness and the quality of client service through better project management, better communication, and improved scheduling, and forecasting. Components and modules of PSA are not new and have existed for about a decade now, but have been sold mostly as disparate elements. What is new is the increased level of integration and synchronization between these disparate elements, which now makes PSA a viable software option.
Customers today demand business applications, which are easy to implement, and deploy on existing systems without having to rip and replace established solutions, and have faster turnarounds in terms of results. In tandem with evolving business needs, players in the marketplace have enlarged the domain of PSA software i.e. from point solution to an integrated, end-to-end solution offering resource management, customer relationship management (CRM), opportunity and knowledge management.
As professional services market is heavily dependent on overall corporate health and spending, the recent economic recession has not surprisingly taken its toll on the world PSA software market. Revenues of several companies in developed nations took a hit due to reduced demand of products and services in major markets and loss of key sales contracts in 2009. In spite of the strong interest that organizations continued to express in PSA software to enhance operations of internal service groups, they naturally opted to adjourn investments in 2008 & 2009 due to budgetary restrictions. All application segments within the traditional enterprise application software market, including ERP, supply chain, and product lifecycle management (PLM), human capital management (HCM), and CRM witnessed dampened market conditions. Also, demand for external professional services dwindled as companies placed third party hiring plans on the backburner, renegotiating existing contracts at lower prices with existing service providers, and postponement of contract extensions, and license renewals. Recession induced contract renegotiations have especially dented revenues in the industry. The recession however did not have a long-lasting impact on global PSA software market primarily because the most spontaneous need to curtail costs in an unfavorable business environment has overridden with a simultaneous need to develop a platform for future growth.
As stated by the new market research report, United States and Europe accounts for a major share of the global Professional Service Automation Software market. As the new economy emerges from the recession, companies hitherto painfully bogged down by cost/financial pressures and acute IT infrastructure challenges such as application bottlenecks manifested in the form of lower response times, data center space constraints and ineffective hardware scalability are currently emerging wiser from the economic pressures with an eye for cost effective solutions. Corporate end-use industry is the largest market for PSA software. Investing financial resources to reduce overheads and save money in the medium-to-long term is the prevailing sentiment in the enterprise IT front. PSA solutions, in this regard, offer numerous business benefits, such as, lower cost of ownership, negligible capital expenditures, and rapid deployment. Leveraging PSA software suites is therefore emerging into a major recession proofing strategy for corporate IT departments in future years.
Major players in the global marketplace include Aderant Holdings Inc, Aplicor Inc, Autotask Corporation, Compuware Corporation, Connectwise Inc, Deltek Inc, Elite Information Systems Inc, Greentree International Ltd, IPM Global Software, Microsoft Dynamics, NetSuite OpenAir, Oracle Corp, Planview Inc, Sage, SAP AG, Tenrox, Unit4 N.V., among others.
The research report titled “Professional Service Automation (PSA) Software: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections (in US$ millions) for major geographic markets including the United States, Canada, Japan, Europe, Asia-Pacific, and Rest of World. Key end-use industries analyzed include Consulting, Corporate, Construction, Accounting, and Others.
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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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