Global Professional Services Automation Market to 2024: BFSI Holds a Dominant Position in the Market
DUBLIN, Nov. 14, 2019 /PRNewswire/ -- The "Professional Services Automation Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
Professional services firms are currently confronted with challenges such as shortage of knowledgeable and experienced resources, robust market environments, spin-offs from mergers and acquisitions, and increasingly refined and sophisticated clients. At the same time, decision-makers and best executives are becoming increasingly informed of the benefits of PSA solutions and their role in making firms more competitive and profitable.
The professional services automation market is anticipated to benefit from increasing cloud computing as it helps lessen companies' IT costs and allows organization-wide automation. Small and medium enterprises are investing in a technological shift to better resource utilization and efficiency of work. The growing need for integrated services and growth in the small and medium enterprises are the driving force for the professional services automation market. The increasing feature set of professional services automation, like billing, resource, and CRM, among others, is helping to increase its adoption.
Firms using traditional tools for business purposes such as spreadsheets are expected to offer growth opportunities over the forecast period. This solution reduces overall administration expenditure owing to the fewer manual, error-prone spreadsheets, and costly data re-entry. An increase in the popularity of cloud computing and the growing IT budget of Small and Medium Enterprises (SMEs) are anticipated to propel industry growth.
The growth in the professional services automation market can be attributed to the progress and need for automation. The professional services automation software and solutions are used to automate revenue management, resource management, and project management, among other tasks, which help reduce overhead costs and thus, lowering organizational expenses.
For small and medium enterprises, lessening expenses and adding more enhanced functionality to the central system is preferred. Additionally, small and medium enterprises are quickly shifting towards automation, and with the help of a centralized automated system, automation can be achieved at a higher sale.
Moreover, growth in need to improve operational efficiency among professional service firms is expected to propel the market growth. However, a shortage of knowledgeable and experienced resources and robust market environments hinders this growth. In addition, owing to an increase in complexity, the need for automating these tasks is expected to rise, thus posing a challenge of maintaining throughput, business quality, and effectiveness.
Scope of the Report
Professional Services Automation is used for standardizing business processes and providing reports, insights, and control for resources and projects. The value of such systems is to enable critical information to be analyzed and shared across organizations for more insightful and timely decision-making. 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.
Key Market Trends
BFSI Holds a Dominant Position in Professional Services Automation Market
- In the banking sector, higher penetration of the growth of Professional Services Automation is in rural regions. Due to professional services automation, it becomes more comfortable to tackle growing amounts of financial data, credit expenditure and also maintaining the quality of assets. Likewise, automation helps to lessen risks and increases risk management mechanisms.
- Raising portfolios can be made easier when insurance decisions are automated. Clients can be encouraged to fill up details on their own without needing human interaction. This is made feasible through applications and web forms that automatically collect and process data associated with insurance claims and applications for policies.
- When it comes to insurance, there is a large requirement for accuracy in the pricing of risks. Likewise, mutual funds also stand to gain from payment automation. On the other hand, payment gateways mandatorily need some sort of automation, unless, online buying and selling would be difficult.
North American Holds a Dominant Share of Professional Services Automation Market
- North America market for professional services automation is currently offering a dominant share of revenue, owing to the early adoption of cloud technology. North America's regional market includes the majority of industry technology leaders. These leaders are actively operating towards the progress of existing technologies as well as the growth of innovative market offerings. Greater demand is experienced owing to the quickly aging workforce in the region, automation facilitates smooth management and effective allocation of available resources.
- North America's regional growth can further be attributed to the accelerated sprawl in the service industry and advancing technological developments. The regional organizations have also embraced the inorganic growth strategies to encourage their presence globally. For example, Oracle opted for collaboration and partnership to deliver new offerings in the market.
- Furthermore, the region's two advanced economies, the US and Canada, are investing in emerging technologies and have developed IT infrastructure facilities. The US is a significant shareholder in this region, owing to the presence of leading market players giving professional service automation software and services, such as Microsoft Corporation, Autotask Corporation, FinancialForce.com, etc. Moreover, the firms in the US and Canada are expected to implement professional services automation solutions to automate or simplify their business processes.
Competitive Landscape
- May 2019 - Datto Inc. doubled down on its commitment to the rapidly growing MSP market in Australia and New Zealand with a new Sydney office. This investment will enable Datto and its partners to continue to grow and address the IT needs of small and medium businesses (SMBs) in the region.
- June 2018 - Saudi Arabia's Almajdouie Logistics Company eyed further expansion with Infor. Almajdouie Logistics Company, the largest logistics service provider in Saudi Arabia, has deployed Infor SCE to enhance business agility as it poises for further growth.
Companies Mentioned
- Autotask Corporation (Datto Inc.)
- Mavenlink, Inc.
- Clarizen Inc.
- Deltek Inc.
- Financialforce Inc.
- Infor Inc.
- NetSuite Inc. (Oracle Corporation)
- Upland Software Ltd.
- Projector PSA Inc.
- Replicon Inc.
- Unanet Technologies
- Workfront, Inc
For more information about this report visit https://www.researchandmarkets.com/r/6etlnz
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