Market Size –
The professional service automation market size has grown rapidly in recent years. It will grow from <b>$1.39 billion in 2023 to $1.55 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. </b> The growth in the historic period can be attributed to demand for efficiency, shift to service-based economy, demand for automation, remote work trends, project complexity management.
The professional service automation market size is expected to see rapid growth in the next few years. It will grow to <b>$2.5 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. </b> The growth in the forecast period can be attributed to service lifecycle management, scalability and adaptability, agile resource allocation, customer-centric solutions, integration with collaboration tools. Major trends in the forecast period include sustainability and esg integration, integration with crm and erp systems, workflow automation, service lifecycle management, customizable and modular solutions, mobile optimization.
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Scope Of Professional Service Automation Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Professional Service Automation Market Overview
Market Drivers –
Growing automation across industries is significantly contributing to the growth of the professional service automation market. Automation increases the speed, accuracy, and efficiency of numerous jobs that people previously carried out. Automation is the development and use of technology to track and manage the manufacturing and delivery of goods and services. Professional service automation creates a single service automation platform out of the frequently disjointed systems and tools for time tracking, project management, resource management, invoice processing, and business information. For instance, in April 2021, according to a report by Gartner, a management consultancy firm, hyper automation-enabling technologies increased from $481,635 million in 2020 to $596,616 million in 2022. Hyper automation is expanding business process automation through robotic process automation, machine learning, and artificial intelligence (AI). Thus, automation across industries is propelling the professional service automation market.
Market Trends –
Technological advancement is a key trend in the professional service automation market. Major players are developing technologically advanced products with cloud and artificial intelligence integration. Cloud deployment is maintained on the service provider’s facilities, and the businesses have access to them and may utilize them as much as they want at any time. Artificial intelligence integrates computer science and substantial datasets to facilitate problem-solving. Artificial intelligence and the cloud are used to automate and make business processes efficient and error-free. For instance, in September 2021, Salesforce, Inc. a US-based cloud-based software company, unveiled new AI-powered workflows and contact center technologies in the service cloud to support seamless experiences for service agents and their clients. Through this workflow embedded into the Customer 360 platform, client care teams can predict, route, and address customer demands even before the customer is aware of an issue. Emerging digital contact center innovations provide more frictionless experiences for both customers and support teams for video, chat, audio, and workforce engagement.
The professional service automation market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Type: On-Premise, Cloud
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By End-User: Banking, Financial Services, And Insurance (BFSI), Retail, Healthcare, Media And Entertainment, Education, Information Technology (IT) And Telecom, Government, Legal Services, Audit And Accountancy, Other End-Users
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Regional Insights –
North Americawas the largest region in the professional service automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the professional service automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the professional service automation market report are Microsoft Corporation, Kimble Applications, SAP SE, Projector PSA, Changepoint Corporation, FinancialForce, Atlassian Corporation PLC., ConnectWise, Mavenlink Inc., Oracle Corporation, Upland Software, Planview Clarizen, Project Open Business Solutions S.L, Kaseya Limited, Big Time Software, Appirio Inc., Autotask Corporation, Bastian Solutions LLC, Clarizen Inc., Compuware Corporation, Deltek Inc., Dematic GmbH, HarmonyPSA Inc., Infor Inc., Intapp Time Inc., Kantata APS, NetSuite OpenAir Inc., Promys AG, Scoro AS, Smartsheet Inc., Tigerpaw Software Inc., VOGSY Inc., Workday Inc., Workfront Inc., WorkWave LLC, Zoho Corporation
Table of Contents
1. Executive Summary
2. Professional Service Automation Market Report Structure
3. Professional Service Automation Market Trends And Strategies
4. Professional Service Automation Market – Macro Economic Scenario
5. Professional Service Automation Market Size And Growth
…..
27. Professional Service Automation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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