Overview and Scope
Professional services automation (PSA) is a type of software application suite that gives service businesses the capability they require to manage their essential business operations.
Sizing and Forecast
The professional services automation software market size has grown rapidly in recent years. It will grow from $11.45 billion in 2023 to $12.68 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to increased emphasis on efficiency and productivity, globalization and distributed workforces ([current year-2] and earlier), rising complexity in project management, increased demand for efficiency, integration with other systems.
The professional services automation software market size is expected to see rapid growth in the next few years. It will grow to $19.27 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to focus on user experience and accessibility, increased security concerns and compliance requirements, increased focus on user experience, emphasis on cybersecurity, industry-specific customization. Major trends in the forecast period include integration capabilities, ai and automation, cloud adoption, mobile accessibility, data security and compliance.
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Segmentation & Regional Insights
The professional services automation software market covered in this report is segmented –
1) By Type: Project Management, Project Accounting, Time And Expense Management, Project Analytics, Billing And Invoice Management, Resource Management, Contract Management, Opportunity And Lead Management, Other Types
2) By Deployment: On-Premise, Cloud
3) By Enterprise Size: Large Enterprise, Small And Medium Enterprise
4) By Application: Consulting Firms, Technology Companies, Marketing and Communication Firms, Other Applications
North America was the largest region in the professional services automation Software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global professional services automation market report during the forecast period. The regions covered in the professional services automation software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing demand for professional services automation software from various enterprises such as small and medium-sized enterprises is expected to propel the growth of the professional services automation software market going forward. Professional services automation software is helpful in various businesses, mainly for small and medium-sized enterprises for its ability to streamline and automate key business processes such as resource allocation, time and expense tracking, and project management. For instance, in 2022, according to The United States Small Business Administration, a US-based government agency, there are 33.2 million small businesses in the US, which account for 99.9 percent of all US businesses. Therefore, increasing demand for professional services automation software from various enterprises such as small and medium-sized enterprises drive the professional services automation software market.
Key Industry Players
Major companies operating in the professional services automation software market report are Autotask Corporation, Deltek Inc., FinancialForce.com Inc., Kimble Applications Ltd., Microsoft Corporation, NetSuite OpenAir Inc., Oracle Corporation, Planview Inc., BMC Software Inc., ConnectWise Inc., Clarizen Inc., Infor (US) Inc., Changepoint Corporation, Atlassian Corporation Plc, Mavenlink Inc., Upland Software Inc, Atera Inc., Compuware Corporation, Promys Inc., Projector PSA Inc., Tenrox Inc., Appirio Inc., Accelo Inc., HarmonyPSA Inc., Tigerpaw Software Inc., Workfront Inc., Replicon Inc., Wrike Inc., Celoxis Technologies Pvt. Ltd., Paymo Inc., Projectmates Software Pvt. Ltd., Hive Inc.
The professional services automation software market report table of contents includes:
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List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Professional Services Automation Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Professional Services Automation Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Professional Services Automation Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Autotask Corporation Financial Performance
Table 76: Deltek Inc. Financial Performance
Table 77: FinancialForce.com Inc. Financial Performance
Table 78: Kimble Applications Ltd. Financial Performance
Table 79: Microsoft Corporation Financial Performance
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