Professional Service Automation Software Market

Professional Service Automation Software Market Outlook 2031:

The global professional service automation software market size was valued at USD 10.79 Billion in 2022 and is projected to reach USD 29.68 Billion by 2031, expanding at a CAGR of 11.9% during the forecast period 2023 - 2031. The growth of the market is attributed to the rise in demand due to availability of professional service automation solutions with an improved set of functionalities.

Professional services automation (PSA) is a software which is designed for assisting professionals, such as lawyers, IT consultants, auditors, and others, including project and resource management for client projects. PSA is a solution which helps in efficiency and operational visibility of project and services-driven organizations. Change in business model of companies is projected to fuel the adoption of PSA in the coming years.

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Major functions of PSA software are automated time & billing, project management capabilities, and resource management. It also provides the advantages such as improved customer satisfaction, project effectiveness, improved forecasting capability, and reduced revenue leakage. These advantages of PSA software are expected to fuel the demand amongst service companies in the coming years.

Small and mid-size companies are depending on spreadsheets to calculate expense, time, and management of resources. Companies using traditional tools for business purposes including spreadsheets are projected to offer several opportunities in the coming years. Several SMBs are checking for solutions for automation and streamline processes. These solution decreases the expenses due to error-prone spreadsheets, costly data re-entry, and fewer manual. Growing popularity of cloud computing and rising budget of Small and Medium Enterprises (SMEs) are expected to aids the market.

Solution providers are fighting with profit margins are adopting the PSA solutions over the forecast period. Project management and opportunity management abilities for supporting the resource scheduling, project delivery, and deal capture. Market players are adding features such as support for variety of mobile devices, dashboards, graphical reporting, and combination with social channels for enhancement of products.

Professional Service Automation Software Market Trends, Drivers, Restraints, and Opportunities

• Rising demand of improved operational efficiency and proper utilization of resources to achieve maximum efficiency are anticipated to drive the expansion of the market.
• Increase in customer satisfaction and rising use of cloud computing management are factors responsible for propelling the growth of the market.
• Increasing expenditure on IT budget of small and medium industries and usage of traditional management tools such as spreadsheets are expected to push the expansion of the market.
• Product differentiation activities with latest solution provider software is estimated to spur the market expansion in the coming years.
• Rising demand and availability of PSA solution and growing need of improvement in operational efficiency among professional are projected to push the growth of the market.
• Distinctiveness of solutions with cutting-edge set of functionalities offered by PSA software is projected to fuel the market growth.
• Lack of knowledge and experienced resources, robust market environments and stringent regulations are expected to hamper the growth of the market.
• Gap between new system and already established organization system is expected to impede the market expansion over the forecast period.

Scope of Professional Service Automation Software Market Report

The report on the global professional service automation software market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Professional Service Automation Software Market Segment Insights

Marketing and communication firm segment is projected to hold a major market share

On the basis of applications, the professional service automation software market is divided into consulting firms, technology companies, marketing and communication firms, and others. The technology company segment is anticipated to expand at a rapid pace during the forecast period owing to fast-moving projects in the field of technology. Availability of dynamic resources is one of the factors responsible for fueling the growth of the segment.

However, the marketing and communication firm segment is expected to hold a key share of the market in the coming years. Marketing and communication industries, consulting firms, and legal firms are widely using this technology. Increasing acceptance of tools among marketing and communication firm to spur the adoption.

Rising popularity of digital and social media marketing is driving the growth of the market. The market is significantly growing with the rising demand in the marketing and communication application segment.

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Cloud segment is expected to expand at a rapid pace

Based on deployments, the market is bifurcated into cloud and on-premises. The on-premises segment is expected to account for a key share of the market during the forecast period due to the need of low-cost investment. Stringent regulations for safeguard information stored on the cloud is anticipated to impede the growth in the coming years.

However, the cloud segment is anticipated to expand at a rapid pace during the forecast period due to benefits offered by the cloud-based solutions. These benefits are disaster recovery, reduced technology infrastructure cost, economies of scale, and effective monitoring of projects as compared to others. The market is getting benefited from increasing use of cloud-based services, and ease and pay-as-you-go nature.

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North America is expected to dominate the market

On the basis of regions, the professional service automation software market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to the early adoption of the industry software. Presence of majority of technological leaders and advancement in technology are expected to drive the regional market growth.

Huge demand of PSA, automation facility, ease management, and proper allocation of resources are major factors responsible for fueling the regional market growth. On the other hand, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years due to rising adoption of solutions by the SMEs.

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Segments

The global professional service automation software market has been segmented on the basis of

Applications

• Consulting Firms
• Technology Companies
• Marketing and Communication Firms
• Others

Deployments

• Cloud
• On-premise

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Appirio, Inc.
• ChangePoint
• ConnectWise
• FinancialForce.com
• Microsoft Corporation
• NetSuite OpenAir
• Projector PSA
• Tenroxare
• Autotask Corporation
• Compuware Corporation
• Clarizen
• Oracle
• Panview
• Deltek, Inc.
• Autotask Corporation
• ConnectWise
• HarmanyPSA

Competitive Landscape

Key players competing in the professional service automation software market are Appirio, Inc.; ChangePoint; ConnectWise; FinancialForce.com; Microsoft Corporation; NetSuite OpenAir; Projector PSA; Tenroxare; Autotask Corporation; Compuware Corporation; Clarizen; Oracle; Panview; Deltek, Inc.; Autotask Corporation; ConnectWise; and HarmanyPSA.

Major market players are adopting several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.