Professional Service Automation Global Market Report 2024

The global professional service automation market has grown rapidly in recent years. It will grow from $1.39 billion in 2023 to $1.55 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth observed in the historical period can be credited to several factors, including the increased need for efficiency, a transition toward service-focused economies, the rising demand for automation, the prevalence of remote work trends, and the management of increasingly complex projects.

The global professional service automation market is expected to see rapid growth in the next few years. It will grow to $2.5 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. Anticipated growth in the forecast period is expected to stem from several factors, notably service lifecycle management, enhanced scalability and adaptability, agile resource allocation practices, customer-focused solutions, and seamless integration with collaboration tools. Key trends foreseen in this period encompass sustainability and ESG integration, alignment with CRM and ERP systems, workflow automation, robust service lifecycle management, customizable modular solutions, and optimized mobile capabilities.

The surge in professional service automation's market growth owes much to the widespread implementation of automation across industries. Automation optimizes job efficiency, speed, and accuracy by utilizing technology to oversee manufacturing and service delivery processes. Professional service automation streamlines disparate systems for tasks like time tracking, project management, and invoice processing into a unified platform, enhancing overall operational efficiency. For instance, in April 2021, Gartner reported a notable rise in hyper automation-enabling technologies, showcasing the expansion of business process automation via robotics, machine learning, and AI, thus propelling the automation-driven professional service automation market.

Anticipated growth in the professional service automation sector is underpinned by the escalating adoption of cloud computing. Cloud technology, disseminating various computer services over the internet, delivers the agility and efficiency needed to meet the evolving demands of service-based businesses. The 2022 State of DevOps Report by Google Cloud DORA team highlighted an increase in users employing multiple public clouds, growing from 21% in 2021 to 26% in 2022, with hybrid cloud utilization soaring from 25% to 42.5%. Consequently, the burgeoning use of cloud computing continues to drive the professional service automation market.

Technological advancements stand as a pivotal trend shaping the professional service automation landscape. Market leaders are innovating products integrating cloud services and artificial intelligence to bolster operational efficiency. Artificial intelligence, combined with cloud infrastructure, enables automation and error-free business processes. For example, Salesforce unveiled AI-powered workflows and contact center technologies integrated into its Service Cloud in September 2021. These innovations allow service teams to predict and address customer needs preemptively, ensuring seamless experiences for both clients and support teams across various communication channels.

In the realm of professional service automation, major companies are forging strategic partnerships to offer comprehensive solutions to customers. Strategic partnerships leverage each other's strengths and resources for mutual benefit. For instance, Kimble Applications Ltd. announced a strategic partnership with Infor Inc. in November 2021, where Infor recommended Kimble as a premier professional services automation solution. Such partnerships aim to provide data-backed, easily integrable solutions geared toward enhancing customer experience and scaling businesses efficiently.

The consolidation and expansion within the professional service automation market are evident through company acquisitions. In April 2021, Exact, specializing in accounting software, acquired Gripp, a professional services automation provider, to broaden its services for small and medium enterprises. This acquisition aligned with Exact's ambition to strengthen its position in the service sector, indicating a strategic move towards augmenting its offerings and market presence.

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

North America was 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. The countries covered in the professional service automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

PSA comprises two key elements such as solutions and services. These solutions aid service companies in tasks such as time tracking and project management while also facilitating a deeper understanding of client needs and expectations. They enhance customer interactions, leading to increased satisfaction. PSA is utilized across small, medium, and large enterprises, both on-premise and in the cloud. Its applications span industries like BFSI, retail, healthcare, media, education, IT, telecom, government, legal, audit, and other sectors.

This report provides professional service automation market statistics, including professional service automation industry global market size, regional shares, competitors with a professional service automation market share, detailed professional service automation market segments, market trends and opportunities, and any further data you may need to thrive in the professional service automation industry. This professional service automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The professional service automation market includes revenues earned by entities by providing time tracking, project management, and other professional service automation solutions and services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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