Professional Services Automation Software Global Market Report 2024

The professional services automation software market 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 observed in the historical period can be attributed to several factors, including an increased focus on efficiency and productivity, the trend towards globalization and distributed workforces (up to the year [current year-2]), growing complexity in project management processes, and a heightened demand for streamlined efficiency and integration with other systems. These elements collectively contributed to the growth experienced during the specified historical timeframe.

The professional services automation software market 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 anticipated growth in the forecast period can be attributed to several key factors, including an increased emphasis on user experience and accessibility, growing concerns about security and compliance requirements, a continued focus on enhancing cybersecurity measures, and a trend towards industry-specific customization. Noteworthy trends expected in the forecast period encompass enhanced integration capabilities, the integration of artificial intelligence (AI) and automation, widespread adoption of cloud technology, increased emphasis on mobile accessibility, and a heightened focus on data security and compliance. These trends collectively contribute to the projected growth in the upcoming forecast period.

The professional services automation software market is anticipated to experience growth, propelled by an increasing demand from various enterprises, particularly small and medium-sized enterprises (SMEs). This software proves beneficial for SMEs as it enables the streamlining and automation of key business processes, including resource allocation, time and expense tracking, and project management. In 2022, the United States Small Business Administration reported the presence of 33.2 million small businesses in the US, accounting for 99.9 percent of all businesses. The rising demand for professional services automation software from diverse enterprises, especially SMEs, serves as a significant driver for the market.

The growth of the professional services automation software market is expected to be fueled by the increasing adoption of cloud services. Cloud services encompass on-demand computing resources delivered over the internet, transforming the way businesses utilize professional services automation software. Cloud services provide on-demand access to these tools, eliminating the need for in-house infrastructure, reducing costs, and enhancing accessibility and scalability. As of December 2021, Eurostat reported that 41% of organizations utilized cloud computing services in 2021, marking a 5.0 percentage-point increase from the previous year (36% in 2020). This surge in cloud services adoption is a key factor contributing to the growth of the professional services automation software market.

Technological advancement is a prominent trend gaining traction in the professional services automation software market, with companies actively adopting new technologies to enhance their market position. An illustrative example is FinancialForce, a US-based software company that provides professional service automation software solutions. In April 2021, FinancialForce launched its Spring '21 Release, introducing features such as an AI-powered timecard, enhanced expense management capabilities, automation, an improved mobile app, and advanced analytics for resource management. These features aim to boost productivity, improve user experience, and provide deeper insights into project performance, reflecting the ongoing commitment to technological innovation within the market.

Major companies in the professional services automation software market are leveraging platform technology as an innovative approach to gain a competitive edge. Platform technology serves as a foundation or framework upon which various technologies, applications, and processes are built. For instance, in February 2023, Dynatrace, Inc., a US-based software company, introduced AutomationEngine as part of its platform, focusing on intelligent cloud automation. This technology utilizes an intuitive interface and a no-code/low-code toolset to implement answer-driven automation across diverse BizDevSecOps workflows. It includes automated remediation, progressive delivery, automated routing of vulnerabilities discovered by Dynatrace Application Security, and forecasting future cloud infrastructure and compute resource requirements with automated provisioning. The AutomationEngine is designed to help organizations operate clouds more efficiently, innovate faster and more securely, and achieve consistently better business results.

In July 2022, BigTime Software, a software company based in the United States, successfully completed the acquisition of Projector PSA for an undisclosed amount. This strategic move has played a crucial role in enhancing BigTime Software's portfolio, particularly by incorporating practice management functionality tailored to the needs of professional services. Projector PSA Inc., the company acquired in this transaction, is a US-based developer specializing in cloud-based professional services automation (PSA). This acquisition is expected to contribute significantly to BigTime Software's capabilities and offerings in serving the professional services sector.

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.

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

The primary types of professional services automation software covered in this report encompass project management, project accounting, time and expense management, project analytics, billing and invoice management, resource management, contract management, opportunity and lead management, among others. Project management involves the application of processes, methods, skills, knowledge, and experience to attain specific project objectives within agreed parameters and acceptance criteria. Deployment options for these solutions include on-premises and cloud-based implementations. The software caters to enterprises of various sizes, including large enterprises and small to medium-sized enterprises (SMEs). It finds applications across diverse sectors such as consulting firms, technology companies, marketing and communication firms, and others.

The professional service automation market research 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 services automation software market includes revenues earned by entities through accounting, project management, time and expense tracking, resource allocation, billing and invoicing, document management, client access, software integrations, proposal generation, and team collaboration 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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