How Has The Professional Service Automation Market Size Evolved In Recent Years?
The professional service automation market has seen considerable growth due to a variety of factors.
• In the last few years, the professional service automation market size has seen significant expansion. It is predicted to swell from a value of $1.52 billion in 2024 to $1.67 billion in 2025, with a compound annual growth rate (CAGR) of 10.4%. The substantial growth observed in the past period is due to factors such as the need for increased efficiency, transition towards a service-dominant economy, increased demand for automation, the emergence of remote work trends and the necessity for management of complex projects.
What Is The Forecast For The Professional Service Automation Market?
The Professional Service Automation market is expected to maintain its strong growth trajectory in upcoming years.
• The market for professional service automation is poised for fast-paced expansion in the coming years, with its size projected to reach $2.9 billion in 2029, recording a compound annual growth rate (CAGR) of 14.7%.
The anticipated growth within the forecast period is linked to factors such as service lifecycle management, adaptability, scalability, agile resource allocation, and integration with collaboration tools. The forecast period is also predicted to witness trends such as environmentally friendly and ESG integration, integration with CRM and ERP systems, workflow automation, service lifecycle management, customizable and modular solutions, and mobile optimization.
What Are The Essential Drivers Behind The Growth Of The Professional Service Automation Market?
The expansion of automation in various sectors is playing a meaningful role in driving the growth of the professional service automation market. By enhancing speed, accuracy, and efficiency in a myriad of job roles previously handled by humans, automation is making a significant impact. This entails the evolution and application of technological components in monitoring and managing the production and delivery of products and services. Instead of often fragmented systems and tools for tasks like time tracking, project and resource management, invoice processing, and handling business information, professional service automation consolidates them into a single service platform. For instance, the International Federation of Robotics, a nonprofit organization based in Germany that advocates for and fosters the global robotics industry, reported a 37% increase in robot installations in Canada in 2023 - rising to 4,311 units by September 2024. Therefore, industrial automation is fuelling the expansion of the professional service automation market.
How Is The Global Professional Service Automation Market Divided Into Key Segments?
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
Subsegments:
1) By Solution: Project Management, Resource Management, Time And Expense Management, Billing And Invoicing, Reporting And Analytics
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services
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What Trends Are Reshaping The Future Of The Professional Service Automation Market?
Technological progression is a prominent trend in the professional service automation market. Top market players are focusing on creating products that are technologically sophisticated with the incorporation of cloud and artificial intelligence. Stored at the service provider's facilities, cloud deployment allows businesses unlimited access and usage at any time. Artificial intelligence combines large datasets and computer science to assist in solving complex problems. Integration of artificial intelligence and cloud aims to streamline and automate business operations, making them more efficient and less prone to errors. For example, FinancialForce (renamed Certinia), an American software firm, unveiled advanced automation and AI functions in its Professional Services Automation (PSA) platform in April 2022, thereby elevating its performance and user interface. The AI integration facilitates enhanced forecasting and resource distribution, by examining past data to forecast future requirements of a project and effectively manage resources.
Who Are the Key Players In The Professional Service Automation Market?
Major companies operating in the professional service automation market include:
• 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
What Are The Regional Insights Into The Professional Service Automation Market?
North Americawas the largest region in the professional service automation market in 2024. 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.
