In 2023, it was estimated that the global market for professional services automation software will be worth US$12,038.66 million, and by 2033, it is expected to reach US$35,754.17 million. This market is expected to grow at a CAGR of 11.5% during the study period.
As businesses digitise and automate more of their processes, there is a growing demand for process automation. Rising demand for automation services and a decline in total costs are expected to drive PSA software market expansion over the course of the forecast decade. Professional service companies will see an increase in operational productivity in terms of income by doing this.
The demand for scalable and adaptable professional services is likely to increase, as is the desire for sophisticated mobility services among consultants. Additionally, this software promotes market expansion by raising profit margins, automating a variety of time-consuming operations, and facilitating effective communication among internal stakeholders.
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Teams may collaborate and complete tasks and projects more effectively with the help of a centralised platform that PSA solutions provide them access to. Professional services automation solutions give teams the chance to monitor resources, project status, and expenses all in one location, in addition to keeping stakeholders informed and facilitating prompt decision-making.
Key Takeaways from Market Study
- The professional services automation software market is expected to record a CAGR of 11.5% over the forecast period.
- It is estimated that the professional services automation software market in North America may remain strong during the forecast period.
- The technology segment acquired a significant market share, valued at US$ 5,018.22 million during the forecast period.
- On-premise PSA software deployments are expected to account for a significant share of the market in 2023, representing around 51%.
- It is expected that the market in India may demonstrate a considerable level of growth by 2033.
Competitive Landscape:
The growth potential of the professional services automation software market is likely to be supported by irreplaceable value propositions in product offerings. A moderately fragmented market is served by several local companies. Companies use a variety of strategies to gain market share, including investments, partnerships, acquisitions, and mergers. Companies also strive to improve their products and keep them competitive.
Several prominent companies dominate this market, including Autotask Corporation, BMC Software, Inc., ConnectWise, Inc., Deltek, Inc., FinancialForce.com, Kimble Apps, Microsoft Corporation, NetSuite OpenAir, Inc., Oracle Corporation, Planview, and others.
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Recent Developments:
- Singapore-based FinTech Global Direct has launched a blockchain platform to address global B2B transaction challenges, which typically take six days to complete. Features include ticketing for tour operators, rewards management, and alternate currency payment gateways.
- In March 2022, ProductDossier Solutions announced that several companies had implemented TouchBase, its software for professional services automation. The companies are Tiger Analytics, Aujas Cyber Security, Hical Technologies, and Tata Communications.
- In February 2020, Clarizen, a software company focused on enterprise collaborative work management, became a McAfee CASB Connect Partner via self-service API connectors for McAfee® MVISION Cloud.
Market Segmentation by Category
By Application Outlook:
- Consulting Firms
- Marketing and Communication Firms
- Technology Companies
- Architecture, and Construction Firms
- Research Firms
- Accounting Firms
- Others
By Deployment Outlook:
- Cloud
- On-premise
By Region Outlook:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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