Global Professional Service Automation Software Market Report and Forecast 2024-2032

Global Professional Service Automation Software Market Outlook

The global professional service automation software market size reached a value of more than USD 1085.42 million in 2023. During the forecast period of 2024-2032, the market is expected to grow at a CAGR of 11.50%.

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Key Trends in the Market

A software-based solution called Professional Service Automation (PSA) is designed to assist businesses manage their operations more effectively, hence boosting productivity and profitability. These systems include options for resource allocation, time management, project management, and invoicing administration. Professional service automation software can establish a standardised procedure for organising, supervising, and evaluating each project's performance according to where it is in its lifetime.

• The professional service automation software market is primarily driven by the rising demand for automation in corporate processes and the need to increase efficiency while lowering costs. Professional service automation has accelerated due to the growing adoption of big data and analytics technologies and SaaS.

• The overall profitability that PSA offers to an organisation has led to an increase in the number of businesses adopting it. In order to improve decision-making, businesses must be able to make sense of the vast amounts of data that are generated.

• It is anticipated that increased need for greater mobility among service consultants and expanding automation usage will accelerate the market expansion. Additionally, it is predicted that during the projection period, evolving enterprise business models and higher customer satisfaction levels will have an impact on the adoption of professional service automation (PSA) solutions.

Global Professional Service Automation Software Market Analysis

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Based on solution, the market is segmented into project management, project accounting, project analytics, time and expense management, billing and invoice management, among others. The market, on the basis of deployment, can be divided into on-premises and cloud. On the basis of enterprise size, the market is divided into large enterprises, small and medium-sized enterprises (SMEs). 

The end-uses of the market are BFSI, telecom, architecture and construction firms, healthcare and life sciences, media and entertainment, and government, among others. The regional markets for professional service automation software can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global professional service automation software market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.  

• Datto, Inc.

• Planview, Inc.

• ConnectWise, LLC

• Projector PSA, Inc.

• Kimble Applications Ltd.

• Others

Market Share by Deployment

The expansion of cloud services, along with their ease and pay-as-you-go structure, will be advantageous for the professional service automation software market. Over the forecast period, it is projected that growing concerns about cloud-based solutions' data privacy will restrain their expansion. However, cloud-based solutions provide more advantages, thus this segment will continue to maintain its dominance during the forecast period. Due to its exceptional deployment flexibility, scalability, disaster recovery, efficient project monitoring, lower costs for the technology infrastructure, improved collaboration, cost-efficiency advantages, and global availability, cloud-based deployment options are anticipated to have a considerable increase in the accounts receivable automation market over the forecast period. 

Market Share by Region

The professional service automation software market is anticipated to be dominated by North America. The region's expansion can be attributed to the fast-paced growth of the service sector and rapid technology advancements like cloud computing and augmented reality (AR). Additionally, businesses in the region are seeking to implement cutting-edge growth strategies to increase their global footprint. 

Additionally, the United States and Canada, the two advanced economies in the region, have built IT infrastructure facilities and are investing in new technology. Many PSA software providers, like Salesforce.com, Inc., Microsoft Corporation, SolarWinds, and Oracle Corporation, are based in the United States, which is encouraging for the development of the regional market.

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Competitive Landscape

Datto, Inc. the world's largest provider of cloud-based software and security solutions, created specifically for managed service providers (MSPs) is headquartered in the United States. Datto was founded in 2007 and offers solutions through an integrated platform that enable its worldwide ecosystem of MSP partners to service more than one million organisations globally.

Planview, Inc., a company with its headquarters in the United States, offers software for resource-based project management. Organisations can use the website to manage their tasks and projects thanks to the company’s integrated project and workforce management software. Planview software offers a single location to track time, budgets, and expenses for your projects.     

ConnectWise, LLC, since its founding in 1982, has developed into a powerful software platform designed for technology solutions providers (TSPs) to manage every aspect of their as-a-service operations. ConnectWise has created a platform for The IT Nation with products that help with business management, quote and proposal automation, remote monitoring and management, cybersecurity risk assessments, remote control and access, and integrations with hundreds of key vendors, as well as the largest and most active community in the sector.

Other market players include Projector PSA, Inc. and Kimble Applications Ltd., among others.

Key Highlights of the Report