Professional Services Automation Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Professional Services Automation Software Market Size and is Segmented by Deployment Type (On-Premise, Cloud), Type (Solutions (Billing & Invoice, Project Management, Expense Management), Services), End-User (BFSI, Architecture, Engineering, & Construction, Legal Services, Healthcare), and Geography (North America, Europe, Asia Pacific, Rest of the World). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Professional Services Automation (PSA) Market Size

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Study Period 2019 - 2029
Market Size (2024) USD 11.76 Billion
Market Size (2029) USD 45.54 Billion
CAGR (2024 - 2029) 31.10 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Professional Services Automation (PSA) Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Professional Services Automation (PSA) Market Analysis

The Professional Services Automation Market size is estimated at USD 11.76 billion in 2024, and is expected to reach USD 45.54 billion by 2029, growing at a CAGR of 31.10% during the forecast period (2024-2029).

Paper-based invoices that are manual & physical pose several challenges for recipients looking to quickly and effectively process them.

  • The market has witnessed several solution innovations, aiding in the market growth. For instance, VOGSY, the only PSA solution built on Google's G Suite, offers business process support and integration across the core processes of professional services organizations. It is built on a single, accessible platform and supports employees across all departments. VOGSY's most significant differentiator is that it created a simple yet sophisticated PSA solution that engages users to do more.
  • Cloud-based deployment types are expected to have significant growth in the accounts receivable automation market during the forecast period due to their unprecedented deployment flexibility, scalability, enhanced collaboration, cost-efficiency benefits, and global availability. Several vendors in the market are providing payment collection solutions through the public and private cloud, and solutions are available in various subscriptions and pay-per-use models.
  • COVID-19 had a global impact and, in turn, severely influenced businesses and governments in a deeply negative way at the starting phase. The implications for auditing, accounting, and other financial processes were severely affected. Later the industry and its vendors saw a significant boost due to their innovations and advancement, which were the market's needs at the time. And excellent growth is expected in the future of the market of Professional Services Automation.

Professional Services Automation (PSA) Market Trends

BFSI Holds a Dominant Position in Professional Services Automation Market

  • Automation in the banking industry helps financial institutions simplify their operations, minimizing the operation costs and optimizing their credit collection process by automating the repetitive and time-taking backend tasks. It also helps the industry evolve, eliminate redundant processes, and improve the credibility of financial institutions. It further allows the institutions to deploy their valuable resources to various other critical value-added projects and tasks where the involvement of humans is inevitable.
  • Services automation is widely adopted in the BFSI sector as it automates transactional tasks at scale, such as processing invoices, data entry, reporting, cash collection, credit collection, payment to vendors, and many more. Recently, ICBC launched the convenience of renewing personal ICBC insurance policies online for its customer in British Columbia, which will enable them to have the option to renew their policy using their computer, tablet, or mobile device.
  • Moreover, according to New York Fed, Consumers in the United States had over USD 16 trillion in debt as of the second quarter of 2022. In addition, they stated that most of that debt was home mortgages, at approximately USD 10.4 trillion and Student loan debt was the second largest component, totaling approximately USD 1.59 trillion.
Professional Services Automation Market - Value of Household Debt, By Type, in USD Trillion, United States, Q2 2022

North American Holds a Dominant Share of Professional Services Automation Market

  • North America occupies a significant share of the market. North America's regional market includes the majority of industry technology leaders. These leaders are actively operating towards the progress of existing technologies and the growth of innovative market offerings. Greater demand is experienced owing to the quickly aging workforce in the region, and automation facilitates smooth management and effective allocation of available resources.
  • North America's regional growth can further be attributed to the accelerated sprawl in the service industry and advancing technological developments. The regional organizations have also embraced inorganic growth strategies to encourage global presence.
  • Furthermore, the region's two advanced economies, the US and Canada, are investing in emerging technologies and have developed IT infrastructure facilities. The US is a significant shareholder in this region, owing to the presence of leading market players giving professional service automation software and services, such as Autotask Corporation, and FinancialForce.com, among others.
  • Moreover, North America is a hub for major BFSI companies like JP Morgan Chase, Visa, Mastercard, and Bank of America, which contribute a lot towards the market of Professional Services Automation and drive the market.
Professional Services Automation Market - Growth Rate by Region

Professional Services Automation (PSA) Industry Overview

The professional services automation market is semi-consolidated. Professional services firms are currently confronted with challenges such as a shortage of knowledgeable and experienced resources, robust market environments, spin-offs from mergers and acquisitions, and increasingly refined and sophisticated clients. At the same time, decision-makers and best executives are becoming more informed of PSA solutions' benefits and their role in making firms more competitive and profitable. Some of the key developments in the market are:

  • October 2022 - Infor announced the expansion of its India operations by opening a new development center (DC) in Hitech City, Hyderabad. In addition, the company stated that the new multi-story state-of-the-art development center is spread over 350,000 square feet with a capacity for 3,500 employees. Moreover, this investment will allow Infor to pioneer digital technologies such as cloud, mobility, data analytics, artificial intelligence, and IoT to deliver new industry-specific features and functions specialized for industries.
  • May 2022 - Mavenlink and Kimble Applications announced the launch of Kantata, formed through the successful merger and integration of the two companies. The companies stated that Kantata was created to accelerate the development and delivery of the most comprehensive range of vertical SaaS solutions purpose-built that helps professional services organizations to optimize and elevate operational performance for building thriving businesses.

Professional Services Automation (PSA) Market Leaders

  1. Clarizen Inc.

  2. Deltek Inc.

  3. Infor Inc.

  4. Upland Software Inc

  5. FinancialForce.com Inc

*Disclaimer: Major Players sorted in no particular order

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Professional Services Automation (PSA) Market News

  • February 2024: Deltek introduced new time-tracking and professional services automation tools tailored to empower government contractors in optimizing operational efficiency while adhering to regulatory standards. The Replicon Time Tracking for Government Contracting uses artificial intelligence to capture worktime information from various workforce collaboration applications, ensuring precise billing and payroll processing. This tool also provides a consolidated platform featuring compliance libraries for labor laws, robust project time tracking and scheduling capabilities, and secure AI-driven timesheet functionalities.
  • July 2023: Rev.io acquired Tigerpaw, a software firm specializing in comprehensive professional services and business automation solutions for technology providers. Tigerpaw's portfolio includes CRM/PSA Software, Service Automation Management, Inventory Management, Payment Processing, Project Management, Software, Lead Generation, Business Automation, and Professional Services Automation. This strategic move significantly enhances Rev.io's presence in the managed services sector by integrating Tigerpaw's end-to-end PSA system, which covers account management, sales automation, project management, reporting, RMM integration, invoicing, field technical support, inventory tracking, and more. Rev.io is actively working to align Tigerpaw's operations and rebrand its offerings to effectively articulate the company's complete offering to a broader audience.
  • October 2022 - Infor announced that Snellman, the Finnish and Swedish ready-made food and meat processor, will execute Infor's cloud-based enterprise resource planning (ERP) system built on Amazon Web Services (AWS) to sustain their future growth and new business development. According to the company, the advantages of the new CloudSuite system include automated version updates, secure maintenance, scalability of the cloud environment, following composable ERP thinking, and the ease and straightforward ability to add modular extensions as needed.
  • March 2022 - Deltek announced that the company's new Costpoint 8.1 is now available. According to the company. Costpoint 8.1 brings more innovation and intelligence to the project accounting and resource-planning platform. Moreover, it enables automation and digitization of the entire project lifecycle and provides enhanced tracking and visibility into project cost data.

Professional Services Automation (PSA) Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview (followed by impact of COVID-19 on the market)

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Buyers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Threat of Substitutes

      5. 4.2.5 Intensity of Competitive Rivalry

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Growing Trend of Automation and Reduction in the Overall Cost

      2. 5.1.2 High Demand from Small and Medium Enterprise

    2. 5.2 Market Challenges

      1. 5.2.1 Lack of Product Information in the Market

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Deployment Type

      1. 6.1.1 On-Premise

      2. 6.1.2 Cloud

    2. 6.2 By Type

      1. 6.2.1 Solutions

        1. 6.2.1.1 Billing & Invoice

        2. 6.2.1.2 Project Management

        3. 6.2.1.3 Expense Management

        4. 6.2.1.4 Others Solutions

      2. 6.2.2 Services

    3. 6.3 By End-user Industry

      1. 6.3.1 BFSI

      2. 6.3.2 Architecture, Engineering, and Construction

      3. 6.3.3 Legal Services

      4. 6.3.4 Healthcare

      5. 6.3.5 Other End-user Industries

    4. 6.4 Geography

      1. 6.4.1 North America

      2. 6.4.2 Europe

      3. 6.4.3 Asia Pacific

      4. 6.4.4 Rest of the World

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Autotask Corporation (Datto Inc.)

      2. 7.1.2 Mavenlink, Inc.

      3. 7.1.3 Clarizen Inc.

      4. 7.1.4 Deltek Inc.

      5. 7.1.5 Financialforce Inc.

      6. 7.1.6 Infor Inc.

      7. 7.1.7 NetSuite Inc. (Oracle Corporation)

      8. 7.1.8 Upland Software Ltd.

      9. 7.1.9 Projector PSA Inc.

      10. 7.1.10 Replicon Inc.

      11. 7.1.11 Unanet Technologies

      12. 7.1.12 Workfront, Inc

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Professional Services Automation (PSA) Industry Segmentation

Professional Services Automation is used for standardizing business processes and providing reports, insights, and control for resources and projects. Such systems' value enables critical information to be analyzed and shared across organizations for more insightful and timely decision-making. These systems are complete business solutions and include a variety of capabilities, including project management, billing, invoice management, time tracking, expense management, and resource allocation.

The Professional Services Automation Market is segmented by Deployment Type (On-Premise, Cloud), Type (Solutions (Billing & Invoice, Project Management, Expense Management), Services), End-User (BFSI, Architecture, Engineering, & Construction, Legal Services, Healthcare), and Geography (North America, Europe, Asia Pacific, Rest of the World). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By Deployment Type
On-Premise
Cloud
By Type
Solutions
Billing & Invoice
Project Management
Expense Management
Others Solutions
Services
By End-user Industry
BFSI
Architecture, Engineering, and Construction
Legal Services
Healthcare
Other End-user Industries
Geography
North America
Europe
Asia Pacific
Rest of the World
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Professional Services Automation (PSA) Market Research FAQs

The Professional Services Automation Market size is expected to reach USD 11.76 billion in 2024 and grow at a CAGR of 31.10% to reach USD 45.54 billion by 2029.

In 2024, the Professional Services Automation Market size is expected to reach USD 11.76 billion.

Clarizen Inc., Deltek Inc., Infor Inc., Upland Software Inc and FinancialForce.com Inc are the major companies operating in the Professional Services Automation Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Professional Services Automation Market.

In 2023, the Professional Services Automation Market size was estimated at USD 8.10 billion. The report covers the Professional Services Automation Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Professional Services Automation Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Professional Services Automation Software Industry Report

Statistics for the 2024 Professional Services Automation market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Professional Services Automation analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Professional Services Automation Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)