Market Size of Professional Services Automation Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
