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Professional Services Automation Software Market Trends, Top Companies, Share, Growth And Forecast 2033
Professional Services Automation Software Market
The professional services automation software market size is expected to see rapid growth in the next few years. It will grow to $19.27 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to focus on user experience and accessibility, increased security concerns and compliance requirements, increased focus on user experience, emphasis on cybersecurity, industry-specific customization. Major trends in the forecast period include integration capabilities, ai and automation, cloud adoption, mobile accessibility, data security and compliance.
Market Overview -
Professional services automation (PSA) is a type of software application suite that gives service businesses the capability they require to manage their essential business operations.
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Rising Demand For Professional Services Automation Software To Drive Market Growth
Increasing demand for professional services automation software from various enterprises such as small and medium-sized enterprises is expected to propel the growth of the professional services automation software market going forward. Professional services automation software is helpful in various businesses, mainly for small and medium-sized enterprises for its ability to streamline and automate key business processes such as resource allocation, time and expense tracking, and project management. For instance, in 2022, according to The United States Small Business Administration, a US-based government agency, there are 33.2 million small businesses in the US, which account for 99.9 percent of all US businesses. Therefore, increasing demand for professional services automation software from various enterprises such as small and medium-sized enterprises drive the professional services automation software market.
Competitive Landscape -
Major companies operating in the professional services automation software market report are Autotask Corporation, Deltek Inc., FinancialForce.com Inc., Kimble Applications Ltd., Microsoft Corporation, NetSuite OpenAir Inc., Oracle Corporation, Planview Inc., BMC Software Inc., ConnectWise Inc., Clarizen Inc., Infor (US) Inc., Changepoint Corporation, Atlassian Corporation Plc, Mavenlink Inc., Upland Software Inc, Atera Inc., Compuware Corporation, Promys Inc., Projector PSA Inc., Tenrox Inc., Appirio Inc., Accelo Inc., HarmonyPSA Inc., Tigerpaw Software Inc., Workfront Inc., Replicon Inc., Wrike Inc., Celoxis Technologies Pvt. Ltd., Paymo Inc., Projectmates Software Pvt. Ltd., Hive Inc.
Innovation In Professional Services Automation Software With Ai-Powered Features And Enhanced Erp Capabilities
Technological advancement is a key trend gaining popularity in the professional services automation software market. Companies operating in this market are adopting new technologies to sustain their position in the market. For instance, in April 2021, FinancialForce, a US-based software company that provides professional service automation software solutions launched its Spring '21 Release and unlocks Customer Insights and EnrichesEnterprise resource planning (ERP) and professional services automation (PSA) for the evolving enterprise. This included several new features such as an AI (artificial intelligence)-powered timecard, improved expense management capabilities, automation, an enhanced mobile app, and advanced analytics for resource management. These new features are aimed at improving productivity, enhancing the user experience, and providing deeper insights into project performance.
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Key Segments -
The professional services automation software market covered in this report is segmented -
1) By Type: Project Management, Project Accounting, Time And Expense Management, Project Analytics, Billing And Invoice Management, Resource Management, Contract Management, Opportunity And Lead Management, Other Types
2) By Deployment: On-Premise, Cloud
3) By Enterprise Size: Large Enterprise, Small And Medium Enterprise
4) By Application: Consulting Firms, Technology Companies, Marketing and Communication Firms, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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