Professional Service Automation Market Share, Size, Trends, Industry Analysis Report, By Deployment (On-premise, Cloud); By Organization; By End-Use; By Region, Segment Forecast, 2021 - 2028

The global professional service automation market was valued at USD 8.89 billion in 2020 and is expected to grow at a CAGR of 11.2% during the forecast period. Professional Service Automation (PSA) is a software-based solution designed for companies to manage their operations to attain higher efficiency, increasing productivity and profitability. These systems offer solutions for project management, invoice management, time management, and resource allocation.

Professional service automation software can create a consistent process for planning, managing, and measuring the performance of each project with respect to the position in its lifecycle. The increased availability and the vast and improved range of solutions have increased the demand for these products globally.

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The growing demand for automation in business processes and the rising need to improve efficiency while reducing costs primarily drive the professional service automation industry. The increasing adoption of analytics and big data technologies and the growing adoption of SaaS technology has accelerated professional service automation.

Spreadsheets are used by medium and small size businesses to track expenses and time and to manage resources. Small businesses are searching for solutions that allow them to automate and simplify their procedures. Traditional business tools, such as spreadsheets, are projected to offer prospects for professional service automation during the projected period.

 There has been an increase in the number of organizations adopting PSA due to the overall profitability it provides to an organization. The need for organizations to extract meaning from a massive amount of data generated to enhance decision-making supplements the growth of this market.

The growing technological advancements, rising adoption of cloud computing, and increasing adoption by small and medium-sized enterprises would drive the market growth for professional service automation during the forecast period.

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Professional Service Automation Market

The global market is segmented on the basis of deployment model, organization size, end-use, and region.

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Segment Analysis

Based on the deployment model, the market is segmented into on-premise and cloud. In 2020, the on-premise segment dominated the global market for the professional service automation industry. However, the cloud segment is expected to grow at the fastest rate during the forecast period.

The organization size segment is categorized into large enterprises and small and medium businesses. Small and medium enterprises are expected to grow at a significant rate during the forecast period due to the increasing need to improve business efficiency, reduce costs, and increase cloud computing adoption.

The end-use segment is categorized into IT & telecom, BFSI, media & entertainment, legal services, audit & accountancy, etc. The IT & telecom segment dominated the global professional service automation market in 2020.

Regional Analysis

The market for professional service automation is segmented across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, the UK, Italy, France, and the Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and the Rest of Asia Pacific.

North America dominated the global market in 2020 and is expected to maintain its dominance over the forecast period due to the rising adoption of cloud solutions and established telecommunication industries.

The rising need for automation of business processes and the growing need to improve business efficiency support this region's revenue growth. Europe is expected to grow significantly over the forecast period due to the rising government initiatives and spending on IT technologies in developing economies such as Denmark and Germany.

Competitive Landscape

The vendors in the industry are launching new products to meet the growing customer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the industry to enhance their offerings in the industry and expand their customer base. The professional service automation market is highly competitive with the presence of many small and large vendors.

The leading players in the market for professional service automation include Microsoft Corporation, Autotask Corporation, Planview, Inc., NetSuite OpenAir, Inc., Projector PSA, Deltek, Inc., Kimble Apps, SAP SE, Appirio, Inc., and Compuware Corporation, among others.