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Professional Services Automation Software Market Size, Top Key Players, Growth, Trend Analysis And Forecast To 2033
Professional Services Automation Software Market Growth
According to The Business Research Company's, The professional services automation software market size has grown rapidly in recent years. It will grow from $11.45 billion in 2023 to $12.68 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to increased emphasis on efficiency and productivity , globalization and distributed workforces ([current year-2] and earlier), rising complexity in project management , increased demand for efficiency, integration with other systems.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Professional Services Automation Software Market 2024 Key Insights:
• The professional services automation software market size will grow to $19.27 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%.
• Rising Demand For Professional Services Automation Software To Drive Market Growth
• Innovation In Professional Services Automation Software With Ai-Powered Features And Enhanced Erp Capabilities
• North America was the largest region in the professional services automation Software market in 2023
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