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Professional Service Automation Market Expansion Continues, with Forecast Valuation of $2.84 Billion by 2029
Professional Service Automation
Professional Service Automation Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for professional service automation has seen robust growth of late. It is projected to increase from $1.52 billion in 2024 to $1.66 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.5%. Factors contributing to this growth during the historic period include the need for efficiency, transition towards a service-oriented economy, push for automation, patterns in remote working, and the management of complex projects.
Professional Service Automation Market Size Forecast: What's the Projected Valuation by 2029?
The market size of professional service automation is predicted to experience a swift expansion in the coming years. By 2029, it's projected to reach $2.84 billion, increasing at a compound annual growth rate (CAGR) of 14.3%. This projected growth during the forecast period is driven by factors such as service lifecycle management, scalability and adaptability, efficient resource allocation, customer-focused solutions, and integration with collaboration tools. Key trends anticipated during this period encompass sustainability and ESG integration, synchronization with CRM and ERP systems, automation of workflows, service lifecycle management, adaptable and modular solutions, and mobile-optimization.
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What Are the Drivers Transforming the Professional Service Automation Market?
The surge in automation across various sectors is a significant driver of the professional service automation market's expansion. This technological advancement enhances the pace, precision, and productivity of many tasks traditionally performed by humans. Automation involves the innovation and application of technology to oversee and handle production and service offerings. Professional service automation unifies the commonly fragmented systems and instruments for time tracking, project administration, resource allocation, invoice handling, and business information into one service automation platform. To illustrate, the International Federation of Robotics, a German non-profit organization aimed at fostering, bolstering, and safeguarding the global robotics industry, reported that in 2023, there was a 37% increase in robot installations in Canada, totaling 4,311 units. Consequently, industrial automation is spurring the professional service automation market.
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What Long-Term Trends Will Define the Future of the Professional Service Automation Market?
Advancements in technology are a driving factor in the evolution of the professional service automation market. Leading companies are manufacturing high-tech products that integrate cloud and artificial intelligence technologies. The maintenance of cloud deployment is done at the service provider's location, and businesses can access and utilize these services as per their necessity. Artificial intelligence combines extensive data sets and computer science to aid in problem solving. Both AI and cloud technology are utilized to automate business processes and make them more accurate and efficient. For example, in April 2022, the US-based software firm FinancialForce, now known as Certinia, added advanced automation and AI features to its Professional Services Automation (PSA) platform, thereby increasing its functionality and enhancing the user's experience. The incorporation of AI technology facilitates improved forecasting and resource allocation, with AI skills also helping in analyzing past data to foresee future project requirements and streamline resource administration.
Which Segments in the Professional Service Automation Market Offer the Most Profit Potential?
The professional service automationmarket covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment Type: On-Premise, Cloud
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By End-User: Banking, Financial Services, And Insurance (BFSI), Retail, Healthcare, Media And Entertainment, Education, Information Technology (IT) And Telecom, Government, Legal Services, Audit And Accountancy, Other End-Users
Subsegments:
1) By Solution: Project Management, Resource Management, Time And Expense Management, Billing And Invoicing, Reporting And Analytics
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services
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Which Firms Dominate the Professional Service Automation Market by Market Share and Revenue in 2025?
Major companies operating in the professional service automation market are Microsoft Corporation, Kimble Applications, SAP SE, Projector PSA, Changepoint Corporation, FinancialForce, Atlassian Corporation PLC., ConnectWise, Mavenlink Inc., Oracle Corporation, Upland Software, Planview Clarizen, Project Open Business Solutions S.L, Kaseya Limited, Big Time Software, Appirio Inc., Autotask Corporation, Bastian Solutions LLC, Clarizen Inc., Compuware Corporation, Deltek Inc., Dematic GmbH, HarmonyPSA Inc., Infor Inc., Intapp Time Inc., Kantata APS, NetSuite OpenAir Inc., Promys AG, Scoro AS, Smartsheet Inc., Tigerpaw Software Inc., VOGSY Inc., Workday Inc., Workfront Inc., WorkWave LLC, Zoho Corporation
Which Regions Offer the Highest Growth Potential in the Professional Service Automation Market?
North Americawas the largest region in the professional service automation market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the professional service automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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