Global Professional Services Automation Software Market Worth USD 1,576 Million By 2024: Zion Market Research

According to the report, the global professional services automation software market was valued USD 721 million in 2017 and is expected to reach around USD 1,576 million by 2024, at a CAGR approximately 11.87% from 2018 to 2024.

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New York, NY, Jan. 08, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Professional Services Automation Software Market By Solution (Analytics, Billing & Invoice Management, Contract Management, Project Accounting & Management, Timesheet & Expense Management, and Others), By Service (Consulting, Integration and Implementation, and Training & Support), By Deployment Type (On-Premises and Cloud), and By Vertical (Audit & Accountancy, Architecture, Engineering & Construction, Banking, Financial Services & Insurance (BFSI), Government, Healthcare & Life sciences, Information Technology (IT), Legal Services, Media & Entertainment, and Scientific Research & Development Services): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024”. According to the report, the global professional services automation software market was valued USD 721 million in 2017 and is expected to reach around USD 1,576 million by 2024, at a CAGR approximately 11.87% from 2018 to 2024.

Professional services automation software is designed to standardize business processes, deliver insights, reports, and control resources and projects. The key functions of professional services automation software include expense management, project management capabilities, resource allocation, invoice management, automated time and billing, etc.

Browse through 103 Tables & 45 Figures spread over 210 Pages and in-depth TOC on “Global Professional Services Automation Software Market Size, Share, Trends, Analysis and Forecast 2017—2024”.

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The global professional services automation is gaining momentum as several business sectors are seeking to improve their business processes by moving from on-premises to cloud-based services. The benefits of adopting professional services automation software are reduced spending and improved enterprise efficiency, which are expected to drive the professional service automation software market globally in the years ahead. Changing landscape of analytics, business intelligence, and big data along with the escalating need to improve operational efficiency are also anticipated to boost the professional service automation software market in the upcoming years. Moreover, the increasing competition and pressure on organizations to become more data-driven coupled with the rising demand for customer interaction to maintain customer satisfaction and delight are likely to further accelerate the professional services automation software market. However, futile data management and incomplete and incompatible data are certain challenges faced of this market.

By solution, project accounting and management are anticipated to hold a significant market share in the future, due to data visualization and analytics, digital assistants, and machine learning. The data garnered from the traditional project accounting and management approach is also utilized for various other applications. By vertical, the audit and accountancy segment is projected to witness a high growth rate over the forecast time period. This vertical includes organizations that are majorly engaged in auditing, accounting, filing tax returns, designing accounting systems, developing budgets, payroll processing, etc. Finance management is a crucial part for successfully operating a business. Professional services automation solution helps audit and accountancy firms, agencies, auditors, and accountants to ensure consistency and quality of services delivered to customers.

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The North American market for professional services automation software is presently contributing a major share of revenue, owing to the early adoption of cloud technology. This regional growth can further be attributed to the rapid sprawl in the service industry and rising technological developments. The regional organizations have also adopted the inorganic growth strategies to boost their presence globally. For instance, Oracle opted for collaboration and partnership to deliver new offerings in the market. Moreover, the region’s two developed economies, the U.S. and Canada, are investing in emerging technologies and have advanced IT infrastructure facilities. The U.S. is a major shareholder in this region, owing to the presence of prominent market players providing professional service automation software and services, such as Autotask Corporation, Change Point Corporation, FinancialForce.com, Microsoft Corporation, etc. Furthermore, the firms in the U.S. and Canada are anticipated to implement professional services automation solutions to automate or simplify their business processes.

Europe is projected to have a considerable share in the professional services automation software market, due to the rising adoption and accelerating demand for replacing or upgrading the existing professional services automation software. In addition, the rising investment and adoption of cloud services, and growing entrepreneurship spirit is expected to positively influence the professional services automation software market in the future.

Browse the full “Professional Services Automation Software Market By Solution (Analytics, Billing & Invoice Management, Contract Management, Project Accounting & Management, Timesheet & Expense Management, and Others), By Service (Consulting, Integration and Implementation, and Training & Support), By Deployment Type (On-Premises and Cloud), and By Vertical (Audit & Accountancy, Architecture, Engineering & Construction, Banking, Financial Services & Insurance (BFSI), Government, Healthcare & Life sciences, Information Technology (IT), Legal Services, Media & Entertainment, and Scientific Research & Development Services): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024” Report at https://www.zionmarketresearch.com/report/professional-services-automation-software-market

The Asia Pacific is estimated to be the fastest growing region due to its frequent investment in the research and development of professional services automation software market. Growing IT landscape and increasing population are other factors likely to boost the region’s professional services automation software market. Moreover, developing countries, such as India and China, are increasingly adopting professional services automation solutions on a large scale to reduce the overall administration expenditure and improve efficiency. Furthermore, technological advancements made related to analytics and big data technologies are also likely to further contribute to this region’s professional services automation software market.

The Middle East and Africa region is expected to contribute substantially toward the professional services automation software market globally over the estimated span. Big data analytics and business intelligence are increasingly employed in the region to develop smarter business model frameworks. Big data is used by organizations to analyze consumer behavior and make informed business decisions accordingly. The overall IT spending in the Middle East and North Africa was estimated to reach nearly USD 155 billion by 2018.

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Some prominent players of the professional services automation software market include Appirio, Inc., Autotask Corporation, ChangePoint Corporation, Clarizen, ConnectWise Inc., Compuware Corporation, Deltek, Inc., FinancialForce.com, Harmony PSA, Kimble Apps, Microsoft Corporation, NetSuite OpenAir, Oracle, Planview, Promys, Inc., Projector PSA, and Tenrox, among others.

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This report segments the professional services automation software market into:

Global Professional Services Automation Software Market: By Solution

  • Analytics
  • Billing and Invoice Management
  • Contract Management
  • Project Accounting and Management
  • Timesheet and Expense Management
  • Others (Resource Management, Opportunity Management, Contract Management, and Social and Knowledge Management)
  • Global Professional Services Automation Software Market: By Service
  • Consulting
  • Integration and Implementation
  • Training and Support

Global Professional Services Automation Software Market: By Deployment Type

  • On-Premises
  • Cloud

Global Professional Services Automation Software Market: By Vertical

  • Audit and Accountancy
  • Architecture, Engineering, and Construction
  • Banking, Financial Services, and Insurance (BFSI)
  • Government
  • Healthcare and Life sciences
  • Information Technology (IT)
  • Legal Services
  • Media and Entertainment
  • Scientific Research and Development Services

Global Professional Services Automation Software Market: By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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