New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Professional Services Automation Software Global Market Report 2023" - https://www.reportlinker.com/p06466635/?utm_source=GNW
, Oracle Corporation, Planview Inc., BMC Software Inc., ConnectWise Inc., Clarizen Inc., Infor Inc., Changepoint Corporation, Atlassian Corporation Plc, and Mavenlink Inc.
The global professional services automation market is expected to grow from $10.34 billion in 2022 to $11.45 billion in 2023 at a compound annual growth rate (CAGR) of 10.8%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The professional services automation market is expected to reach $17.14 billion in 2027 at a CAGR of 10.6%.
The professional services automation software market includes revenues earned by entities through accounting, project management, time and expense tracking, resource allocation, billing and invoicing, document management, client access, software integrations, proposal generation, and team collaboration services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
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.
North America was the largest region in the professional services automation Software market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the professional services automation software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of professional services automation software market covered in this report are project management, project accounting, time and expense management, project analytics, billing and invoice management, resource management, contract management, opportunity and lead management, and others.Project management refers to the application of processes, methods, skills, knowledge, and experience to achieve specific project objectives according to the project acceptance criteria within agreed parameters.
These are deployed through various deployments such as on-premise and cloud.The various enterprise size includes large enterprise, small and medium enterprise.
These are used in various applications such as consulting firms, technology companies, marketing and communication firms, and others.
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 drives the professional services automation software market.
Technological advancement is a key trend gaining popularity in the professional service 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 time card, 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.
In July 2022, BigTime Software, a US-based software company acquired Projector PSA for an undisclosed amount.This acquisition helped BigTime Software, to improve its portfolio with practice management functionality that helps professional services.
Projector PSA Inc. is a US-based developer of cloud-based professional services automation (PSA).
The countries covered in the professional services automation software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The professional service automation market research report is one of a series of new reports that provides professional service automation market statistics, including professional service automation industry global market size, regional shares, competitors with a professional service automation market share, detailed professional service automation market segments, market trends, and opportunities, and any further data you may need to thrive in the professional service automation industry. This professional service automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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