Professional Services Automation Market Size (2024 - 2029)

Professional Services Automation (PSA) Market Analysis

The Professional Services Automation Market size is estimated at USD 11.76 billion in 2024, and is expected to reach USD 45.54 billion by 2029, growing at a CAGR of 31.10% during the forecast period (2024-2029).

Paper-based invoices that are manual & physical pose several challenges for recipients looking to quickly and effectively process them.

• The market has witnessed several solution innovations, aiding in the market growth. For instance, VOGSY, the only PSA solution built on Google's G Suite, offers business process support and integration across the core processes of professional services organizations. It is built on a single, accessible platform and supports employees across all departments. VOGSY's most significant differentiator is that it created a simple yet sophisticated PSA solution that engages users to do more.
• Cloud-based deployment types are expected to have significant growth in the accounts receivable automation market during the forecast period due to their unprecedented deployment flexibility, scalability, enhanced collaboration, cost-efficiency benefits, and global availability. Several vendors in the market are providing payment collection solutions through the public and private cloud, and solutions are available in various subscriptions and pay-per-use models.
• COVID-19 had a global impact and, in turn, severely influenced businesses and governments in a deeply negative way at the starting phase. The implications for auditing, accounting, and other financial processes were severely affected. Later the industry and its vendors saw a significant boost due to their innovations and advancement, which were the market's needs at the time. And excellent growth is expected in the future of the market of Professional Services Automation.

Professional Services Automation (PSA) Industry Segmentation

Professional Services Automation is used for standardizing business processes and providing reports, insights, and control for resources and projects. Such systems' value enables critical information to be analyzed and shared across organizations for more insightful and timely decision-making. These systems are complete business solutions and include a variety of capabilities, including project management, billing, invoice management, time tracking, expense management, and resource allocation.

The Professional Services Automation Market is segmented by Deployment Type (On-Premise, Cloud), Type (Solutions (Billing & Invoice, Project Management, Expense Management), Services), End-User (BFSI, Architecture, Engineering, & Construction, Legal Services, Healthcare), and Geography (North America, Europe, Asia Pacific, Rest of the World). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.