PROFESSIONAL SERVICES AUTOMATION MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

Professional Services Automation (PSA) Market Analysis:

The Professional Services Automation (PSA) market was valued at USD 877.93 million in 2020 and is projected to reach USD 1679.72 million by 2026, exhibiting a Compound Annual Growth Rate (CAGR) of 11.42% during the forecast period of 2021-2026. The manual and physical nature of paper-based invoices poses significant challenges for recipients seeking to process them quickly and efficiently. According to PYMNTS, businesses incur costs ranging from USD 16 to USD 22 per invoice to process such invoices, which are typically delivered via postmail and fax machines, accounting for 72.4% and 43.8% of deliveries, respectively.

The trend towards digitalization and process automation is driving demand for automation solutions. PYMNTS reports that in 2019, 42% of B2B transactions were conducted by paper check, compared to 81% in 2004. The market has seen several innovative solutions that are driving growth. For example, VOGSY, the only PSA solution built on Google's G Suite, provides 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 key differentiator is its ability to engage users to do more with a simple yet sophisticated PSA solution.

In September 2019, Kayesa, an Ireland-based provider of IT infrastructure management solutions for both managed service providers (MSPs) and internal service providers (IT departments), announced the introduction of the German version of its BMS solution. This SaaS PSA solution is designed specifically to help modern MSPs and IT organizations spend more time selling and delivering services and less time on non-revenue-generating tasks like billing and project management.

Cloud-based deployment types are expected to experience 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 public and private clouds, and solutions are available in various subscriptions and pay-per-use models.

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