Professional Services Automation Statistics


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Professional Services Automation Statistics 2023: Facts about Professional Services Automation outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Professional Services Automation, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Professional Services Automation Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Professional Services Automation Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 81 Professional Services Automation Statistics on this page 🙂

Professional Services Automation “Latest” Statistics

  • SecondCup teams will be able to anticipate freshly baked menu items more accurately since they are now spending 70% less time on infrastructure maintenance.[1]
  • According to the study, the company may anticipate spending little under 20.0 on installation and software licensing expenses over a five.[2]
  • PSA software’s benefit was predicted to be worth over 23 million in increased income and cost savings.[2]
  • Based on the expected demand for services, 32% of professional services organizations find it challenging to anticipate their employment requirements.[3]
  • 69% of consumers want new methods to purchase already existing goods and services, such as digital versions of in.[3]
  • IDC estimates that the market for public cloud services worldwide increased by 26% in value from 2018 to 2019 to reach $233.4 billion.[3]
  • 70% of companies in the services sector reported increasing competition during the last 12 months, according to Mavenlink.[3]
  • According to SPI Research, companies using professional service automation software have a higher staff billable utilization rate of 70.9% compared to those not using a PSA solution, which is 68.3%.[3]
  • Approximately 66% of U.S. employees, according to a study conducted in 2019, believe that working from home provides them with a more pleasant workspace and increases their productivity.[3]
  • Professional services according to industry data, 84% of consumers said they would spend more with a business that provides exceptional service.[3]
  • 85% of service providers recognize that customer expectations are rising, according to a more recent Mavenlink research on the professional services industry.[3]
  • According to a different Mavenlink research, 50% of service companies declined jobs because they lacked the necessary resources to complete them.[3]
  • 31% of projects fail due to insufficient funding, and 30% of customers’ projects are not finished on time.[3]
  • Customer expectations are rising in terms of job quality (51%), service delivery speed (50%), pricing (48%), transparency (37%), and responsibility (37%).[3]
  • 74% of employees at organizations in the professional and business services sector work full-time remotely.[3]
  • Only 27.8% of professional services companies say they can continue their operations in light of the COVID-19 epidemic without reorganizing or slashing costs.[3]
  • Approximately 65% of service companies have declined a project overall for a variety of reasons.[3]
  • According to data on professional service marketing, more than 75% of service companies have used solutions for professional services automation.[3]
  • 50% of businesses that allowed remote workers in 2020 want to keep them even after the pandemic.[3]
  • The size of the worldwide PSA software market is anticipated to increase at a CAGR of 8.2% and surpass $15.1 billion by 2027.[3]
  • More significantly, according to data from the freelance website Upwork, 56.8% of teams in the U.S. operate entirely or mostly remotely.[3]
  • A more recent poll revealed that 40% of businesses in the sector had no automation tools at all.[3]
  • The issues that professional service sector organizations face most often include the improvement of the customer experience (25%), talent scarcity (18%), and capacity planning (14%).[3]
  • The market for IT professional services will grow at a CAGR of 8.4% to reach $1.070 billion by 2025.[3]
  • From 2019 to 2025, the focal period, the communication and marketing company industry is anticipated to develop at the greatest CAGR of 15.5%.[3]
  • 74% of IT and professional services employees have easier access to work from home.[3]
  • If the level of client expectation is rising, delivery of services quickly 50% quickness of service provision.[3]
  • According to IDC, the global public cloud services market reached $233.4 billion in 2019, with more than one-third of the market being held by the top 5 players.[3]
  • Customer satisfaction with AI automation and robotics is rated as outstanding by 34% of clients.[4]
  • Aderant 20.20 reports that 60% of legal firms want to migrate practice management processes to the cloud.[4]
  • By 2025, 88% of businesses in the professional services sector also want to use cloud computing, according to World Economic Forum.[4]
  • IBISWorld 2021 estimates that the market for management consulting services will be worth $242 billion.[4]
  • 23% of U.S. cross-border imports in 2019 were professional services, according to the United States International Trade Commission.[4]
  • The market in the Americas has remained robust, with a 9.4% growth rate from 2019 to 2020.[4]
  • For 54% of businesses in the professional services sector, a lack of investment money is the main obstacle to the adoption of new technology.[4]
  • IT outsourcing accounts for the greatest portion of the market for IT services, contributing $321 billion, or 35%, of the global industry’s total revenue.[4]
  • 29% of professional service businesses claim that retraining takes less than a month to complete.[4]
  • Professional services businesses likewise reported an attrition rate of 11.6%.[4]
  • The top issues facing law firms in 2020 were operational effectiveness (39%), technology adoption or implementation (32%), and cybersecurity concerns (30%).[4]
  • According to incumbent job data, it was projected that 83.5% of employment in Zone 5 was in the SIC industrial sector, known as services, and another 9.8% of jobs were in public administration.[5]
  • 74% of the participants claimed to spend more than half of their time on monotonous and unoriginal work, opening up a wealth of automation opportunities.[5]
  • Nearly half of the 5.3% of Zone 5 jobs still available are in service-related roles, demonstrating that most Zone 5 employment falls under the category of service occupations.[5]
  • According to their task-based estimate, only 9% of employment in the OECD nations under study are automatable, although their findings still pertain to job automation rather than task automation.[5]
  • A cloud-based PSA software program’s users reportedly saw an 8% gain in project profit, a 10% improvement in billable utilization, and a 50% improvement in period closing efficiency, citing Kimble reports released in 2021.[6]
  • With a 43.1% revenue share in 2022, North America led the professional service automation market.[6]
  • By 2025, technology businesses are anticipated to continue to dominate the industry, accounting for over 25% of worldwide revenue share.[6]
  • With a market share of more than 55% in 2022, the cloud deployment category accounted for the greatest market share for PSA software.[6]
  • From 2020 to 2025, the market for PSA software is anticipated to increase at a compound yearly growth rate of 11.9%, reaching $25.25 billion.[6]
  • 91% of respondents listed personnel and process issues as the biggest obstacles to becoming data.[7]
  • Of company executives from various sectors, 66% were testing solutions to automate at least one business function, up from 57% two years before.[7]
  • According to a case study by the consulting company Elder Research, the median accuracy rate of projections over the four-week research was 88%.[7]
  • In 2020, 65% of organizations intended to spend more than $50 million in big data and artificial intelligence efforts, up from 40% in 2018, according to a recent CEO study by New Vantage Partners.[7]
  • 15% of companies have comprehensive HR technology plans that align with their objectives.[7]
  • According to Deloitte, among Millennials, 43% anticipate themselves quitting their employment within two years, while just 28% see themselves remaining longer than five years.[7]
  • 63% of companies that have used AI claim that it has led to higher sales.[7]
  • Mordor Intelligence forecasts a CAGR of 6.26%, with sales reaching $4.78 billion by 2025 from a $3.38 billion market in 2019.[7]
  • Meticulous Research increased that prediction to an even more startling 45.3%, with the market reaching $2.18 billion in less than seven years.[7]
  • Grand View anticipates that through 2025, demand for contemporary workflow automation management solutions will grow at a CAGR of 27.7% due to digitization and a focus on optimizing company operations.[7]
  • DPA had a market size of $7.8 billion in 2019; Mordor Research projects it will expand at a CAGR of 13% and reach $16.12 billion by 2025.[7]
  • A survey published in late 2019 predicted that the supply chain AI market would expand at a CAGR of 39.4% through 2027.[7]
  • Since the financial crisis, growth in the manufacturing sector has only expanded by 0.5%, a dramatic decline from 4.4%.[7]
  • Vital data retail respondents use AI 60% of the time, up from 35% last year, making it the sector with the most gain.[7]
  • Vital data from 39.7% in 2018 to 64.8% in 2020, organizations projected to spend more than $50 million in big data and AI activities.[7]
  • RPA will be used by 88% of corporate controllers in 2021, yet many are apprehensive about utilizing it for financial reporting.[7]
  • By 2025, the market for marketing automation software is anticipated to reach $16.87 billion at an anticipated cagr of 19%.[7]
  • Early in May 2020, according to Gallup, U.S. employee engagement reached a new high of 38%. The main motivation for technological investments, including automation, is to increase worker productivity.[7]
  • According to Allied Industry research, the supply chain management (SCM) market is anticipated to increase from $15.85 billion in 2019 to $37.41 billion by 2027.[7]
  • According to McKinsey, at least one-third of daily tasks in around 60% of jobs might be automated.[7]
  • The market for accounting software would increase at a CAGR of 8.02% between 2018 and 2026, from $11 billion to $20.4 billion.[7]
  • According to the Bureau of Labor Statistics, between 2007 and 2019, the U.S.’s overall productivity grew by a pitiful 1.4%.[7]
  • Since the epidemic, mckinsey found that 76% of it executives and 88% of executives in banking and insurance had advanced the use of automation and artificial intelligence.[7]
  • Despite the fact that it has progressed significantly in recent years and that business ai usage has increased by 25% , actual ai use in BPA is still rather low.[7]
  • According to Grand View Research, the RPA industry, which was valued at $1.4 billion in 2019, is expected to expand at a CAGR of 40.6% between 2020 and 2027.[7]
  • 90% of big enterprises globally will have used rpa in some form by 2022, according to the analytical group that projects the global RPA market to increase 19.5% from 2019 to 2020 and reach approximately 2 billion.[7]
  • The proportion of businesses with completely automated at least one function has increased more slowly, from 29% in 2018 to 31% in 2020.[7]
  • According to Statista, the market for productivity software, which includes office and collaboration tools, was anticipated to reach roughly $62 billion in 2020 and generate revenue of $85 billion by 2025 at a CAGR of 6.8% .[7]
  • 27% of corporations have effectively established data cultures, compared to 38% who have developed data.[7]
  • The Ebbinghaus Forgetting Curve states that within only six days, people can retain 75% of freshly learnt knowledge.[8]
  • Effective PSA software may increase billable usage by up to 14% .[8]
  • Enhances 9% the average rate realization 50% fewer business days are needed on average to find a client project.[8]
  • Maturity of professional services a excellent psa solution is used by 85% of the best performing services companies.[8]

Also Read

How Useful is Professional Services Automation

First and foremost, PSA can greatly benefit businesses by centralizing and automating key processes such as project management, resource management, time tracking, and billing. By consolidating these essential functions into one integrated platform, businesses can significantly improve their operational efficiency and reduce the risk of errors and discrepancies. This seamless integration not only saves time but also provides a more accurate and real-time view of the business’s overall performance.

Moreover, PSA enables businesses to better allocate resources and optimize project workflows. By tracking employee availability, skills, and workload in a centralized system, businesses can ensure that the right resources are assigned to the right projects at the right time. This results in improved project delivery timelines, increased customer satisfaction, and better utilization of resources. Additionally, PSA enables businesses to forecast resource needs more accurately, allowing for better planning and proactive resource management.

Furthermore, PSA can help businesses improve their financial performance by providing greater visibility into project costs and profitability. By automating the billing process and tracking project expenses, businesses can ensure accurate invoicing and billing, reducing the risk of revenue leakage and improving cash flow. Additionally, PSA can provide valuable insights into project margins, enabling businesses to identify areas for cost optimization and revenue enhancement.

Another key benefit of PSA is its ability to enhance collaboration and communication within the organization and with clients. By providing a centralized platform for project documentation, communication, and collaboration, PSA enables teams to work cohesively and efficiently, regardless of their physical location. This not only improves productivity but also fosters a more collaborative and cohesive work environment.

In addition, PSA can help businesses improve their decision-making processes by providing valuable data and insights into key business metrics and performance indicators. By tracking and analyzing project data in real time, businesses can identify trends, patterns, and areas for improvement, enabling them to make informed decisions that drive business growth and success.

Overall, Professional Services Automation is a powerful tool that can significantly benefit businesses of all sizes and industries. By centralizing key processes, optimizing resource allocation, improving financial performance, facilitating collaboration and communication, and enhancing decision-making processes, PSA enables businesses to operate more efficiently, effectively, and competitively. As businesses continue to face evolving challenges and demands, investing in PSA can prove to be a wise decision that yields long-term benefits and drives sustainable growth.

Reference

  1. amazon – https://aws.amazon.com/professional-services/
  2. wikipedia – https://en.wikipedia.org/wiki/Professional_services_automation
  3. financesonline – https://financesonline.com/professional-service-automation-statistics/
  4. financesonline – https://financesonline.com/professional-services-automation-software-statistics/
  5. sagepub – https://journals.sagepub.com/doi/full/10.1177/1094670520940407
  6. grandviewresearch – https://www.grandviewresearch.com/industry-analysis/professional-services-automation-software-market
  7. netsuite – https://www.netsuite.com/portal/resource/articles/business-strategy/business-automation-statistics.shtml
  8. planview – https://www.planview.com/resources/articles/professional-services-software-features/

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