PUBLISHER: The Business Research Company | PRODUCT CODE: 1429611
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429611
Professional services encompass a broad spectrum of specialized advisory support services rooted in technical expertise and knowledge. These services are extended to assist individuals, businesses, or organizations in accomplishing tasks and achieving their objectives. Numerous career fields are dedicated to delivering services geared toward generating positive outcomes for clients.
The primary categories of professional services encompass design, research, promotional and consulting services, legal services, accounting services, and a range of other professional, scientific, and technical services. 'Legal services' specifically pertain to activities that facilitate individuals in exercising their legal and legislatively established rights. Service providers span across large enterprises, small and medium enterprises, and are accessible through various modes, including both online and offline channels.
The professional services market research report is one of a series of new reports from The Business Research Company that provides professional services market statistics, including professional services industry global market size, regional shares, competitors with a professional services market share, detailed professional services market segments, market trends and opportunities, and any further data you may need to thrive in the professional services industry. This professional services 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.
The professional services market size has grown steadily in recent years. It will grow from $6207.14 billion in 2023 to $6506.51 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The increase in the historical period can be ascribed to an upsurge in government backing, international cooperation for environmental preservation, robust economic expansion in emerging markets, and the burgeoning legal tech industry.
The professional services market size is expected to see strong growth in the next few years. It will grow to $7970.57 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The expansion anticipated in the forecast period can be credited to an increasing emphasis on digitizing business processes and fostering sustainable development, which will propel market growth. Noteworthy trends expected in the forecast period involve the adoption of alternative legal service providers, the utilization of artificial intelligence (AI), cloud technology implementation, integration of blockchain technology, and a strategic focus on mergers and acquisitions to enhance product offerings and maintain competitiveness in the market.
The professional services market's growth is supported by the anticipated steady economic growth in numerous developed and developing countries. As an example, a report from the US-based non-profit organization, the Conference Board, forecasted a global real GDP increase of 2.9 percent in 2023, as of September 2023. . Another report by the Organization for Economic Co-operation and Development (OECD), an intergovernmental organization based in France, projected a global GDP growth of 2.7% in 2023, according to information published in June 2023. Furthermore, the OECD's Interim Report in September 2023 predicted a 3.0% expansion of the global economy in 2023. The anticipation of stable economic growth is poised to encourage investments in end-user markets, thereby propelling market growth during the forecast period.
The escalating threat of cyberattacks is expected to drive the professional services market's growth in the future. Cybercrime, denoting criminal activities conducted through digital technologies or over the internet, poses a significant challenge. Professional consultants play a crucial role in helping businesses identify vulnerabilities, implement security measures, and formulate incident response plans to safeguard against cyber threats. For instance, the Federal Bureau of Investigation (FBI), a US-based intergovernmental organization, received 800,944 reports of cybercrime from the general population in March 2023. The potential damage from cyber-attacks in 2022 surged to $10.2 billion, compared to $6.9 billion in 2021, highlighting the escalating threat. Consequently, the growing menace of cyberattacks is a key driver behind the expansion of the professional services market.
Accounting firms are increasingly opting for cloud-based accounting software to improve access and editing capabilities of financial data via the internet, bolster the security of financial transactions, and reduce costs. This type of accounting software, operating similarly to the Software as a Service (SaaS) model, is hosted on remote servers, enabling users to perform functions off-site. The accounting data is transmitted to the cloud, processed, and then returned to the user. This streamlined process saves time through automation, fosters secure collaboration on financial reports, provides real-time data, and allows access to financial data from any location. Users can access their accounts from various devices, such as smartphones and laptops, through the internet, ensuring data security against online and offline threats, and offering cost-effective alternative solutions compared to traditional tools.
Leading companies in the professional services market are innovating by developing new products such as the Qualtrics platform to cater to larger customer bases, increase sales, and boost revenue. Qualtrics, a US-based experience management company, launched XM/os2 in July 2023, representing the next generation of the Qualtrics platform fully integrated with artificial intelligence (AI). The advancements in generative AI within Qualtrics FrontlineXM enhance the productivity of support agents, enabling them to respond more efficiently and empathetically to client issues. These breakthroughs also empower frontline managers to address customer feedback across various channels, including review sites and social media, while taking into account each customer's history and adjusting the tone appropriately for each situation. Qualtrics leverages personalized responses generated from customer profile data in Qualtrics ExperienceID (XiD).
Major companies operating in the professional services market report are Deloitte Touche Tohmatsu Limited, PwC, Ernst & Young, KPMG, Accenture, Mazars, Omnicom Group Inc., Slalom, Ruihua CPA, Business Connexion, Enviro Analysts & Engineers Private Limited, International Gulf Engineering Consultancy Bureau LLC, Yingke Law Firm, Interpublic Group, AlmapBBDO, Carat France, AECOM, Tata Consultancy Services, Kesarev Consulting, Boston Consulting Group, FCB Ulka, Bain & Company, WMcCann, Beijing Dentsu Advertising Co Ltd., A.T. Kearney, CMS, Nehlsen Middle East Environmental Consultancy, BBDO, Jacobs Engineering Group, Inc., Crowe, Akin Gump Strauss Hauer & Field LLP, Allen & Overy, DeHeng Law Offices, Picco Accounting, McKinsey & Company, AMEC Foster Wheeler, BlueFocus Communication Group Co. Ltd., FinExpertiza, Lince Consulting, Moscow Consulting Group, Dentons, WPP PLC, Serviceplan, Cooley, Edge Evolve, BDO, Swan Environmental Private Limited, Baker Tilly, Baker & McKenzie, Aon Consulting, Alvarez & Marsal, Charles Ghadban Accounting, Publicis Groupe, Roland Berger Strategy Consultants, Kimley-Horn, Zhong Tian CPA, Huayong CPA, Oliver Wyman and Strategy, Dentsu, Cleary Gottlieb Steen & Hamilton LLP, Africa International Advisors
North America was the largest region in the professional services market in 2023. Western Europe was the second largest region in the professional services market. The regions covered in the professional services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the professional services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The professional services market consists of revenue earned by entities by offering services and providing support to businesses of all sizes, in all industries, and to individuals and institutions, in processes where human capital is the major input. Professional services establishments make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client. 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.
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.
Professional Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on professional services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for professional services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The professional services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.