The Professional Services Market Was Valued At More Than $5 Trillion In 2017

The Business Research Company’s global professional services market analysis covers the year-on-year growth of the global professional services market historic and forecast growth. It also includes chapters on the professional services market trends, geographical analysis, and competitive landscape.

THE GLOBAL PROFESSIONAL SERVICES MARKET SIZE WAS VALUED AT MORE THAN $5 TRILLION IN 2017

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The global professional services market is forecast to grow at a CAGR (compound annual growth rate) of more than 5% by 2020.

Market Segmentation

According to TBRC’s global healthcare market research, the market is split by segments into Accounting Services, Legal Services, and Design, Research, Promotional And Consulting Services Segments.

Design, Research, Promotional And Consulting Services segment is classified as architectural, 

engineering and related service, specialized design service, management & environmental consulting services, scientific research and development service, advertising, public relations, and related service, market research and other design, research, promotional and consulting services, and photographic services. It is the largest segment with about 75% market share.

Accounting Services segment provides systematic and comprehensive recording of financial transactions pertaining to businesses.

Legal Services Industry- Companies advise clients (individuals or corporations) about their legal rights and responsibilities, and represent clients in civil or criminal cases, business transactions and 

other matters in which legal advice and other assistance are sought.

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Design, research, promotional and consulting services was the largest segment in the professional services market. It had the highest CAGR (compound annual growth rate) of 5.50% during 2013-2017; this segment is expected to grow at the same CAGR during 2017-2021.

The global professional services market report covers the following regions under the geographical analysis section: Asia Pacific, Western Europe, North America, Middle East, Africa, South America, and Eastern Europe. Major countries under each of these regions are also covered under the country analysis chapters.

The top companies in the professional services industry included in the report are Deloitte LLP, Bechtel Corporation, Ernst & Young LLP, PwC LLP, and KPMG LLP.

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Globalization Expected To Inflate The Professional Services Market By 2021 (Companies Included: Deloitte LLP, Bechtel Corporation, Ernst & Young, PwC, KPMG)

Professional service is a broad market which comprises varied occupations which provide support to businesses of all sizes and in all industries. The business entities which are engaged in providing professional services are generally referred to as professional service organizations (PSOs) or professional service firms (PSFs).

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The global professional service market has shown high growth in the past years with a CAGR of over 5%. The year 2017 recorded highest ever market value in this industry as per TBRC’s inhouse consultants.

TBRC’s latest report show the historic and future trends in the market for each year with sourced reasons to support the growth claims.

The report also shows the professional services market to grow at the same CAGR by 2021, along with geographies best suited for investments with highest return rate.

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Until the telecommunications revolution, most professional firms were providers of professional services to local clients. In many parts of the world there was limited demand for more sophisticated services. Now, many clients have globalized and thus require more sophisticated and internationally-oriented professional services and providers. For example, PWC and EY are offering their assurance, transaction, advisory and legal services to many companies across the world.

TBRC’s latest report will cover in depth understanding and calculated impacts of each market factor on a global as well as regional level, to analyze the best investment strategy for this market.

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Companies included in the report are Deloitte LLP, Bechtel Corporation, Ernst & Young, PwC and KPMG.

About The Business Research Company.

The Business Research Company is a Business Intelligence Company which excels in company, 

market and consumer research. It has offices in the UK, the US and India and a network of trained researchers in 15 countries globally.

Contact Information

The Business Research Company

Europe: +44 207 1930 708

Asia: +91 8897263534

Americas: +1 315 623 0293

Email: info@tbrc.info

Follow us on Linkedin: https://in.linkedin.com/company/the-business-research-company

Cost-cutting Measures By Professional Firms Will Boost Market Growth

Trends such as back-end service automation and virtual operation are allowing professional firms to cut costs and so drop their prices in order to boost their sales. By 2020, according to a report by The Business Research Company, the globalprofessional services market will be worth nearly $50 billion and will have grown by nearly two-thirds in a decade. Both back-end service automation, which increases productivity, and virtual operation, which involves hiring contract employees, placing the entire infrastructure in the cloud, and using only a small number of physical offices, lower operational costs. By passing on some of the savings in their prices, professional firms can boost the demand for their services.

The market for professional services comprises accountancy, legal services, market research and advertising, design, scientific research and development, management consulting, environmental consulting and architectural and engineering services. All these segments are growing, at an average of 5.4% cumulative annual growth, and with few exceptions they are all growing in all regions of the world.

Design, research, promotional and consulting services account for nearly three-quarters of the global market in professional services. This high proportion is consistent across all regions. The lowest proportion it represents is 67% in the Middle East and Africa; next lowest is Oceania.
Construction-related services such as architectural and engineering services are the largest segment of the professional services market, worth about $12 billion, or 28% of the global total. Construction booms and high levels of investment in transport infrastructure in some parts of the world, especially Asia, mean that the growth of this segment is likely to remain buoyant.
Management consultancy at 17% and legal services at 16% are the next biggest segments. Globalization of trade leads many companies that previously operated with only low levels of professionalism to require more sophisticated and international expertise, though varying regulatory regimes can impede the spread of law and accountancy firms.

Where to Learn More
Read Professional Services Global Market Report 2018 from The Business Research Company for information on the following:

Markets covered: General Professional Services, Legal Services, Accounting Services
Markets compared: Architectural, Engineering Consultants And Other Related Services, Management Consulting Services, Advertising, Public Relations and Related Services, Scientific Research & Development, Specialized Design Services, Market Research and Other General Professional Services, Photographic Services, Environmental Consulting Services
Companies mentioned: PwC, Deloitte, Bechtel, EY, KPMG, WPP, Publicis Groupe, Omnicom Group, McKinsey, AECOM and others.
Countries: Brazil, China, France, Germany, India, Italy, Japan, Spain, Russia, UK, USA and Australia.
Regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East And Africa
Time series: Five years historic and forecast.
Data: Ratios of market size and growth to related markets, GDP, Expenditure Per Capita, The Musculoskeletal Disorders Drugs Indicators Comparison.
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

 

About The Business Research Company.

The Business Research Company is a Business Intelligence Company which excels in company, market and consumer research. It has offices in the UK, the US and India and a network of trained researchers in 15 countries globally.

Contact Information.

The Business Research Company

Europe: +44 207 1930 708

Asia: +91 8897263534

Americas: +1 315 623 0293 Email: info@tbrc.info