The professional services market
consists of the sales of professional services and related goods by entities
(organizations, sole traders and partnerships) that offer services that provide
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
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The global professional services
market reached a value of nearly $5,700.2 billion in 2018, having grown at a
compound annual growth rate (CAGR) of 7.4% since 2014.The global professional
services market is expected to grow at a CAGR of 9.1% to nearly $8,082.4
billion by 2022.
Growth in the historic period
resulted from globalization, technological developments, companies outsourcing
back end operations to low cost economies and increased mergers and
acquisitions (M&A). Factors that negatively affected growth in the historic
period were regulatory challenges, government regulations, skilled workforce
shortages and scandals in the accounting industry.
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Few List of Tables:
Table 1: Architectural,
Engineering Consultants And Related Services Market, Product/Service Offerings
Examples
Table 2: Scientific
Research And Development Services Market, Product/Service Offerings Examples
Table 3: Management
Consulting Market, Product/Service Offerings Examples
Table 4: Design Services
Market, Product/Service Offerings Examples
Table 5: Surveying And
Mapping Market, Product/Service Offerings Examples
Table 6: Legal Services
Market, Product/Service Offerings Examples
Table 7: Accounting
Services Market, Product/Service Offerings - Examples
Table 8: Other
Professional, Scientific, And Technical Services Market, Product/Service
Offerings - Examples
Table 9: Global
Professional Services Market, Historic Market Size, 2014 - 2018, $ Billion
Table 10: Global Professional Services Market, Forecast Market Size, 2018 - 2022, $ Billion
North
America was the largest market for professional services, accounting for 33.4%
of the global market in 2018. It was followed by Western Europe, Asia-Pacific
and then the other regions. Going forward, e the fastest growing regions in the
professional services market will be in South America and Asia-Pacific, where
growth will be at CAGRs of 16.4% and 12.4% respectively. These will be followed
by the Middle East and Africa where the markets will grow at CAGRs of 12.2% and
13.1% respectively.
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