Professional Services Industry Overview

Forensic Audit Market Characteristics

The forensic audit services market consists of sales of forensic audit services by entities (organizations, sole traders and partnerships) that apply auditing and investigative skills to situations that may have legal implications. A forensic audit is an examination and evaluation of a firm's or individual’s financial, compliance, background information and other types of information for use as evidence in a court of law or legal proceedings. Examples of the use of forensic audits range from prosecuting a party for fraud, embezzlement or other financial claims, to distributing assets during separation or divorce proceedings, although the vast majority of the market is business to business .

The public relations (PR) market consists of sales of public relations and related services. Public relations services’ companies manage, design and implement communication between an organization and its customers. Activities of PR firms aims to promote the image of their clients and encourages favorable relations between the client and its stakeholders, such as consumers, government, general public, employees and investors. The global public relations market was valued at about $63.8 billion in 2018 and is expected to grow to $93.07 billion at a CAGR of 9.9% through 2022. North America was the largest region in the public relations market in 2018. This region is expected to remain the largest during the next five years. The public relations market in North America is forecasted to register the highest CAGR during 2018-2023, followed by Europe. Rising need to gain competitive advantage is driving the public relations market. Public relations can unite all functions with a single vision as per the mission of the organization. A well-made, integrated PR plan can connect customers and clients with the organization and creates competitive advantage for organizations. It helps to attract attention and raise the visibility for the product/service. In 2016, in a PR Campaign, beverages brand Tropicana set out to show that even a small 150ml glass of Tropicana orange juice provides 60 percent of the daily Vitamin C. They set up an interactive billboard in London and showed an animated character, Little Glass, which discussed the health benefits of Vitamin C, of orange juice, specifically Tropicana and Tropicana representatives gave away 150ml glasses of orange juice. A research report in The Telegraph following the campaign showed that 88% of respondents said the campaign drove them to buy Tropicana more often and 100% of the respondents said that they had come away from the campaign believing Tropicana is worth paying more. Stringent data collection regulations such as GDPR (General Data Protection Regulation) prove to be a restraint on the market. These regulations strengthen data protection and privacy of a country’s citizens, regardless of where they live or work. For instance, the companies that collect personal information from EU customers, receive web traffic from the EU, or do business with EU citizens, fall under the ambit of GDPR. GDPR helps customers be aware of the type of data being collected and thus can opt-out or decline to opt-in. The market for PR focuses heavily on the collection, storage and use of personal information for media relations. The data must be collected more cautiously and individuals have the option to not provide their personal information, which could restrain the market for public relations. Public relations (PR) companies are increasingly investing in programmatic PR in the digital medium. Programmatic PR refers to the automation of advertising. Increasing volume of global digital communications led to handing over the manual tasks to artificial intelligence. Programmatic PR increases transparency and control and is more efficient as it has better targeting capabilities for audiences. The area of reach is also greater in programmatic PR. For instance, in 2018 Accenture Interactive entered ad-buying world will incorporate the planning, buying and management of programmatic advertisement campaigns. It will also help brands in developing a strategy on attacking programmatic buying. These technological advances will help PR and drive the market further. Globally, governments have enforced data protection laws in order to bring enforcement actions to protect consumers against unfair practices. For instance, the General Data Protection Regulation (GDPR) in European Union protects the personal data of individuals in the EU. For PR companies to ensure compliance with GDPR, they must publish a data protection policy that explains the kind of data they hold, what they do with it and with whom they share it with. The policy should also explain how subject access requests such as requests to reveal, change or delete data are handled and give an overview of how they intend to keep the data secure. These are referred to as a privacy notice/policy. Also, a regular review is required to ensure that the IT systems and internal security processes are updated to current good practice. In April 2019, Publicis groupe, a multinational advertising and public relations company acquired Epsilon for a $4.4 billion deal. This transaction benefited Publicis groupe to add Epsilon’s innovation, technology, and creativity in its products or services that will help clients beat the competition and grow profitably. Epsilon is a marketing company which provides unique data and customer insights. Epsilon was founded in 1969 and is head-quartered in Irving, Texas, US. Major players in the market are IPG, Publicis, Omnicom, WPP and Prezly.

Professional Services Market Characteristics

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. The professional services market is a broad market which comprises several 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 services organizations (PSOs) or professional services firms (PSFs).

Design Services Market Characteristics

The design services market consists of sales of design services such as interior, industrial, graphic and fashion design services, and related goods by entities (organizations, sole traders and partnerships) that plan, design and administer design projects according to the client’s specifications. Design service is the process of providing a plan or drawing of an object to clients to show the look and function or workings of a building, garment, or other object before it is made. Design service providers undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or a team is responsible for the delivery of services to the client.

Surveying And Mapping Market Definition

The surveying and mapping market consists of sales of surveying and mapping services by entities that provide surveying and mapping services. Surveying and mapping involve measurement of the earth’s surface including the sea floor, layout and measurement of project facilities, and preparation of maps.

Legal Services Market Definition

Legal services 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. Offices of lawyers, title abstract and settlement offices, offices of notaries, solicitors, barristers, and lawyers are the establishments involved in providing legal services.

Environmental Consulting Services Market Definition

The environmental consulting services industry comprises establishments that provide advice, assistance, and action plans to organizations and governments to manage their environment. It includes services on environmental issues such as environmental contamination prevention, emission of toxic substances prevention, waste management and pollution control.

Design, Research, Promotional And Consulting Services Market Characteristics

The design, research, promotional and consulting services (also referred to as general professional services) market consists of the sales of design, research, promotional and consulting services and related goods by entities that offer expertize and services to a wide range of industries, and in some cases to households and individuals. Activities include architectural, engineering, specialized design services, research services, advertising services, photographic services, translation, interpretation and other design, research, promotional and consulting services. Design, research, promotional and consulting establishments undertake processes where human capital is the major input. These 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.