Professional Services Industry Overview
Stable growth is the key to success
Professional services firms are always under increasing pressure to deliver results that will have a significant impact on the clients’ businesses. Adding to this, professional services firms are at risk being disrupted by technological developments, enabling new business models to replace old distribution channels. The disruptions are mainly caused by social media, mobile, cloud, big data, artificial intelligence and a growing demand for “anytime-anywhere” access to information. Other causes include changing global demographics, increase in entrepreneurship and innovation, and the movement of economic centers from West to East and from North to South . Following these steps, the professional services market is expected to $8.5 trillion by 2022.
The professional service 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 and in all industries. This market also includes professional services offered to individuals and institutions. The business entities which are engaged in providing professional services are generally referred to as professional service organizations (PSOs) or professional service firms (PSFs).
Professional Services Market Coverage
The Business Research Company covers 97 markets overall in the professional services market providing global market numbers, market growth, market-specific drivers and restraints, trends, and other market specific information. The professional services market is segmented in the following manner:
1.Design, Research, Promotional and Consulting Services
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.
1.2.Market Research Services
1.3.Advertising, Public Relations, and Related Services
1.4.Scientific Research and Development Services
1.5.Environmental Consulting Services
1.6.Management Consulting Services
1.7.Specialized Design Services
1.8.Architectural, Engineering Consultants and Related Services
The legal services market consists of sales of law-related services and related goods by entities (organizations, sole traders and partnerships) that advise clients (individuals, businesses or other entities) 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.
2.1.B2B Legal Services
2.2.B2C Legal Services
2.3.Hybrid Legal Services
2.4.Criminal Law Practices
The accounting services market consists of the sales of accounting services and related goods by entities (organizations, sole traders and partnerships) that provide recording and analysis of financial transactions and other financial values pertaining to businesses and other organizations. The service involves summarizing, analyzing, auditing and reporting of the financial transactions to tax collection agencies and entities. It also involves auditing and preparing financial statements, designing accounting systems, developing budgets and accounting advisory.
3.1.Payroll & Bookkeeping Services
3.2.Tax Preparation Services
3.3.Other Accounting Services
4.All Other Professional, Scientific, and Technical Services
The all other professional, scientific, and technical services market consists of sales of all other professional, scientific, and technical services by entities (organizations, sole traders and partnerships) that supply other professional, scientific, and technical services including handwriting analysis, weather forecasting services, commodity inspector services and others.
How Can We Help?
The Business Research Company`s Professional Services Market Research Practice provides marketing, planning and strategy departments with a wider range of market, business, customer and competitor intelligence services across different segments of the professional services industry. The professional services market research services and solutions The Business Research Company provides are as follows —
• Professional Services Market Sizing, Forecast and Trend Analysis
• Professional Services Market Competitor Analysis
• Professional Services Market Supply Chain Analysis
• Professional Services Market Customer Research
• Professional Services Market Partner or Distribution Research
• Professional Services Market Entry Strategy Research Study
• Professional Services Industry Analysis and Profiling
• Professional Services Market Regulations