Professional Services Industry Overview

Legal Services Market Definition

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 is sought. Legal services 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.

Environmental Consulting Services Market Definition

The environmental consulting services (ECS) market consists of the sales of ECS goods and services by entities (organizations, sole traders and partnerships) that provide advice, assistance, and action plans to organizations and governments to manage the environment. The market includes the prevention of environmental contamination, toxic substances, security consulting, waste management, and pollution control, and ecological restoration. Environmental consulting services 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 team is responsible for the delivery of services to the client.

Billboard And Outdoor Advertising Market Definition

The billboard and outdoor advertising market consists of the sales of billboard and outdoor advertising services and related goods by entities (organizations, sole traders and partnerships) that create and design public display advertising campaign materials, such as printed, painted, or electronic displays and/or place such displays on indoor or outdoor billboards and panels, or on or within transit vehicles or facilities, shopping malls, retail (in-store) displays, and other display structures promotional activities in outdoor advertisement settings. Only goods and services traded between entities or sold to end consumers are included. Outdoor advertising, also known as out-of-home (OOH) advertising is the form of advertising that reaches the target audience when they are outside of their homes. Some of the most common forms of outdoor advertising are billboard advertising, street furniture and transit advertising. Street furniture advertisements are displays or posters usually placed at close proximity to pedestrians and motorists for eye-level viewing. These types of advertisements are usually located in city centers, bus shelters or park benches, walkways, news racks, and telephone kiosks, among others. Transit advertising is advertisement placed in/around any mode of transport such as full or rear wraps and stickers on subway cars, taxis, public transport, and truck and lorry side advertisements.

Biotechnology Services Market Definition

The biotechnology services market consists of sales of biotechnology services and related goods by entities (organizations, sole traders, and partnerships) that engage in conducting research and experimental development in biotechnology. Biotechnology develops or creates different products utilizing living organisms, parts, or biological systems. The applications of biotechnology include therapeutics, diagnostics, agricultural genetically modified crops, bioremediation, processed food, energy production and waste treatment. The market covered in this report include sales of biotechnology services by clinical research organizations (CROs), contract manufacturers organizations (CMOS), and contract research and manufacturing services (CRAMS) to the bio-pharmaceutical, food biotechnology, academic and other end customer companies.

Out-of-Home Advertising Market Definition

The out-of-home advertising (OOH) (also referred to as outdoor advertising) market consists of the sales of advertising services and related goods by entities (organizations, sole traders and partnerships) that plan, develop, create and manage advertisements and promotional activities in out of home advertisement settings. Out-of-home advertising includes billboards and signs, digital bulletins, wallscapes, banners and posters. Advertising agencies 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 non-animal alternatives testing market consists of sales of non-animal alternatives testing products and services that do not involve the use of animals for tests to determine the safety standards for products. The non-animal alternatives testing market involves testing for drugs, cosmetic products using non- animal testing methods. Organs-on-chip, In-vitro test, In-silico test are some examples of techniques and methodologies used as an alternative to animal testing. The non-animal alternative testing market covered in this report is segmented by technology into cell culture technology, high throughput technology, molecular imaging, omics technology. It is also segmented by method into cellular assay, biochemical assay, in silico, ex-vivo and by end-user into pharmaceutical industry, cosmetics & household products, diagnostics, chemicals industry, food industry. The global non-animal alternatives testing market is expected to grow from $1.11 billion in 2020 to $1.23 billion in 2021 at a compound annual growth rate (CAGR) of 10.8%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The non-animal alternatives testing market is expected to reach $1.8 billion in 2025 at a CAGR of 10%. The support from the government and non-governmental organisations boosts the growth of the non-animal testing market. The government organisations enforces laws and regulations, raises funds to support the non-animal testing methods such as tests on human volunteers, advanced computer-modelling techniques and also funds studies with human volunteer. In order to support the non-animal testing, US Environmental Protection Agency (EPA), in 2019, awarded $4.25 million to the USA based universities including Johns Hopkins University, Vanderbilt University, Oregon State University, and the University of California to research for alternative tests replacing animals with non-animal alternatives and to make the test procedures less painful to the laboratory animals. Similar research programs to promote non-animal testing procedures are also initiated by countries such as Denmark, Brazil, Germany, Switzerland, Australia, China and Korea. The constant support from the government drives the growth of the non-animal testing market. Compulsory animal testing is required for the approval of sale of various products such as the pesticides, industrial chemicals, drugs, medical devices, vaccines, genetically modified foods, and some consumer products. Animal testing is still a mandatory practice in some countries due to their legal system where any special use products, non- routine tests, imported cosmetic requires animal testing. For instance, according to the UK's annual statistics of scientific procedures on living animals, in 2018, a total of 3.52 million experiments were completed on animals. According to Cruelty Free International, in 2018, in the UK almost 40 eye irritation tests, 10,275 acute lethal toxicity tests, and 638 pyrogenicity experiments were conducted on live rabbits. Cruelty Free International is an U.K based animal protection and advocacy group. The legal requirements in some countries for compulsory animal testing will hamper the growth of the market. The companies in the non-animal testing market are increasingly investing in technologies such as organs on the chip technology as an alternative to animal testing. Organs- on the- chip method contains human cells on a chip which mimics the structure and function of human organs and organs system instead of using of animal for the test. Following the trend, in 2018, Emulate was funded an amount of $36 million from its founder's fund and ALS Investment Fund, SciFi VC, GlassWall Syndicate Association to extended its biological capabilities to Liver-Chip, Intestine-Chip, Lung-Chip, and Brain-Chip, and to its human-relevant models of thrombosis and immune system modulation. ALS Investment Fund, SciFi VC and GlassWall Syndicate Association are venture capital and private equity firm that supports and finances biotech companies. In 2018, Thermo Fisher Scientific Inc., a USA based life sciences research company, acquired Advanced Bioprocessing business from Becton, Dickinson and Company for $477 million in cash. Through this acquistion Thermo Fisher Scientific Inc. aimed to expand its bioproduction portfolio by utilising the cell-culture media products of the Becton, Dickinson and Company. The Becton, Dickinson and Company is a USA based medical device company. Major players in the non-animal alternatives testing market are HµRel Corporation, Cyprotex, VITROCELL, SIMULAB, Bio-Rad Laboratories, GE Healthcare, SGS SA, BioIVT, Abbott Laboratoriesand Gentronix Limited. The regions covered in the non-animal alternatives testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the non-animal alternatives testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global non-animal alternatives testing market is segmented - 1) By Technology: Cell Culture Technology, High Throughput Technology, Molecular Imaging, Omics Technology 2) By Method: Cellular Assay, Biochemical Assay, In Silico, Ex-Vivo 3) By End-User: Pharmaceutical Industry, Cosmetics & Household Products, Diagnostics, Chemicals Industry, Food Industry

The print advertising market consists of the sales of advertising services and related goods by entities (organizations, sole traders and partnerships) that plan, develop, create and manage advertisement and promotional activities in print media such as periodicals and print newspapers. Only goods and services traded between entities or sold to end consumers are included. The print advertising market covered in the report is segmented by type into newspaper advertising, magazine advertising, posters and banners, others; by industry into retail, electronics and telecommunications, insurance and finance, automotive, others. The global print market is expected to decline from $32.49 billion in 2020 to $32.05 billion in 2021 at a compound annual growth rate (CAGR) of -1.4%. The print advertising market has recorded a decline owing to the closure of businesses globally due to COVID-19 restrictive measures including social distancing and movement of goods. The print advertising market is expected to reach $26.45 billion in 2025 at a CAGR of -4.7%. The huge population that subscribes to newspapers and magazines drives the print advertising market. According to the American Press Institute survey, a majority of newspaper subscribers also pay for a print magazine, which is one of the popular publication types with good scope for ads. According to the Audit Bureau of Circulations in November 2019, The Sun newspaper sold about 1.2 million copies in the UK. People of all ages read newspapers and magazines that are the mainstay of these print advertisements, however, the majority of the subscribers who pay for newspaper subscriptions are older adults and long-time readers. They find it easy to read newspapers as it provides them the leisure to read as per their time, and also that they use significantly fewer digital applications and spend less time on gadgets. This factor contributes to the growth of the print advertising market. The potential of print advertising to connect to multiple generations is also a key driving factor for the print advertising market. A study was conducted by Temple University and the US Postal Office of the Inspector in 2019 utilizing methods such as eye-tracking, core biometrics, and neuroimaging to test the effectiveness of print versus digital ads on both young and old groups of participants. The results showed that both the age groups processed physical ads faster than digital ads. This provides companies with the advantage of targeting wider generations giving the necessary exposure to their product, which aids in the growth of the print advertising market. The print advertising market is facing extensive competition from the newer digital advertising media such as internet and mobile advertising which is hampering the growth of the market. Companies are focusing on digital marketing means like social media for making the ads more interactive, touching, and delivering without location constraints and with faster reach. According to the Interactive Advertising Bureau (IAB) report, the internet ad revenue in 2019 was $124.6 billion. Advertisers believe that digital video is more suitable for entertaining every generation of consumers and, thus, they are choosing the digital video format, which is eliciting further growth. Therefore, the increased proliferation of digital marketing is likely to limit the expansion of the print advertising market in the coming years. Brands have exerted towards long-form of print ads, that is, full-page, full-worded communications. This is likely to be a major trend in the print advertising market. Brands, in general, will have a lot to communicate to their customers and positions to articulate, therefore, require communication that is not limited to 145 characters, a 15-second flash of information, or a single impactful visual. For instance, in July 2020, MasterCard published a two-page broadcast in The New York Times to express its support for the LGBTQIA+ community. Also, for its support for GLAAD's NEON Legacy Series, a photo and video collection was created by Black LGBTQIA+ creators. In 2020, P&G has published a long-form of a print ad for its product Secret Deodorant/Anti-Perspirant that focuses on asking people to take part in Secret's call for gender equality. In March 2020, Lambert & Co., a US-based public relations and integrated marketing firm, acquired Fairly Painless Advertising, Inc., a company providing marketing and advertising services, for an undisclosed amount. This acquisition is expected to move Lambert & Co. from a PR firm minoring in the ad and creative services to a fully-integrated agency majoring in the creative services and advertising field. Fairly Painless Advertising, Inc., is a US-based full-service advertising agency that provides research, planning, and creative services that cover print and digital design. Major players in the print advertising market are Ogilvy & Mather, MullenLowe, McCann Worldgroup, Publicis Groupe, Dentsu, Havas, Grey global, Droga 5, BBDO, VMLY&R. The regions covered in the print advertising market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the print advertising market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global print advertising market is segmented - 1) By Type: Newspaper Advertising, Magazine Advertising, Posters and Banners, Others 2) By Industry: Retail, Electronics and Telecommunications, Insurance and Finance, Automotive, Others

The engineering services market consists of the sale of engineering services. Engineering services’ companies apply physical laws and principles of engineering in the design, development, and utilization of machines, materials, instruments, structures, processes, and systems. Engineering services include the technical application of engineering in product designing, innovations, and others in industries such as building construction, mining, power and energy, transportation, manufacturing, and others. The global engineering services market is expected to grow from $830.48 billion in 2020 to $938 billion in 2021 at a compound annual growth rate (CAGR) of 12.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1167.21 billion in 2025 at a CAGR of 5.6%. The engineering services market is expected to benefit from steady economic growth in developed and developing countries. The International Monetary Fund (IMF) predicts that the global real GDP growth will be 3.7% over 2019, 2020, and 3.6% from 2021 to 2023. This trend will be mainly driven by regions of Asia and Africa. According to the report, Asia will represent 66% of the global middle-class population by 2030. For instance, the Indian IT-BPM industry grew by 7.7% in FY 2017, with software products and engineering services reaching US$ 25 billion. Going forward, the Asia Pacific and Middle Eastern regions are expected to be the fastest-growing markets in the engineering services, design, animation, and graphic designing industries. Developing countries such as India and China have started attracting foreign investments to improve their infrastructure. This was mainly due to an increase in internet penetration, growth in population, and increasing economic activity. Lack of quality control and safety concerns of engineering firms may hinder the engineering services market growth. Defects or failures in construction activities result in high costs. These minor defects result in re-construction to make the facility operations impaired. Increased costs and delays are the results of ineffective internal controls and safety measures which hampers the end-to-end quality. For instance, QuEST, an engineering services company is facing difficulties caused due by a lack of understanding, problems in the execution process, and inconsistency across various business units. Companies in the industry are incurring high maintenance and budgeting costs to develop new and advanced methods to combat issues of safety and control. The increasing popularity and adoption of the Internet of Things (IoT) across the globe is the latest trend in the engineering services market. Internet of things (IoT) is a system of inter-related devices enabling transmission of data over a wide range of networks. IoT enables continuous innovations in real-time data analytics, design, and development products and helps businesses grow at a faster pace. Engineering service providers are increasingly using industrial IoT to improve and optimize their production process with better energy usage, resource allocation, and asset management. For Instance, PureSoftware, an engineering service company, has successfully integrated IoT to engineering services and built a steady IoT platform to improve accuracy and speed to retrieve data. India has a 43% market share in the global IoT market followed by Western Europe and North America with 27% and 23% respectively. The Construction Design and Management Regulation is also known as CDM Regulations/CDM 2015, came into force from 6 April 2015. These are the regulations governing the engineering service providers with respect to construction projects of all sizes and types. This CDM regulation 2015 was a replaced Construction (Design and Management) Regulation 2007, aiming to improve the overall health, safety, and welfare of the workers and professionals involved in construction. This regulation specifies the general requirement, states safety norms, and minimum welfare facilities required at the construction sites. In 2020, Wipro, an Indian software services exporter has acquired Eximius Design for $80 million. The acquisition is expected to strengthen Wipro’s market presence in the semiconductor ecosystem. Eximius Design is a California-based engineering services company focused on ASIC design, systems, and software engineering. Eximius design is founded in the year 2013 and has design centers in the US, India, Malaysia. Major players in the market are Tata Consulting Services (TCS), Infosys, WorleyParsons, Deaton Engineering, Inc., and Aricent Group. The countries covered in the global engineering services market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global engineering services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global engineering services market is segmented - 1) By Type: Civil Engineering Services, Environmental Engineering Services, Construction Engineering Services, Mechanical Engineering Services, Others Engineering Services 2) By End User: Automotive, Industrial Manufacturing, Healthcare Sector, Aerospace, Telecommunications, Information Technology, Energy & Utilities, Others 3) By Engineering Disciplines: Civil, Mechanical, Electrical, Piping and Structural Engineering 4) By Delivery Model: Offshore, Onsite