Professional Services Global Market To Reach Value Of About $7 Trillion In 2025
5 Jul, 2021
The professional services market consists of the sales of professional services and related goods by entities (organizations, sole traders and partnerships) that offer services and 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.
Global Professional Services Market Size And Drivers:
The global professional services market is expected to grow from $5028.4 billion in 2020 to $5428.5 billion in 2021 at a compound annual growth rate (CAGR) of 7%.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 $7063.7 billion in 2025 at a CAGR of 7%. The professional services market growth is aided by stable economic growth forecasted in many developed and developing countries.
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Trends In The Global Professional Services Market
Cloud based accounting software is increasingly preferred by accounting firms to enhance the ability to access and edit financial data through the internet, enhance security associated with financial transactions and to reduce costs. Cloud based accounting software is an accounting software, similar to software as a service (SaaS) model, hosted on remote servers to allow users to perform functions off-site. The accounting data is sent to the cloud, processed and then returned to the user. This process saves time with automation, creates secure collaboration of financial reports, and provides real-time data and access to financial data from anywhere. This tool allows users to access accounts from any devices (smartphone, laptop and others) through internet, secure the data from online and offline threats, offer better alternative solutions at lower costs than conventional tools.
Global Professional Services Market Segments:
The global professional services market is further segmented based on type and geography.
By Type: Design, Research, Promotional And Consulting Services, Legal Services, Accounting Services, All Other Professional, Scientific, and Technical Services
Subsegments Covered: Photographic Services, Market Research Services, Advertising, Public Relations And Related Services, Scientific Research And Development Services, Environmental Consulting Services, Management Consulting Services, Specialized Design Services, Architectural, Engineering Consultants And Related Services, B2B Legal Services, B2C Legal Services, Hybrid Legal Services, Criminal Law Practices, Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing And Other Accounting Services, Translation Services, Other Professional, Scientific, And Technical Services
By Geography: The global professional services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global professional services market, accounting for 36% of the market in 2020.
Read More On The Report For The Global Professional Services Market At:https://www.thebusinessresearchcompany.com/report/professional-services-global-market-report
Professional Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides professional services market overviews, analyzes and forecasts market size and growth for the global professional services market, professional services market share, professional services market players, professional services market segments and geographies, professional services market’s leading competitors’ revenues, profiles and market shares. The professional services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.