Professional Services Global Market Sees Growth Rate Of 11% Through 2022

2 Feb, 2022

The global professional services market is expected to grow from $6.04 trillion in 2021 to $6.70 trillion in 2022 at a compound annual growth rate (CAGR) of 10.9%. The growth in the professional services market 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 professional services market is expected to reach $9.65 trillion in 2026 at a CAGR of 9.6%.

What is the Global Professional Services Market?

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.

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What drives the Global Professional Services Market?

The professional services market growth is aided by stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF) the global GDP growth reached 3.2% in 2019 and 3.5% in 2020. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. For instance, India's GDP reached 7.2%, whereas China GDP growth reached 6.0% in 2020. Stable economic growth is expected to increase investments in end user markets, thereby driving the market during forecast period.

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Global Professional Services Market Segments
The global professional service market is segmented:
By Type: Design, Research, Promotional And Consulting Services, Legal Services, Accounting Services, All Other Professional, Scientific, and Technical Services
By Service Provider: Large Enterprise, Small and Medium Enterprise
By Mode: Online, Offline
By Geography: The regions covered in the professional services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Professional Services Global Market Report 2022provides market size and growth forecasts for the global professional services market, global professional services market share, professional services market segments and geographies, professional services market competitive landscape including 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.

Global Professional Services Industry Playersinclude Deloitte Touche Tohmatsu Limited, PwC, Ernst & Young, Accenture, KPMG, Total SA, PowerChina, WPP plc, Omnicom Group Inc. and Jacobs Engineering Group Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.