Professional services is a broad market which comprises varied 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 service organizations (PSOs) or professional service firms (PSFs).
The global professional services market was valued at more than $5 trillion in 2017. North America was the largest region in the professional service market in 2017, accounting for around 37% of the total market. The USA was the largest country in the market in 2017, accounting for around 29% of the total market.
Professional service firms are becoming more sophisticated in their use of social media for finding and engaging clients online, marketing their services and monitoring their competitors. An enhanced social media presence helps professional services firms to improve awareness of the firm, increase client satisfaction and deepen client relationships.
The top five companies covered are Deloitte LLP, Bechtel Corporation, Ernst & Young LLP, PwC LLP, and KPMG LLP. Deloitte LLP was the largest company in the professional services market in 2017.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
The professional service market is segmented into Accounting Services, Legal Services, and Design, Research, Promotional And Consulting Services Segments.
Accounting Services segment provides systematic and comprehensive recording of financial transactions pertaining to businesses.
Legal Service 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.
Design, Research, Promotional And Consulting Services segment is classified as architectural, engineering and related service, specialized design service, management & environmental consulting services, scientific research and development service, advertising, public relations, and related service, market research and other design, research, promotional and consulting services, and photographic services.