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, in all industries, and to individuals and institutions, in processes where human capital is the major input. Professional service 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. The individual markets within professional services are defined on the basis of the particular expertise and training of the services provider. The global professional services market is expected to grow from $5405.2 billion in 2019 to $5409.3 billion in 2020 at a compound annual growth rate (CAGR) of 0.1%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 7% from 2021 and reach $6519.9 billion in 2023. North America was the largest region in the global professional services market, accounting for 36% of the market in 2019. Western Europe was the second largest region accounting for 31% of the global professional services market. Africa was the smallest region in the global professional services market. Market-trend-based strategies for the professional services market include developing specializations to cater to demand from niche markets, using 3D printing technology in the design services industry for faster release of products at lower costs, opting for virtual firms to reduce operational costs, and collaborating with micro influencers for marketing campaigns. Player-adopted strategies in the professional services industry include investing in data and analytics technologies to innovate and expand offerings, expanding through mergers and acquisitions and targeting small and medium social enterprises.
The major players in the global professional services market are Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers (PwC), Ernst & Young, KPMG, Accenture Plc
The countries covered in the global professional services market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam
The global professional services market is segmented:
1) 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
