Professional Service Global Market Size:
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 Global Market Overview:
Rapid technology change in the recent years, together with increased pressure to reduce costs and increased use of smartphones, is pushing the concept of virtual firms in the professional services industry. Firms that are more professional will go virtual with few permanent offices. By having few permanent offices, their IT infrastructure in the cloud and the use of freelance and contract employees will help professional firms considerably reduce their costs and increase revenues.
North America was the largest region in the professional services market in 2017, accounting for about 36% of the market share. This can be attributed to high demand for services such as accounting, legal, advertising, photographic services and other professional services from companies across all industries.
According to The Business Research Company’s Consultant Nitin Gianchandani, traditionally, professional services firms have been charging their customers an hourly rate. In line with increasing wages and rapid pressure from clients to decrease pricing, many professional firms are shifting towards value-oriented billing. Value-oriented billing is easy to apply in the professional services industry since the value (such as tax savings, damage awards, ad placements, or the size of an acquisition or merger) is explicit. It is expected that more professional services firms will shift to value-based pricing as they try to become “advisors” rather than just being service providers paid by the hour.
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Deloitte was the largest company in the professional services market, generating revenues worth $36.8 billion in 2016. Deloitte’s growth strategy is focused towards discovery and advancements in cognitive audit technologies that will help automate the process of auditing and enhance its quality. Artificial intelligence, language processing, data analytics and machine-learning technologies are some processes the company is currently working on. Deloitte also plans to strengthen its M&A approaches by acquiring strategic partners that will help growth of business as well as expansion of operation.
Professional service is a broad market, which comprises varied occupations, that 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).
Professional Services Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $8000 for an individual user. To use across your office, the price is $12000 and $16000 if you wish to use across a multinational company.
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