Professional service is a broad market which comprises of 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 (PSF’s).
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The global professional services market is valued at under $6 trillion in 2017 due to the economic growth and technology development.
In the report, the global professional services market is divided into three segments. Design, research, promotional and consulting services occupy the major portion, about three fourth of the market share and the rest one-fourth is occupied by the other two segments, namely, legal and accounting services.
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The USA was the largest country in the professional services market in 2017, accounting for more than one-fifth of the market share. This was mainly due to the presence of a large number commercial establishments seeking accounting, legal, and management consulting, advertising and other professional services. China and the UK followed the USA as the next largest countries in the market.
The professional services market is fragmented with a number of large and small organizations. The top five competitors in the market made around 3% of the total market in 2017. Deloitte LLP was the largest competitor of the market, followed by Bechtel Corporation, Ernst & Young LLP, PwC LLP and KPMG LLP. Deloitte LLP was founded in 1845 and is currently headquartered in New York, USA and had 244,400 employees as of 2016.
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