Overview and Scope
Professional services refer to a wide range of specialized technical, knowledge-and-expert-based advisory support services provided to other businesses. Professional services help individuals, companies or organizations accomplish tasks or meet goals. Many career fields offer services focused on creating positive outcomes for customers.
Sizing and Forecast
The professional services market size has grown steadily in recent years. It will grow from $6207.14 billion in 2023 to $6506.51 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to rising government support, global collaboration for environmental protection, strong economic growth in emerging markets, and growing legal tech industry..
The professional services market size is expected to see strong growth in the next few years. It will grow to $7970.57 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to rising focus on digitizing business processes and sustainable development will drive the market growth.. Major trends in the forecast period include employing alternative legal service providers, use of artificial intelligence (ai), cloud technology, implementing blockchain technology, and focus on mergers and acquisitions to improve their product offerings and to stay competitive in the market..
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Segmentation & Regional Insights
The professional services market covered in this report is segmented –
1) By Type: Design, Research, Promotional And Consulting Services, Legal Services, Accounting Services, All Other Professional, Scientific, Technical Services
2) By Mode: Online, Offline, Hybrid
2) By Service Provider: Large Enterprise, Small And Medium Enterprise
Sub segments: 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
North America was the largest region in the professional services market in 2023. Western Europe was the second largest region in the professional services market. The regions covered in the professional services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The professional services Market growth is aided by the stable economic growth forecasted in many developed and developing countries. For instance, in September 2023, according to the report published by the Conference Board, a US-based non-profit organization, real GDP will increase by 2.9 percent globally in 2023. According to another report published in June 2023, by the Organisation for Economic Co-operation and Development, a France-based intergovernmental organization, global GDP growth in 2023 is projected to be 2.7%. Additionally, the OECD’s Interim Report published in September 2023 projects that the global economy would expand by 3.0% in 2023. Stable economic growth is expected to increase investments in end-user markets, thereby driving the market during the forecast period.
Key Industry Players
Major companies operating in the professional services market report are Deloitte Touche Tohmatsu Limited, PwC, Ernst & Young, KPMG, Accenture, Mazars, Omnicom Group Inc, Slalom, Ruihua CPA, Business Connexion, Enviro Analysts & Engineers Private Limited, International Gulf Engineering Consultancy Bureau LLC, Yingke Law Firm, Interpublic Group, AlmapBBDO, Carat France, AECOM, Tata Consultancy Services, Kesarev Consulting, Boston Consulting Group, FCB Ulka, Bain & Company, WMcCann, Beijing Dentsu Advertising Co Ltd, A.T. Kearney, CMS, Nehlsen Middle East Environmental Consultancy, BBDO, Jacobs Engineering Group, Inc., Crowe, Akin Gump Strauss Hauer & Field LLP, Allen & Overy, DeHeng Law Offices, Picco Accounting, McKinsey & Company, AMEC Foster Wheeler, BlueFocus Communication Group Co. Ltd, FinExpertiza, Lince Consulting, Moscow Consulting Group, Dentons, WPP plc, Serviceplan, Cooley, Edge Evolve, BDO, Swan Environmental Private Limited, Baker Tilly, Baker & McKenzie, Aon Consulting, Alvarez & Marsal, Charles Ghadban Accounting, Publicis Groupe, Roland Berger Strategy Consultants, Kimley-Horn, Zhong Tian CPA, Huayong CPA, Oliver Wyman and Strategy, Dentsu, Cleary Gottlieb Steen & Hamilton LLP, Africa International Advisors
The professional services market report table of contents includes:
1. Executive Summary
2. Professional Services Market Characteristics
3. Professional Services Product/Service Analysis -Product/Service Examples
4. Professional Services Market Trends And Strategies
5. Professional Services Market – Macro Economic Scenario
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68. Global Professional Services Market Competitive Benchmarking
69. Global Professional Services Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Professional Services Market
71. Professional Services Market Future Outlook and Potential Analysis
72. Appendix
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