The Professional Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Professional Services, 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..
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.
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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
Cloud-based accounting software is increasingly preferred by accounting firms to enhance the ability to access and edit financial data through the internet, enhance security associated with financial transactions and reduce costs. Cloud-based accounting software is an accounting software similar to the software as a service (SaaS) model, hosted on remote servers to allow users to perform functions off-site. The accounting data is sent to the cloud, processed, and then returned to the user. This process saves time with automation, creates secure collaboration of financial reports, provides real-time data, and accesses financial data from anywhere. This tool allows users to access accounts from any device (smartphone, laptop, and others) through the internet; secure the data from online and offline threats; and offer better alternative solutions at lower costs than conventional tools.
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