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Professional Services Global Market Briefing

  • January 2016
  • 16 pages
  • TBRC Business Research
Report ID: 3597831

Summary

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Professional services is a broad sector which comprises of varied occupations which provide support to businesses of all sizes and in all sectors. The business entities which are engaged in providing professional services are generally referred as professional service organizations (PSOs) or professional service firms (PSFs).

The total value of the professional services sector globally in 2014 was $2,160 billion. Related to a world population of more than 7 billion in 2014 this equates to about $309 per person globally. Given that World Domestic Product was approximately $78 trillion in 2014, the market makes up about 2.0% of the global economy.

Professional services firms are becoming more sophisticated in their use of social media for finding and engaging clients online, marketing their services and monitoring their competitors. An enhanced social media presence helps professional services firms to improve awareness of the firm, increase client satisfaction and deepen client relationships.

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