Major companies in the professional services market include Deloitte Touche Tohmatsu Limited, PwC, Ernst & Young, Accenture, KPMG, Total SA, PowerChina, WPP plc, Omnicom Group Inc., and Jacobs Engineering Group Inc.
The global professional services market grew from $6,023.65 billion in 2022 to $6,382.56 billion in 2023 at a compound annual growth rate (CAGR) of 6.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The professional services market is expected to grow from $7,770.09 billion in 2027 at a CAGR of 5.0%.
The professional services market consists of revenue earned by entities by offering services and providing support to businesses of all sizes, in all industries, and to individuals and institutions, in processes where human capital is the major input.Professional services establishments make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.
The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
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.
North America was the largest region in the professional services market in 2022.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, and Africa.
Professional services include design, research, promotional and consulting services, legal services, accounting services, and all other professional, scientific, and technical services.The term "legal services" refers to actions that help people exercise their legal and legislatively established liberties.
The different service providers include large enterprises, small and medium enterprises, and involve various modes such as online and offline.
The professional services Market growth is aided by the stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.5% in 2020, a 0.3% increase compared to previous years. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market’s growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. For instance, India’s GDP reached 7.2%, whereas China’s GDP growth reached 6.0% in 2020. Stable economic growth is expected to increase investments in end-user markets, thereby driving the market during the forecast period.
The outbreak of COVID-19 disease (COVID-19) has acted as a restraint on the professional services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and has spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of "lock down." The outbreak has had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the professional services market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy.
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.
The countries covered in the professional services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The professional services market research report is one of a series of new reports that provides professional services market statistics, including professional services industry global market size, regional shares, competitors with a professional services market share, detailed professional services market segments, market trends and opportunities, and any further data you may need to thrive in the professional services industry. This professional services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.