Professional services encompass a broad range of specialized, knowledge-based offerings delivered by individuals or firms possessing advanced expertise and professional qualifications. These services are integral to various sectors, including business, government and non-profit organizations, providing essential support functions such as legal counsel, financial auditing, strategic consulting and design solutions. Clients typically engage professional services to address complex challenges, ensure regulatory compliance and enhance operational efficiency. The utilization of these services spans across different stages of organizational development, from inception and growth to restructuring and compliance management.
The professional services market consists of revenues earned by entities (organizations, sole traders and partnerships) by providing professional services to support businesses of all sizes, in all industries.
The global professional services market was valued at $4,790.00 billion in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 4.00%.
Increase In Globalization And Outsourcing
Increase in globalization and outsourcing fueled the growth of the professional services in the historic period. Globalization and outsourcing have expanded the client base and operational reach of professional services firms by enabling them to serve international markets and access cost-effective talent and resources. This has increased demand for cross-border legal, financial, professional and consulting expertise. For instance, according to Outsourcing Insights, an India-based professional services firm, in 2024 approximately 31.5% of IT services are outsourced, with the healthcare and finance sectors experiencing significant growth rates of 36% and 30%, respectively. Therefore, increase in globalization and outsourcing drove the growth of the professional services market.
Transforming Operational Efficiency And Client Solutions In The Digital Era
Major companies operating in professional services market are developing AI-powered professional services to drive operational efficiency, deliver personalized client solutions at scale and stay competitive in an increasingly digital and data-driven business landscape. AI-powered professional services are technology-driven solutions that use artificial intelligence to automate processes, generate insights and enhance decision-making across areas like consulting, customer service, auditing and operations. For example, in September 2024, LambdaTest, a US-based software company launched Professional Services aimed at elevating quality engineering excellence for organizations worldwide. These services are powered by AI and are designed to address key challenges in software testing, such as enhancing test coverage, optimizing test scripts and streamlining quality engineering processes. The services use AI-driven technology to maximize test coverage, optimize test scripts and facilitate seamless framework migrations.
The global professional services market is fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 5.61% of the total market in 2023.
Professional Services Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global professional services market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for professional services? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The professional services market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider professional services market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by service provider and by mode.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework- Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Global Market Size And Growth- Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by type, by service provider and by mode in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Recent Developments- Information on recent developments in the market covered in the report.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for professional services providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Design, Research, Promotional And Consulting Services; Legal Services; Accounting Services; All Other Professional, Scientific And Technical Services
- 2) By Service Provider: Large Enterprise; Small And Medium Enterprise
- 3) By Mode: Online; Offline; Hybrid
- Companies Mentioned: Deloitte Touche Tohmatsu Limited; PricewaterhouseCoopers LLP (PwC); Ernst & Young Global Limited (EY); KPMG International Limited; Accenture plc
- Countries: Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; professional services indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.