This report describes and explains the professional services market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
The global professional services market grew from $4,877.15 billion in 2017 to $5,890.11 billion in 2022 at a compound annual growth rate (CAGR) of 3.8%. The market is expected to grow from $5,890.11 billion in 2022 to $7,417.86 billion in 2027 at a CAGR of 4.7%, and to $10,126.46 billion in 2032 at a CAGR of 6.4%.
Growth in the historic period resulted from rising government support, global collaboration for environmental protection, strong economic growth in emerging markets, and growing legal tech industry.
Going forward, rising focus on digitizing business processes and sustainable development will drive the market growth. Factors that could hinder the growth of the professional services market in the future include shortage of skilled workers and increasing penetration of DIY tools.
The professional services market is segmented by type into design, research, promotional and consulting services, legal services, accounting services and all other professional, scientific and technical services. The design, research, promotional and consulting services market was the largest segment of the professional services market segmented by type, accounting for 73.6% of the total in 2022. Going forward, the all other professional, scientific, and technical services market is expected to be the fastest growing segment in the professional services market segmented by type, at a CAGR of 5.3% during 2022-2027.
The design, research, promotional and consulting services market is also segmented by type into 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. The architectural, engineering consultants and related services market was the largest segment of the design, research, promotional and consulting services market segmented by type, accounting for 24.5% of the total in 2022. Going forward, the scientific research and development services market is expected to be the fastest growing segment in the design, research, promotional and consulting services market segmented by type, at a CAGR of 7.6% during 2022-2027.
The legal services market is also segmented by type into B2B Legal Services; B2C Legal services; hybrid legal services; criminal law practices. The B2B legal services market was the largest segment of the legal services market segmented by type, accounting for 54.7% of the total in 2022. Going forward, the hybrid legal services market is expected to be the fastest growing segment in the legal services market segmented by type, at a CAGR of 6.9% during 2022-2027.
The accounting services market is segmented by type into payroll services; tax preparation services; bookkeeping, financial auditing and other accounting services. The bookkeeping, financial auditing and other accounting services market was the largest segment of the accounting services market segmented by type, accounting for 83.6% of the total in 2022. Going forward, the tax preparation services market is expected to be the fastest growing segment in the accounting services market segmented by type, at a CAGR of 5.3% during 2022-2027.
The all other professional, scientific and technical services market is also segmented by type into translation services; other professional, scientific, and technical services. The other professional, scientific, and technical services market was the largest segment of the all other professional, scientific and technical services market segmented by type, accounting for 87.0% of the total in 2022. Going forward, the other professional, scientific, and technical services market is expected to be the fastest growing segment in the all other professional, scientific and technical services market segmented by type, at a CAGR of 5.5% during 2022-2027.
The professional services market is segmented by service provider into large enterprise and small and medium enterprise. The large enterprise market was the largest segment of the professional services market segmented by service provider, accounting for 65.0% of the total in 2022.
The professional services market is segmented by mode into online, offline, and hybrid. The offline market was the largest segment of the professional services market segmented by mode, accounting for 48.0% of the total in 2022.
North America was the largest region in the professional services market, accounting for 35.4% of the total in 2022. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the professional services market will be South America and Middle East, where growth will be at CAGRs of 12.76% and 12.47% respectively. These will be followed by Africa and Asia Pacific, where the markets are expected to grow at CAGRs of 7.24% and 5.41% respectively.
The global professional services market is fragmented, with a large number of players. The top ten competitors in the market made up to 5.02% of the total market in 2021. Deloitte Touche Tohmatsu Limited was the largest competitor with 1.07% share of the market, followed by PwC with 0.91%, Ernst & Young with 0.82%, KPMG with 0.58%, Accenture with 0.49%, Jacobs Engineering Group, Inc. with 0.27%, McKinsey & Company with 0.23%, Publicis Groupe with 0.22%, F WPP plc with 0.21% and Omnicom Group Inc. with 0.21%.
The top growth potential in the professional services market by type will arise in the design, research, promotional and consulting services segment, which will gain $1,172.47 billion of global annual sales by 2027. The top growth potential in the design, research, promotional and consulting services market by type will arise in the scientific research and development services segment, which will gain $347.16 billion of global annual sales by 2027. The top growth potential in the legal services market by type will arise in the B2B legal services segment, which will gain $94.91 billion of global annual sales by 2027. The top growth potential in the accounting services market by type will arise in the bookkeeping, financial auditing and other accounting services segment, which will gain $102.34 billion of global annual sales by 2027. The top growth potential in the all other professional, scientific and technical services market by type will arise in the other professional, scientific, and technical services segment, which will gain $46.84 billion of global annual sales by 2027. The professional services market size will gain the most in the USA at $269.75 billion.
Market-trend-based strategies for the professional services market include focus on 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.
Player-adopted strategies in the professional services market include focus on providing end-to-end Oracle cloud transformation services through strategic acquisitions, expanding its consulting services business through strategic acquisitions, providing insightful and effective services using cloud technology through strategic collaborations and partnerships, and strengthening its business capabilities through the launch of new solutions.
To take advantage of the opportunities, the publisher recommends the professional services companies to focus on the use of artificial intelligence (AI), focus on cloud technology, use blockchain technology, expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, continue to use business-to-business (B2B) promotions, continue to target end-users of fast-growing professional services and target legal industry companies.
The global professional services market grew from $4,877.15 billion in 2017 to $5,890.11 billion in 2022 at a compound annual growth rate (CAGR) of 3.8%. The market is expected to grow from $5,890.11 billion in 2022 to $7,417.86 billion in 2027 at a CAGR of 4.7%, and to $10,126.46 billion in 2032 at a CAGR of 6.4%.
Growth in the historic period resulted from rising government support, global collaboration for environmental protection, strong economic growth in emerging markets, and growing legal tech industry.
Going forward, rising focus on digitizing business processes and sustainable development will drive the market growth. Factors that could hinder the growth of the professional services market in the future include shortage of skilled workers and increasing penetration of DIY tools.
The professional services market is segmented by type into design, research, promotional and consulting services, legal services, accounting services and all other professional, scientific and technical services. The design, research, promotional and consulting services market was the largest segment of the professional services market segmented by type, accounting for 73.6% of the total in 2022. Going forward, the all other professional, scientific, and technical services market is expected to be the fastest growing segment in the professional services market segmented by type, at a CAGR of 5.3% during 2022-2027.
The design, research, promotional and consulting services market is also segmented by type into 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. The architectural, engineering consultants and related services market was the largest segment of the design, research, promotional and consulting services market segmented by type, accounting for 24.5% of the total in 2022. Going forward, the scientific research and development services market is expected to be the fastest growing segment in the design, research, promotional and consulting services market segmented by type, at a CAGR of 7.6% during 2022-2027.
The legal services market is also segmented by type into B2B Legal Services; B2C Legal services; hybrid legal services; criminal law practices. The B2B legal services market was the largest segment of the legal services market segmented by type, accounting for 54.7% of the total in 2022. Going forward, the hybrid legal services market is expected to be the fastest growing segment in the legal services market segmented by type, at a CAGR of 6.9% during 2022-2027.
The accounting services market is segmented by type into payroll services; tax preparation services; bookkeeping, financial auditing and other accounting services. The bookkeeping, financial auditing and other accounting services market was the largest segment of the accounting services market segmented by type, accounting for 83.6% of the total in 2022. Going forward, the tax preparation services market is expected to be the fastest growing segment in the accounting services market segmented by type, at a CAGR of 5.3% during 2022-2027.
The all other professional, scientific and technical services market is also segmented by type into translation services; other professional, scientific, and technical services. The other professional, scientific, and technical services market was the largest segment of the all other professional, scientific and technical services market segmented by type, accounting for 87.0% of the total in 2022. Going forward, the other professional, scientific, and technical services market is expected to be the fastest growing segment in the all other professional, scientific and technical services market segmented by type, at a CAGR of 5.5% during 2022-2027.
The professional services market is segmented by service provider into large enterprise and small and medium enterprise. The large enterprise market was the largest segment of the professional services market segmented by service provider, accounting for 65.0% of the total in 2022.
The professional services market is segmented by mode into online, offline, and hybrid. The offline market was the largest segment of the professional services market segmented by mode, accounting for 48.0% of the total in 2022.
North America was the largest region in the professional services market, accounting for 35.4% of the total in 2022. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the professional services market will be South America and Middle East, where growth will be at CAGRs of 12.76% and 12.47% respectively. These will be followed by Africa and Asia Pacific, where the markets are expected to grow at CAGRs of 7.24% and 5.41% respectively.
The global professional services market is fragmented, with a large number of players. The top ten competitors in the market made up to 5.02% of the total market in 2021. Deloitte Touche Tohmatsu Limited was the largest competitor with 1.07% share of the market, followed by PwC with 0.91%, Ernst & Young with 0.82%, KPMG with 0.58%, Accenture with 0.49%, Jacobs Engineering Group, Inc. with 0.27%, McKinsey & Company with 0.23%, Publicis Groupe with 0.22%, F WPP plc with 0.21% and Omnicom Group Inc. with 0.21%.
The top growth potential in the professional services market by type will arise in the design, research, promotional and consulting services segment, which will gain $1,172.47 billion of global annual sales by 2027. The top growth potential in the design, research, promotional and consulting services market by type will arise in the scientific research and development services segment, which will gain $347.16 billion of global annual sales by 2027. The top growth potential in the legal services market by type will arise in the B2B legal services segment, which will gain $94.91 billion of global annual sales by 2027. The top growth potential in the accounting services market by type will arise in the bookkeeping, financial auditing and other accounting services segment, which will gain $102.34 billion of global annual sales by 2027. The top growth potential in the all other professional, scientific and technical services market by type will arise in the other professional, scientific, and technical services segment, which will gain $46.84 billion of global annual sales by 2027. The professional services market size will gain the most in the USA at $269.75 billion.
Market-trend-based strategies for the professional services market include focus on 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.
Player-adopted strategies in the professional services market include focus on providing end-to-end Oracle cloud transformation services through strategic acquisitions, expanding its consulting services business through strategic acquisitions, providing insightful and effective services using cloud technology through strategic collaborations and partnerships, and strengthening its business capabilities through the launch of new solutions.
To take advantage of the opportunities, the publisher recommends the professional services companies to focus on the use of artificial intelligence (AI), focus on cloud technology, use blockchain technology, expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, continue to use business-to-business (B2B) promotions, continue to target end-users of fast-growing professional services and target legal industry companies.
Table of Contents
1. Executive Summary2. Table of Contents3. List of Figures4. List of Tables5. Report Structure
6. Introduction and Market Characteristics
7. Product/Service Analysis - Product/Service Examples
8. Supply Chain Analysis
9. Customer Information
10. Major Market Trends
11. Global Professional Services Market Size And Growth
12. Professional Services Market, Regional Analysis
13. Global Market Segmentation
15. Asia-Pacific Market
16. Western Europe Market
17. Eastern Europe Market
18. North America Market
19. South America Market
20. Middle East Market
21. Africa Market
23. Company Profiles
24. Key Mergers and Acquisitions
25. Opportunities And Strategies
26. Professional Services Market, Conclusions And Recommendations
27. Appendix
Executive Summary
Professional services Global Market Opportunities And Strategies To 2032 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.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50 geographies.
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- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description:
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 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 historic and forecast 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 professional services market.
Key Trends
- Highlights the major trends shaping the global professional services market. This section also highlights likely future developments in the market.
Global Market Size and Growth
- Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
Regional Analysis
- Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
Market Segmentation
- Contains the market values (2017-2032) and analysis for segment by product, by procedure types, and by end-user in the market.
Regional Market Size and Growth
- Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) 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.
Key Mergers and Acquisitions
- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
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.
Scope
Markets Covered:
1) By Type: Design; Research; Promotional And Consulting Services; Legal Services; Accounting Services; All Other Professional; Scientific; Technical Servicesa) By Design, Research, Promotional And Consulting Services: 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
b) By Legal Services: B2B Legal Services; B2C Legal Services; Hybrid Legal Services; Criminal Law Practices
c) By Accounting Services: Payroll Services; Tax Preparation Services; Bookkeeping, Financial Auditing And Other Accounting Services
d) By All Other Professional, Scientific And Technical Services: Translation Services; 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; PwC; Ernst & Young; KPMG; Accenture
Countries: Australia; China; Bangladesh; India; Indonesia; Japan; South Korea; 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.
Companies Mentioned
- Deloitte Touche Tohmatsu Limited
- PwC
- Ernst & Young
- KPMG
- Accenture
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 628 |
| Published | March 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 5890.1 Billion |
| Forecasted Market Value ( USD | $ 10126.5 Billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 5 |
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