Design, Research, Promotional And Consulting Services Global Market Report 2024

The design, research, promotional and consulting services market size has grown strongly in recent years. It will grow from $4,572.84 billion in 2023 to $4,805.39 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historical period can be linked to technological advancements, globalization, marketing and advertising efforts, and shifts in consumer behavior.

The design, research, promotional and consulting services market size is expected to see strong growth in the next few years. It will grow to $5,915.82 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The anticipated growth in the forecast period can be attributed to the influence of digital transformation, economic conditions, environmental concerns, and regulatory changes. Some notable trends expected in the forecast period encompass the utilization of data analytics and artificial intelligence, a focus on sustainability and corporate social responsibility, the continued growth of e-commerce and online presence, and the increased adoption of remote work and collaboration tools.

Stable economic growth is anticipated to drive the growth of the design, research, promotional, and consulting services market in the foreseeable future. As an example, in a report released in September 2023 by the Conference Board, a non-profit organization based in the United States, it was predicted that global real GDP would grow by 2.9% in 2023. Additionally, according to a report published in June 2023 by the Organisation for Economic Co-operation and Development (OECD), an intergovernmental organization headquartered in France, global GDP growth in 2023 is estimated to be 2.7%. Furthermore, the OECD's Interim Report, issued in September 2023, foresees a 3.0% expansion in the global economy for 2023. This stable economic growth is expected to result in increased investments in end-user markets, thereby propelling the market's growth during the forecast period.

The primary categories within design, research, promotional, and consulting services encompass 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 and engineering consulting; and related services. Photographic services are a segment of Design and Publication Services that provides photographic solutions to university faculty and staff, including access to a photographer and a photo lab technician. These services are available through online and offline channels and are offered by both large corporations and small to medium-sized enterprises.

The design, research, promotional, and consulting services market research report is one of a series of new reports that provides design, research, promotional, and consulting services market statistics, including design, research, promotional, and consulting services industry global market size, regional shares, competitors with a design, research, promotional, and consulting services market share, detailed design, research, promotional, and consulting services market segments, market trends and opportunities, and any further data you may need to thrive in the design, research, promotional, and consulting services industry. This design, research, promotional, and consulting services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The increasing incidence of cybercrimes is expected to stimulate the growth of the architectural, engineering consultants, and related services market in the future. Cybercrime encompasses unlawful activities conducted through digital technologies or the internet. Architectural and engineering consultants can contribute to creating and implementing secure building and facility designs that incorporate cybersecurity measures, including access controls, secure data storage, and surveillance systems. For instance, in July 2021, according to the cybersecurity threatscape report by Positive Technologies, a cybersecurity company based in Russia, there was a 17% increase in cyberattacks during Q1 of 2021 compared to Q1 of 2020, and a 1.2% increase compared to Q4 2020. Consequently, the rising instances of cybercrimes are propelling the growth of the architectural, engineering consultants, and related services market.

The outbreak of COVID-19 disease (COVID-19) acted as a restraint on the design, research, promotional, and consulting services market in 2020 due to widespread government-imposed lockdowns and trade restrictions, leading to reduced demand for professional services. COVID-19 is an infectious disease characterized by flu-like symptoms, including fever, cough, and difficulty breathing. It was first identified in 2019 in Wuhan, Hubei province, China, and subsequently spread worldwide, affecting regions like Western Europe, North America, and Asia. Government measures to curb the virus's transmission resulted in decreased economic activity, with many countries implementing lockdowns. This outbreak had a negative impact on businesses throughout 2020 and into 2021. Nonetheless, it is anticipated that the design, research, promotional, and consulting services market will recover from this unexpected event throughout the forecast period, as it is considered a 'black swan' event not linked to inherent or ongoing weaknesses in the market or the global economy.

Companies operating in the design, research, promotional, and consulting services market are transitioning from traditional revenue models based on hourly or monthly billing to adopt a value-centric revenue model. Fueled by rising labor costs and client demands for cost reductions, many firms are embracing value-centric pricing. This approach is particularly suitable for industries like management consulting and market research where the value delivered, such as tax savings, damage awards, advertising placements, or the scale of acquisitions and mergers, is often explicit. The trend indicates a broader shift within the design, research, promotional, and consulting service sector, with more providers gravitating toward value-based pricing strategies to position themselves as 'advisors' rather than mere service providers.

Leading companies in the design, research, promotional, and consulting services market are actively diversifying their product offerings to cater to a broader customer base, drive increased sales, and boost revenue. This expansion strategy includes the development of innovative financial planning tools designed to assist individuals and organizations in managing their finances and achieving their financial objectives. For example, in April 2021, Barker Langham, a consulting services provider based in the UK, introduced Barker Langham Analytics. This online tool is designed to support business planning by facilitating effective financial data modeling, aiding institutions in making informed business decisions. The tool employs a financial model to capture financial data and generate budgets or business plans. Barker Langham Analytics features separate modules where organizations can input information related to their workforce, audiences, income sources, and expenditures. Ultimately, this tool consolidates this data, enabling businesses to produce and report on their business plans conveniently through a single cloud-based platform.

Major companies operating in the design, research, promotional and consulting services market include Accenture plc, Deloitte Touche Tohmatsu Limited, Total SA, PowerChina, WPP plc, PricewaterhouseCoopers International Limited, Ernst & Young, Omnicom Group Inc., Jacobs Engineering Group Inc., Fluor Corporation, Power Construction Corporation of China Ltd., International Business Machines Corporation, McKinsey & Company Inc., Boston Consulting Group Inc., Bain & Company Inc., KPMG International Limited, Nielsen Holdings plc, Ipsos SA, GfK SE, Kantar Group Holdings Limited, Forrester Research Inc., International Data Corporation, Frost & Sullivan Inc., Navigant Consulting Inc., ICF International Inc., Booz Allen Hamilton Holding Corp., Kearney, Oliver Wyman Group Inc., Mercer Inc., Willis Towers Watson Holdings plc, Marsh & McLennan Companies Inc., Huron Consulting Group Inc., FTI Consulting Inc., AlixPartners UK LLP, Alvarez & Marsal Holdings LLC.

North America was the largest region in the design, research, promotional and consulting services market in 2023. Western Europe was the second largest region in design, research, promotional and consulting services market. The regions covered in the design, research, promotional and consulting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the design, research, promotional and consulting services market report are 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

The design, research, promotional and consulting services (also referred to as general professional services) market consists of revenue earned by entities that offer expertise and services to a wide range of industries, and in some cases to households and individuals. Activities include architectural services, engineering services, design services, research services, advertising services, and other design, research, promotional and consulting services. Design, research, promotional and consulting establishments undertake processes where human capital is the major input. These 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.

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.


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