Professional Services Market Report 2025

The professional services market size has grown steadily in recent years. It will grow from $6.1 trillion in 2024 to $6.39 trillion in 2025 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to rising government support, global collaboration for environmental protection, strong economic growth in emerging markets, and growing legal tech industry.

The professional services market size is expected to see strong growth in the next few years. It will grow to $7.97 trillion in 2029 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to rising focus on digitizing business processes and sustainable development will drive the market growth. Major trends in the forecast period include 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.

The professional services market's growth is supported by the anticipated steady economic growth in numerous developed and developing countries. As an example, a report from the US-based non-profit organization, the Conference Board, forecasted a global real GDP increase of 2.9 percent in 2023, as of September 2023. Another report by the Organization for Economic Co-operation and Development (OECD), an intergovernmental organization based in France, projected a global GDP growth of 2.7% in 2023, according to information published in June 2023. Furthermore, the OECD's Interim Report in September 2023 predicted a 3% expansion of the global economy in 2023. The anticipation of stable economic growth is poised to encourage investments in end-user markets, thereby propelling market growth during the forecast period.

The escalating threat of cyberattacks is expected to drive the professional services market's growth in the future. Cybercrime, denoting criminal activities conducted through digital technologies or over the internet, poses a significant challenge. Professional consultants play a crucial role in helping businesses identify vulnerabilities, implement security measures, and formulate incident response plans to safeguard against cyber threats. For instance, the Federal Bureau of Investigation (FBI), a US-based intergovernmental organization, received 800,944 reports of cybercrime from the general population in March 2023. The potential damage from cyber-attacks in 2022 surged to $10.2 billion, compared to $6.9 billion in 2021, highlighting the escalating threat. Consequently, the growing menace of cyberattacks is a key driver behind the expansion of the professional services market.

The COVID-19 pandemic has significantly hindered the professional services market in 2020, as governments worldwide enforced lockdowns and trade restrictions, limiting the demand for such services. COVID-19 is an infectious disease characterized by flu-like symptoms, including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province, China, and has since spread globally to regions such as Western Europe, North America, and Asia. Measures taken by national governments to curb the virus's transmission have led to a decrease in economic activity, with many countries entering a state of 'lockdown.' The outbreak adversely affected businesses throughout 2020 and into 2021. However, it is anticipated that the professional services market will rebound over the forecast period, as this event is considered a 'black swan' occurrence not tied to any ongoing or fundamental weaknesses in the market or the global economy.

Accounting firms are increasingly opting for cloud-based accounting software to improve access and editing capabilities of financial data via the internet, bolster the security of financial transactions, and reduce costs. This type of accounting software, operating similarly to the Software as a Service (SaaS) model, is hosted on remote servers, enabling users to perform functions off-site. The accounting data is transmitted to the cloud, processed, and then returned to the user. This streamlined process saves time through automation, fosters secure collaboration on financial reports, provides real-time data, and allows access to financial data from any location. Users can access their accounts from various devices, such as smartphones and laptops, through the internet, ensuring data security against online and offline threats, and offering cost-effective alternative solutions compared to traditional tools.

Leading companies in the professional services market are innovating by developing new products such as the Qualtrics platform to cater to larger customer bases, increase sales, and boost revenue. Qualtrics, a US-based experience management company, launched XM/os2 in July 2023, representing the next generation of the Qualtrics platform fully integrated with artificial intelligence (AI). The advancements in generative AI within Qualtrics FrontlineXM enhance the productivity of support agents, enabling them to respond more efficiently and empathetically to client issues. These breakthroughs also empower frontline managers to address customer feedback across various channels, including review sites and social media, while taking into account each customer's history and adjusting the tone appropriately for each situation. Qualtrics leverages personalized responses generated from customer profile data in Qualtrics ExperienceID (XiD).

Major companies operating in the professional services market include Deloitte Touche Tohmatsu Limited, PwC, Ernst & Young, KPMG, Accenture, Mazars, Omnicom Group Inc, Slalom, Ruihua CPA, Business Connexion, Enviro Analysts & Engineers Private Limited, International Gulf Engineering Consultancy Bureau LLC, Yingke Law Firm, Interpublic Group, AlmapBBDO, Carat France, AECOM, Tata Consultancy Services, Kesarev Consulting, Boston Consulting Group, FCB Ulka, Bain & Company, WMcCann, Beijing Dentsu Advertising Co Ltd, A.T. Kearney, CMS, Nehlsen Middle East Environmental Consultancy, BBDO, Jacobs Engineering Group, Inc., Crowe, Akin Gump Strauss Hauer & Field LLP, Allen & Overy, DeHeng Law Offices, Picco Accounting, McKinsey & Company, AMEC Foster Wheeler, BlueFocus Communication Group Co. Ltd, FinExpertiza, Lince Consulting, Moscow Consulting Group, Dentons, WPP plc, Serviceplan, Cooley, Edge Evolve, BDO, Swan Environmental Private Limited, Baker Tilly, Baker & McKenzie, Aon Consulting, Alvarez & Marsal, Charles Ghadban Accounting, Publicis Groupe, Roland Berger Strategy Consultants, Kimley-Horn, Zhong Tian CPA, Huayong CPA, Oliver Wyman and Strategy, Dentsu, Cleary Gottlieb Steen & Hamilton LLP, Africa International Advisors.

North America was the largest region in the professional services market in 2024. 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, Africa. The countries covered in the professional 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.

Professional services encompass a broad spectrum of specialized advisory support services rooted in technical expertise and knowledge. These services are extended to assist individuals, businesses, or organizations in accomplishing tasks and achieving their objectives. Numerous career fields are dedicated to delivering services geared toward generating positive outcomes for clients.

The primary categories of professional services encompass design, research, promotional and consulting services, legal services, accounting services, and a range of other professional, scientific, and technical services. 'Legal services' specifically pertain to activities that facilitate individuals in exercising their legal and legislatively established rights. Service providers span across large enterprises, small and medium enterprises, and are accessible through various modes, including both online and offline channels.

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.

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.

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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