DUBLIN, June 26, 2023 /PRNewswire/ — The “Professional Services Global Market Opportunities and Strategies to 2032” report has been added to  ResearchAndMarkets.com’s offering.

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 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%.

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.

Opportunities Analysis

• 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.

Major Market Trends

• Emergence Of Alternative Legal Service Providers (ALSPs)
• Use Of Artificial Intelligence
• Focus On Cloud Technology
• Blockchain Technology
• Increasing Mergers and Acquisitions

Product/Service Analysis 

• Architectural, Engineering Consultants And Related Services Market Product/Service Analysis 
• Scientific Research And Development Services Market Product/Service Analysis 
• Management Consulting Market Product Analysis
• Design Services Market Product Analysis
• Surveying And Mapping Market Product/Service Analysis
• Legal Services Market Product/Service Analysis
• Accounting Services Market Product/Service Analysis 
• All Other Professional, Scientific, And Technical Services Market Product/Service Analysis 

Supply Chain Analysis

• Resources
• Professional Services Providers
• End-Users

Customer Information

• Focus On Professional Services Automation Solutions
• Client Expectations From Professional Service Firms
• Impact Of COVID-19 On Professional Services
• Major Work Management Challenges Leading To Customer Churn
• Challenges for Management Consulting Firms

Introduction and Market Characteristics

Market Segmentation By Type

• Design, Research, Promotional And Consulting Services
• Legal Services
• Accounting Services
• All Other Professional, Scientific, and Technical Services

Market Segmentation By Service Provider

• Large Enterprise
• Small And Medium Enterprise

Market Segmentation By Mode

• Online
• Offline
• Hybrid

For more information about this report visit https://www.researchandmarkets.com/r/gg9l69

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