The Global Professional Services Market Report by The Business Research Company covers professional services market drivers and restraints, professional services market size, major players, and the impact of COVID-19 on the professional services market.
The professional services market consists of the sales of professional services and related goods by entities (organizations, sole traders and partnerships) that offer services and provide 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 professional services market is segmented into design, research, promotional and consulting services, legal services, accounting services and all other professional, scientific, and technical services.
Faster Economic Growth – The professional services market growth is aided by stable economic growth forecasted in many developed and developing countries.
The global professional services market is expected to grow from $5028.4 billion in 2020 to $5428.5 billion in 2021 at a compound annual growth rate (CAGR) of 7.%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $7063.7 billion in 2025 at a CAGR of 7%.
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Some professional services market trends include cloud-based accounting software increasingly being preferred by accounting firms to enhance the ability to access and edit financial data through the internet, enhance security associated with financial transactions, and to reduce costs. Cloud based accounting software is an accounting software, similar to software as a service (SaaS) model, hosted on remote servers to allow users to perform functions off-site. The accounting data is sent to the cloud, processed and then returned to the user. This process saves time with automation, creates secure collaboration of financial reports, provides real-time data and access to financial data from anywhere. This tool allows users to access accounts from any devices (smartphone, laptop and others) through internet, secure the data from online and offline threats, offer better alternative solutions at lower costs than conventional tools.
Global professional services market segments include:
1) By Type: Design, Research, Promotional And Consulting Services, Legal Services, Accounting Services, All Other Professional, Scientific, And Technical Services.
2) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Others.
3) By Nature: Organic, Conventional.
Subsegments Covered: 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, B2B Legal Services, B2C Legal Services, Hybrid Legal Services, Criminal Law Practices, Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing And Other Accounting Services, Translation Services, Other Professional, Scientific, And Technical Services.
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America accounts for the largest global professional services market share.
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The Professional Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides professional services market overviews, analyzes and forecasts market size, share, professional services market players, professional services market segments and geographies, market’s leading competitors’ revenues, profiles and market shares.
The professional services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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Read Professional Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030 from The Business Research Company for information on the following:
Data Segmentations: Market Size, Global, By Region And By Country, Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries.
Market Players Covered: Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers (PwC), Ernst & Young, KPMG, Accenture Plc.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
Other Information And Analyses: SWOT analysis, customer information, market product/service analysis – product examples, trends and opportunities, drivers and restraints, key mergers and acquisitions, suggested trend based strategies, impact of COVID-19 on the market, future outlook and potential analysis, key metrics covered: number of enterprises, number of employees, global market in 2021 – countries offering most new opportunities, conclusions and recommendations by expert analysts.
Sourcing And Referencing: Data and analysis throughout the report are sourced using end notes.
Strategies For Participants In The professional services Industry: The report explains a number of strategies for companies in the market, based on industry trends and company analysis.
Opportunities For Companies In The professional services Sector: The report reveals where the global industry will put on most $ sales up to 2023.
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