DUBLIN--(BUSINESS WIRE)--The "Professional Services Global Market Opportunities And Strategies To 2022" report has been added to ResearchAndMarkets.com's offering.
This report describes and evaluates the market for professional services globally. It covers two five-year periods, 2014 to 2018, termed the historic period, and 2018 through 2022, the forecast period.
The global professional services market reached a value of nearly $5,700.2 billion in 2018, having grown at a compound annual growth rate (CAGR) of 7.4% since 2014. The global professional services market is expected to grow at a CAGR of 9.1% to nearly $8,082.4 billion by 2022.
Growth in the historic period resulted from globalization, technological developments, companies outsourcing back end operations to low cost economies and increased mergers and acquisitions (M&A). Factors that negatively affected growth in the historic period were regulatory challenges, government regulations, skilled workforce shortages and scandals in the accounting industry.
Going forward, faster economic growth, transitions in financial reporting standards and regulatory reforms will drive growth. Factors that could hinder the growth of this market in the future include increasing penetration of DIY design tools, skilled workforce shortages, rising costs and decreasing margins, and reductions in free trade.
The professional services market in this report is segmented by type of service 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 in 2018 at 72.8%. The all other professional, scientific, and technical services market will be the fastest-growing segment going forward at a CAGR of 10.9%.
North America was the largest market for professional services, accounting for 33.4% of the global market in 2018. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, e the fastest growing regions in the professional services market will be in South America and Asia-Pacific, where growth will be at CAGRs of 16.4% and 12.4% respectively. These will be followed by the Middle East and Africa where the markets will grow at CAGRs of 12.2% and 13.1% respectively.
The professional services market is highly fragmented, with large numbers of small players. The top ten competitors in the professional services market made up just under 4% of the total market in 2018. Major players in the market include Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers (PwC), Ernst & Young, KPMG, KPMG, WPP plc, Omnicom Group, McKinsey & Company, AECOM and IBM.
The top opportunities in the professional services market will arise in the design, research, promotional and consulting services segment which will gain $1,810.1 billion of global annual sales by 2022, and in China, where the market will gain the most at $423.6 billion. Market-trend-based strategies for the professional services market include developing specializations to cater to demand from niche markets, using 3D printing technology in the design services industry for faster release of products at lower costs, opting for virtual firms to reduce operational costs, and collaborating with micro influencers for marketing campaigns. Player-adopted strategies in the professional services industry include investing in data and analytics technologies to innovate and expand offerings, expanding through mergers and acquisitions and targeting small and medium social enterprises.
To take advantage of these opportunities, the author recommends the professional services companies to focus on sustainable designs, offer geospatial services, focus on expanding through collaborations, offer value-oriented billing and focus on middle class populations in emerging economies, among other strategies.
- Executive Summary - The executive summary section of the report gives a brief overview and summary of the report.
- Report Structure - This section gives the structure of the report and the information covered in the various sections.
- Market Characteristics - The market characteristics section of the report defines and explains the professional services market. This chapter includes different products covered in the report and basic definitions.
- Supply Chain - The supply chain section of the report defines and explains the key players in the professional services industry supply chain.
- Product Analysis - The product analysis section of the report describes the leading products along with key features and differentiators for those products/services.
- Customer Information - This chapters covers recent customer and service providers' trends/preferences in the global professional services market.
- Trends & Strategies - This chapter describes the major trends shaping the global professional services market. This section highlights likely future developments in the market and suggests approaches companies can take to exploit these opportunities.
- Porter's Five Forces - This chapter describes the industry competition through Porter's five forces analysis.
- PESTEL Analysis - This chapter describes the market opportunity assessment through PESTEL analysis.
- Global Market Size And Growth - This section contains the global historic (2014-2018) and forecast (2018-2022) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast period.
- Segmentation - This section contains the market values (2014-2022) and analysis for different segments in the market.
- Global Macro Comparison - The global professional services market comparison with macro-economic factors gives the professional services market size, percentage of GDP, and average professional services market expenditure.
- Regional Analysis - This section contains the historic (2014-2018) and forecast (2018-2022) market value and growth, and market share comparison by region.
- Regional Market Size and Growth - This section contains the region's market size (2018), historic (2014-2018) and forecast (2018-2022) market value, and growth and market share comparison of major 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 China and the USA.
- Competitive Landscape - This section covers details on the competitive landscape of the global professional services market, estimated market shares and company profiles for the leading players.
- Key Mergers And Acquisitions - This chapter gives the 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.
- Recommendations - This section includes conclusions and recommendations based on findings of the research. This section also gives information on growth opportunities across countries, segments and strategies to be followed in those markets. It gives an understanding of where there is significant business to be gained by competitors in the next five years.
Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
- Accenture PLC
- Deloitte Touche Tohmatsu Limited
- Ernst & Young
- McKinsey & Company
- Omnicom Group
- PricewaterhouseCoopers (PwC)
For more information about this report visit https://www.researchandmarkets.com/r/vokm8g