Professional Services Market Overview
Product Overview and Scope of Professional Services
Professional services are nonphysical products or services that individuals or companies provide to customers to help them manage or improve a specific area of their businesses. An individual offering professional services may have expertise in a niche area, like digital marketing, and provide services to a business to improve its digital marketing efforts. This type of professional service may be freelance, contract, or private practice work. Two types of professional services organizations such as professional services revenue/profit charters and product/sales support charters.
Professional services are provided in various areas including financial services, engineering, architecture, legal services, creative and marketing services. In finance, services can be recognized as providing professional services, including accountants, financial advisers, and tax advisers. Engineers use science, mathematics, and technology to solve real-world problems. There are six major branches of engineering electrical, mechanical, civil, chemical, geotechnical, and management. In addition, lawyers and other legal professionals provide professional services including advice on legal matters and representing people in court. Barristers and solicitors are lawyers with different qualifications and areas of expertise. Marketers and other creatives including advertising professionals, PR consultants, copywriters, and digital marketers all provide professional services to businesses. Marketing executives utilize a range of professional skills to promote products, services, and ideas for businesses.
Global Professional Services Market – Global Industry Analysis
Market Drivers
- Increasing focus on digitizing business processes
The professional services market is expected to be driven by a rising focus on digitizing business processes. The term digital transformation describes the expanding trend of businesses implementing digital technologies to enhance general business operations and customer experience. Digital marketers provide professional services to businesses. Marketing executives utilize a range of professional skills to promote products, services, and ideas for businesses.
Providing digital delivery of services positioned professional services firms to take a healthier market share by giving consumers the most efficient tools to operate their businesses. Digitalization supports value-based pricing, and business models. Increasing popularity of the subscription-based delivery of knowledge and other services. The following graph represents the different types of digitizing business process work sold by professional services organizations worldwide.
- Increasing demand for business support services
Global Professional Services Revenue by Regions (2018-2023)
Global Professional Services Revenue and Market Share (%) by Regions (2018-2023)
Global Professional Services Revenue (USD Billion) by Regions (2018-2023)
|
2018 |
2019 |
2020 |
2021 |
2022 |
2025 |
2030 |
CAGR |
|
|
North America |
XX |
XX |
XX |
XX |
XX |
XX |
XX |
XX |
|
Europe |
XX |
XX |
XX |
XX |
XX |
XX |
XX |
XX |
|
Asia Pacific |
XX |
XX |
XX |
XX |
XX |
XX |
XX |
XX |
|
Latin America |
XX |
XX |
XX |
XX |
XX |
XX |
XX |
XX |
|
Middle East & Africa |
XX |
XX |
XX |
XX |
XX |
XX |
XX |
XX |
|
Total |
XX |
XX |
XX |
XX |
6,103.24 |
XX |
XX |
5.17% |
Global Professional Services Revenue Market Share (%) by regions in 2022
|
Global Professional Services Revenue Market Share (%) by regions in 2022 |
|
|
|
Source: Cognitive Market Research |
North America region dominates the market share throughout the forecast period. This is due to significant companies with regional headquarters, such as Accenture. Additionally, due to issues like money and resource shortages, small and medium-sized businesses are more likely than large businesses to use digital transformation services. The North America professional services market is a broad and diverse sector that encompasses a wide range of industries and services.
Global Professional Services Revenue by Segment
Global Professional Services Market by Type
Design, Research, Promotional, And Consulting Services
- Advertising
- Market Research Services
- Public Relations, And Related Services
- Scientific Research & Development Services
- Environmental Consulting Services
- Management Consulting Services
- Specialized Design Services
- Architectural
- Engineering Consultants, And Related Services
Legal Services
- B2B Legal Services
- B2C Legal Services
- Hybrid Legal Services
- Criminal Law Practices
Accounting Services
- Payroll Services
- Tax Preparation Services
- Bookkeeping
- Financial Auditing
- Others
Others
The legal services segment dominates the market share throughout the forecast period. Legal Services refers to the overall field of services provided by legal professionals to individuals, businesses, or organizations in need of legal advice, representation, and assistance. B2B Legal Services specifically focuses on legal services provided to businesses, corporations, or organizations. This may include legal counsel on contract negotiations, corporate law, intellectual property matters, employment law, and other legal issues affecting business operations.
Global Professional Services Market by Service Model
- Time-based
- Fixed-price
Global Professional Services Market by Delivery Method
- On-site
- Offshore
- Nearshore
Global Professional Services Market by Industry Vertical
- Retail
- Healthcare
- Finance
- Manufacturing
- Energy
- Telecommunications
- Others
Global Professional Services Manufacturers Profiles/Analysis
Accenture
Accenture Company Basic Information, and Sales Area
|
|
Item |
Description |
|
1 |
Company Name |
Accenture |
|
2 |
Website |
www.accenture.com |
|
3 |
Established Date |
1951 |
|
4 |
Headquartered |
Ireland |
|
5 |
Market Position/ History |
Accenture was founded in 1951 and is headquartered in Ireland. It is a professional service company. In 1955, the company started expansion outside the United States, and in 1957 European offices were opened in London, Oslo, Paris, and other countries. In 1962, The firm expands into Asia with the opening of an office in Tokyo. Further, in 1975, the company developed its first real-time commercial software. The first delivery center was opened in the Philippines in 1985. Accenture launches its new name on January 1, 2001. In addition, the company acquired Cap Gemini's North American health business in 2005. In 2007, the company also acquired George Group. In 2011, the company acquired Duck Creek and Zenta. The company has also acquired Acquity, Fjord and aVenta, ASM Research, i4C Analytics, Agilex Technologies, SinnerSchrader, OCTO Technology in digital and other players. |
|
6 |
Sales Area |
Worldwide |
|
7 |
Ticker |
NYSE: ACN |
|
8 |
No. of Employees |
~721,000 |
|
9 |
Competitors |
|
|
10 |
CEO |
Julie Sweet |
|
11 |
Ownership Type |
Public |
|
12 |
Contact Information |
Unit 1, Grand Canal Square, Grand Canal Quay, Grand Canal Dock, Dublin 2, Ireland Tel: +353 1 407 6000 |
Business Segment/ Overview:
Accenture is a global professional services company, providing services in strategy and consulting, interactive, technology, and operations, with digital capabilities across all of these services. The company has 738,000 employees worldwide, and 9K clients served throughout the globe in over 120 countries.
Business Strategy
The company continued to make significant investments in strategic acquisitions, research, and development (R&D) in their assets, platforms, and industry and functional solutions, and in attracting, retaining, and developing people. For instance, the company has acquired George Group to expand its consulting capabilities for lean six sigma and process excellence and it also acquired players such as N3, Infinity Works, umlaut, Fjord and avVenta, ASM Research, i4C Analytics, Agilex Technologies, SinnerSchrader and others. In 2014, the company partnered with Microsoft to launch Accenture Hybrid Cloud Solution for Microsoft Azure.
