(Companies: Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers (PwC), Ernst & Young, KPMG And Accenture Plc
The global professional services market was valued nearly at around $6 trillion in 2018. North America was the largest market for professional services, accounting for around 33% of the global market in 2018. The USA is the largest country in terms of value in the professional services market. The professional services market is a broad market which comprises several occupations, which provide support to businesses of all sizes and in all industries. The business entities, which are engaged in providing professional services, are generally referred to as professional services organizations (PSOs) or professional services firms (PSFs).
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Professional Services Market Size
The global professional services market is expected to grow at a rate of around 9% to nearly $8 trillion 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.
The professional services market is highly fragmented, with large numbers of small players. 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.
Deloitte Touche Tohmatsu Limited was the largest competitor in the professional services market in 2018, with around 0.76% share of the market. The company along with its subsidiaries provides audit, tax, consulting, risk advisory and financial advisory services worldwide. Deloitte offers its services to a wide range of industries including consumer and industrial products, energy and resources, life sciences and healthcare, public sector, and technology, media, and telecommunications industries in more than 150 countries worldwide. The company was founded in 1845 and is currently headquartered in London, United Kingdom. The company had 286,000 employees as of 2018.
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Increased Adoption Of Digital Advertisements – General professional service agencies are rapidly shifting towards IT transformation and digitalization of services. With the emergence of advanced data analytics, big data is turning out to be a critical tool for market research companies while executing research projects on a large volume of data to offer analytics solutions to give more robust insights to their clients. Advertising and PR firms are offering digital campaigns taking advantage of increasing digitalization and advances in social media, search engine marketing, content marketing and e-commerce technology. As a result of increasing internet penetration and smartphone users, online content marketing campaigns are expected to be 3 times more effective than traditional ones and comparatively cost 62% less. According to a report by Altimeter Group, 78% of global companies plan to have independent social media marketing teams in 2016, from 71% in 2015 and 67% in 2012.
Opportunities And Recommendations In The Professional Services Market
To take advantage of these opportunities, The Business Research Company 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.
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.
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