Major companies in the professional services market include Deloitte Touche Tohmatsu Limited; PricewaterhouseCoopers (PwC); Ernst & Young; KPMG and Accenture Plc.
The global professional services market is expected to grow from $5028.94 billion in 2020 to $5428.45 billion in 2021 at a compound annual growth rate (CAGR) of 7.9%. 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 $7063.87 billion in 2025 at a CAGR of 7%.
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.
North America was the largest region in the global professional services market, accounting for 36% of the market in 2020. Western Europe was the second largest region accounting for 31% of the global professional services market. Africa was the smallest region in the global professional services market.
Cloud based accounting software is increasingly 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.
Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a restraint on the professional services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the professional services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Faster Economic Growth - The professional services market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.2% in 2019 and 3.5% in 2020. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. For instance, India’s GDP is expected to grow at 7.2%, whereas China is forecasted to register GDP growth of 6.0% in 2020. Stable economic growth is expected to increase investments in end user markets, thereby driving the market during forecast period.
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