Dublin, Jan. 27, 2021 (GLOBE NEWSWIRE) -- The "Professional Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global professional services market as it emerges from the COVID-19 shut down.
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 $7063. 87 billion in 2025 at a CAGR of 7%.
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Where is the largest and fastest growing market for professional services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Professional Services market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider professional services market, and compares it with other markets.
The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
Market segmentations break down market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
The professional services market section of the report gives context. It compares the professional services market with other segments of the professional services market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, professional services indicators comparison.
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.
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.
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.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Professional Services Market Characteristics
3.1. Market Definition
3.2. Key Segmentation
4. Professional Services Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Professional Services Market Supply Chain
5.1. Supply Chain
5.3. End Customers
6. Professional Services Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Professional Services Market Trends and Strategies
8. Impact of COVID-19 on Professional Services
9. Professional Services Market Size and Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers of the Market
9.2.2. Restraints on the Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers of the Market
9.3.2. Restraints on the Market
10. Professional Services Market Regional Analysis
10.1. Global Professional Services Market, 2020, by Region, Value ($ Billion)
10.2. Global Professional Services Market, 2015-2020, 2020-2025F, 2030F, Historic and Forecast, by Region
10.3. Global Professional Services Market, Growth and Market Share Comparison, by Region
11. Professional Services Market Segmentation
11.1. Global Professional Services Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Design, Research, Promotional and Consulting Services
All Other Professional, Scientific, and Technical Services
12. Professional Services Market Segments
12.1. Global Design, Research, Promotional and Consulting Services Market, Segmentation by Type
12.2. Global Legal Services Market, Segmentation by Type
12.3. Global Accounting Services Market, Segmentation by Type
12.4. Global All Other Professional, Scientific, and Technical Services Market, Segmentation by Type
13. Professional Services Market Metrics
13.1. Professional Services Market Size, Percentage of GDP, 2015-2025, Global
13.2. Per Capita Average Professional Services Market Expenditure, 2015-2025, Global
14. Asia-Pacific Professional Services Market
15. Western Europe Professional Services Market
16. Eastern Europe Professional Services Market
17. North America Professional Services Market
18. South America Professional Services Market
19. Middle East Professional Services Market
20. Africa Professional Services Market
21. Professional Services Market Competitive Landscape
21.1. Competitive Market Overview
21.2. Market Shares
21.3. Company Profiles
21.3.1. Deloitte Touche Tohmatsu Limited
220.127.116.11. Company Overview
18.104.22.168. Products and Services
22.214.171.124. Financial Performance
21.3.2. PricewaterhouseCoopers (PwC)
126.96.36.199. Company Overview
188.8.131.52. Products and Services
184.108.40.206. Financial Performance
21.3.3. Ernst & Young
220.127.116.11. Company Overview
18.104.22.168. Products and Services
22.214.171.124. Financial Performance
126.96.36.199. Company Overview
188.8.131.52. Products and Services
184.108.40.206. Financial Performance
21.3.5. Accenture Plc
220.127.116.11. Company Overview
18.104.22.168. Products and Services
22.214.171.124. Financial Performance
22. Key Mergers and Acquisitions in the Professional Services Market
23.1. Global Professional Services Market in 2025- Growth Countries
23.2. Global Professional Services Market in 2025- Growth Segments
23.3. Global Professional Services Market in 2025- Growth Strategies
24.1. NAICS Definitions of Industry Covered in This Report
24.4. Research Inquiries
24.5. About the Publisher
25. Copyright and Disclaimer
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