The Latest Professional Services Industry Statistics Explained
By 2023, the global professional services market is forecasted to reach $8.8 trillion.
The statistic “By 2023, the global professional services market is forecasted to reach $8.8 trillion” indicates the projected total value of the global professional services sector by the year 2023. This forecast suggests significant growth and investment in professional services across various industries worldwide. Professional services encompass a wide range of specialized knowledge and expertise such as legal, accounting, consulting, and technology services that are crucial for businesses and organizations. The anticipated increase in the market size reflects the growing demand for these services, driven by factors such as globalization, digital transformation, and the need for strategic guidance and support in a rapidly evolving business landscape.
The professional services market accounted for 10.7% of global GDP in 2014.
The statistic that the professional services market accounted for 10.7% of global GDP in 2014 signifies the significant economic contribution of the professional services industry worldwide. This sector includes a wide range of services such as legal, consulting, accounting, engineering, and architectural services, among others. The statistic suggests that the professional services market played a substantial role in the overall economic output of countries around the world in 2014, highlighting the importance of these services in supporting businesses, governments, and individuals in various aspects of their operations and decision-making processes. A strong professional services industry can indicate a healthy and competitive economy with a high demand for specialized expertise and knowledge.
The 2020 revenue for the professional services industry in the United States was $2.02 trillion.
The statistic that the 2020 revenue for the professional services industry in the United States was $2.02 trillion indicates the total amount of money generated by businesses providing specialized services such as legal, accounting, consulting, and other professional expertise. This figure reflects the significant economic contribution of the professional services sector to the overall GDP of the country, highlighting the scale and importance of these services in supporting businesses and individuals with expert knowledge and advice. The substantial revenue generated by the industry also signifies the high demand for specialized services in the market and the overall economic health of the professional services sector in the United States.
As of 2021, Accenture is the world’s largest professional services company by revenue, having generated $44.33 billion in 2020.
The statistic indicates that as of 2021, Accenture holds the top position as the world’s largest professional services company based on revenue for the year 2020. With an impressive revenue of $44.33 billion in 2020, Accenture surpassed all other professional services firms globally. This achievement highlights Accenture’s strong market presence and growth in the professional services industry, showcasing its ability to deliver high-value services to a wide range of clients across various sectors.
Software publishers in the United States professional services industry are projected to grow by 9.5% by 2025.
The statistic indicating that software publishers in the United States professional services industry are projected to grow by 9.5% by 2025 suggests that this sector is anticipated to experience significant expansion in the upcoming years. This forecasted growth rate is higher than the average industry growth rate and indicates a positive outlook for the software publishing segment within the professional services industry. Such growth may be driven by factors such as technological advancements, increased demand for software solutions in various professional sectors, and evolving market trends. This statistic underscores the potential for opportunities within the software publishing sector in the United States, highlighting the importance of staying abreast of developments in this industry for businesses and professionals operating within this space.
“Consulting” represents about 10% of the professional services industry.
This statistic states that the sector of consulting services accounts for approximately 10% of the overall professional services industry. This suggests that consulting plays a significant role within the professional services industry, making up a substantial portion of the market. This information can be valuable for understanding the composition and dynamics of the professional services sector, highlighting the relative size and importance of consulting services among its various components. Businesses and decision-makers in this industry can use this statistic to assess the impact and influence of consulting services and make informed strategic decisions based on the sector’s relative weight within the broader professional services landscape.
As of 2019, California employed the highest number of people in the professional and business services sector in the U.S, with 2.7 million employees.
The statistic indicates that as of 2019, California had the largest workforce in the professional and business services sector compared to other states in the U.S, with a total of 2.7 million employees in this industry. This reflects the significant role that California plays in the professional services sector, which encompasses a wide range of professions such as consulting, finance, legal services, and information technology. The high number of employees in this sector in California suggests a strong demand for these services within the state, potentially driven by the diverse and robust economy in California, which includes major industries such as technology, entertainment, and finance.
86% of professional services firms feel that technology advances will drive industry changes.
The statistic indicates that the majority of professional services firms, with 86% of them, believe that advancements in technology will play a significant role in driving changes within their industry. This strong sentiment suggests that professionals in this sector are recognizing the transformative impact of technology on traditional business operations and practices. These firms are likely anticipating a shift towards more efficient, streamlined processes and innovative service delivery methods as a result of adopting and leveraging emerging technologies. The statistic highlights a general awareness and anticipation among professional services firms regarding the pivotal role technology will play in shaping the future landscape of their industry.
The accounting services market in professional services is projected to grow at a CAGR of 3.1% from 2021 to 2025.
This statistic states that the accounting services market within the professional services sector is expected to experience a Compound Annual Growth Rate (CAGR) of 3.1% from the year 2021 to 2025. This indicates that the market for accounting services is forecasted to expand steadily at an average annual rate of 3.1% over the specified period. Such growth may be attributed to various factors such as increasing demand for specialized financial expertise, regulatory changes impacting accounting practices, technological advancements driving efficiency in accounting processes, and the overall growth of businesses requiring accounting services. This projection suggests potential opportunities for accounting firms to capitalize on the growing market and adapt to changing industry dynamics.
The professional services sector contributes around £190 billion of gross value added (GVA) to the UK economy each year.
The statistic indicates that the professional services sector in the UK plays a significant role in the economy by contributing approximately £190 billion of gross value added (GVA) annually. GVA measures the value of goods and services produced by an industry and reflects the sector’s overall contribution to the economy. The professional services sector encompasses a wide range of activities such as legal, accounting, consulting, engineering, and information technology services. This substantial GVA figure highlights the sector’s importance in generating economic output, creating jobs, and driving overall economic growth in the UK.
The global legal services market, a part of professional services, will reach $1,045 billion by 2022.
The statistic suggests that the global legal services market, which forms a subset of professional services, is expected to grow substantially and reach a total value of $1,045 billion by the year 2022. This projection indicates a significant expansion of the market size within the legal services industry, highlighting the increasing demand for legal expertise and representation on a global scale. Factors such as technological advancements, regulatory changes, and heightened legal complexities likely contribute to this anticipated growth in the legal services sector. Furthermore, the statistic underscores the importance of legal services in various aspects of business, society, and governance, reflecting the ongoing need for legal support and counsel in a rapidly evolving global landscape.
The staffing industry, part of professional services in the US, generated $154.4 billion of revenue in 2020.
The statistic “The staffing industry, part of professional services in the US, generated $154.4 billion of revenue in 2020” indicates the total amount of revenue generated by the staffing industry within the broader professional services sector in the United States during the year 2020. This figure encompasses the income generated by staffing agencies that provide temporary, contract, and permanent placement services to various industries. The significant revenue highlights the essential role that the staffing industry plays in facilitating the matching of job seekers with employers’ needs, reflecting the continued demand for flexible workforce solutions and talent acquisition services in the US economy.
The marketing research and public opinion polling in the professional services industry is expected to grow by 3.1% in 2021.
The statistic that the marketing research and public opinion polling in the professional services industry is expected to grow by 3.1% in 2021 indicates a forecasted increase in the demand for these services within the industry over the course of the year. This growth suggests a positive trend in the market, likely driven by factors such as a focus on consumer insights, market competitiveness, and the need for data-driven decision-making. Companies within the professional services sector may be increasingly recognizing the value of conducting thorough research and understanding public opinions in order to stay competitive and relevant in today’s rapidly changing business landscape. This statistic provides insights into the anticipated trajectory of the industry and can inform decision-making processes for businesses operating within this sector.
The global management consulting market size was valued at nearly $295.4 billion in 2019
The statistic that the global management consulting market size was valued at nearly $295.4 billion in 2019 indicates the total revenue generated by the management consulting industry worldwide during that year. This figure represents the aggregate value of services provided by management consulting firms to various clients across different sectors and regions globally. The market size provides an insight into the scale and importance of the management consulting industry in supporting organizations with strategic advice, problem-solving, and improving business performance. The substantial value highlights the demand for consulting services and the significant role consultants play in helping businesses navigate challenges, enhance operations, and achieve their objectives effectively.
AI adoption in the professional services industry grew from 38% to 49% between 2020 and 2021.
The statistic “AI adoption in the professional services industry grew from 38% to 49% between 2020 and 2021” indicates a notable increase in the utilization of artificial intelligence (AI) technologies within the professional services sector over the one-year period. This jump from 38% to 49% represents a substantial 11% growth in the adoption rate of AI within the industry. The rise in AI adoption suggests that more businesses within the professional services field are recognizing the benefits and efficiencies that AI technologies can bring, such as automation of tasks, improved decision-making processes, and enhanced customer service. This trend also highlights the industry’s commitment to leveraging innovative technologies to stay competitive and drive growth in a rapidly evolving landscape.
Professional services firms within the United Kingdom in 2017, made an economic contribution of £178 billion in output.
The statistic indicates that professional services firms operating within the United Kingdom contributed significantly to the economy in 2017 by generating an output of £178 billion. This economic contribution likely includes the provision of services such as legal advice, accounting, consulting, and other professional services that address the needs of businesses and individuals. The figure suggests that these firms played a crucial role in supporting various industries and sectors within the UK economy, driving growth, creating employment opportunities, and fostering innovation. Overall, the statistic underscores the importance of professional services firms as key pillars of the UK economy, highlighting their substantial impact on the country’s economic landscape.
The architectural, engineering and related services industry in the U.S generated around $381 billion in 2020.
The statistic indicates that the architectural, engineering, and related services industry in the United States amassed approximately $381 billion in revenue in the year 2020. This substantial figure reflects the economic significance and scale of this industry within the U.S. economy. The sector encompasses a wide range of professional services related to designing, planning, and constructing buildings, infrastructure, and other projects, contributing significantly to the development and growth of various industries and sectors. The high revenue generated underscores the demand for architectural and engineering expertise and services in the U.S., demonstrating the industry’s essential role in driving innovation, progress, and economic activity.
Globally, the professional services industry is projected to grow at a CAGR of 3.4% from 2021 to 2028.
The statistic indicates that the professional services industry is expected to experience steady growth over the period from 2021 to 2028, with a Compound Annual Growth Rate (CAGR) of 3.4%. This means that, on average, the industry is projected to expand by 3.4% each year during this period. The consistent growth suggests a positive outlook for the industry, driven by factors such as increasing demand for specialized services, technological advancements, and globalization. This projection can guide businesses and stakeholders in the professional services sector to make informed decisions and strategies to capitalize on the growth opportunities in the industry.
References
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