Global Professional Services Industry 2024
Global Professional Services Industry 2024
Global Professional Services Industry 2024
The Global Market Model Professional Services Industry Outlook: Increasing Investments in Smart Cities and Regulatory Reforms to Drive Growth with a 5.75% CAGR
LONDON, GREATER LONDON, UNITED KINGDOM, September 20, 2024 /EINPresswire.com/ -- The Global Market Model is the world’s largest database of market forecasts, covering over 10,000 markets. Forecasts are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast, updated in July 2024, revises projections from February 2024.
Professional Services Industry Size and Growth
In 2023, the global professional services market was valued at $5,798.87 billion. It is projected to grow at a compound annual growth rate (CAGR) of 5.75% from 2023 to 2033. This growth is driven by increasing investments in smart cities, regulatory reforms, and the transition to new financial reporting standards. The growth rate is slightly below the global GDP growth rate.
Market Composition and Professional Services Segments
Professional services include advisory and expert-based support aimed at helping businesses manage or enhance specific areas. The market accounted for 5.54% of global GDP in 2023. The largest segment, which includes design, research, promotional, and consulting services, represented 74.2% of the market. The USA was the leading market, contributing 38.92% of the global total in 2023.
Professional Services Industry Trends and Leading Markets
The market benefits from high demand for legal, accounting, and engineering services across various sectors such as BFSI, construction, and healthcare. Developed countries like the USA have strong demand for legal, photographic, advertising, and accounting services, while developing nations such as India and China see growth driven by skilled labor availability and significant government investments. AI is expected to impact the market through automation, advanced analytics, efficient infrastructure management, and innovation in the long term.
Stability of Professional Services Industry Forecasts
The forecast remains stable from February 2024. Previous updates have considered reduced spending on professional services due to budget constraints and slower demand post-pandemic. Long-term projections anticipate continued stability with potential disruptions from AI advancements.
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