LONDON, May 06, 2021 (GLOBE NEWSWIRE) — According to The Business Research Company’s professional services industry report, the global professional services market size is expected to grow from $5.03 trillion in 2020 to $5.43 trillion in 2021 at a compound annual growth rate (CAGR) of 7%. 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 $7.06 trillion in 2025 at a CAGR of 7%.
TBRC’s professional services industry outlook states that the top opportunities in the professional services market segmented by type will arise in the design, research, promotional and consulting services segment, which will gain $1,602.0 million of the global annual sales by 2025, and the top opportunities within this segment will arise in the architectural, engineering consultants and related services segment, which will gain $437.0 million of the global annual sales by 2025.
The top opportunities in the legal services market segmented by type will arise in the B2B legal services segment, which will gain $104.3 million of the global annual sales by 2025. The top opportunities in the accounting services market segmented by type will arise in the bookkeeping, financial auditing and other accounting services segment, which will gain $149.1 million of the global annual sales by 2025.
In the other professional, scientific and technical services market segmented by type, top prospects will arise in the other professional, scientific and technical services segment, which will gain $38.5 million of the global annual sales by 2025.The professional services market size will gain the most in the USA at $449.1 million.
The Business Research Company’s report titled Professional Services Market – Opportunities And Strategies – Global Forecast To 2022 covers major professional services companies, professional services market share by company, professional services manufacturers, professional services market size, and professional services market forecasts. The report also covers the global professional services market and its segments.
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Professional services firms should consider opting for virtual offices to reduce operational costs and increase their presence in multiple locations and to withstand the pandemic. Rapid technological advances, the COVID-19 pandemic, together with increased pressure to reduce costs are leading to a rise in virtual professional services firms. Many professional services firms are choosing to have virtual offices to avoid costs that come with permanent offices such as office rent and computer hardware and to follow the work from home guidelines during the pandemic. By having few permanent offices, hosting their IT infrastructure on the cloud, and hiring freelance and contract employees near the client location, these firms are able to compete aggressively on price while maintaining reasonable margins.
On a similar wavelength as working from home, the interior design services landscape is changing rapidly as companies are offering their design services and themes online. Online crowdsourcing enables customers to submit photos of a space online, and interior design service providers send design ideas and style boards relevant for the space directly to the customers. Once the customers select a design, they receive personalized floor plan and shopping list along with instructions. For instance, Homepolish standardizes processes, prices, and offers design services to clients by matching client requirements with interior designer skills. It charges as low as $50 for a one-hour interior design service consulting session. Similarly, Houzz an online platform enables customers to hire interior designers. Major online design services platforms include Hatchwise, DesignCrowd, Designhill and GraphicRiver.
Market-trend-based strategies for the professional services market thus includes adoption of artificial intelligence tools, implementing virtual professional services, providing design services online, investing in data security technologies, adopting cloud based technology software, embracing block chain technology, collaborating with micro influencers to increase user engagement, utilizing hashtag trademarking services, and outsourcing to reduce operational costs and increase profit margins.
Professional Services Market – Opportunities And Strategies – Global Forecast To 2022 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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