Latest News- Professional Services Market: Financial services is expected to lead the Industry Application segment during 2024-2028

The Professional Services Market is being driven by Growing focus on digitalizing business processes

The Professional Services Market is expected to grow at a CAGR of 5.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2077.8 billion. The professional services sector is undergoing a transformative period, fueled by the adoption of artificial intelligence (AI) and machine learning (ML) technologies. This trend is revolutionizing the industry, presenting new possibilities and enhancements across various professional services sectors. For instance, Ernst and Young Global Ltd. (EY), a leading professional services firm, utilizes AI to augment its business services. EY's AI implementation in professional services is designed to boost efficiency, accuracy, and productivity in areas such as auditing, tax consulting, and financial analysis. EY has engineered AI-driven tools to assist both its clients and internal teams, ultimately elevating the overall quality of services delivered. Parallelly, PricewaterhouseCoopers LLP, another prominent professional services organization, integrates AI to amplify its offerings. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Industry Application
  • Financial services
  • Technology
  • Healthcare
  • Manufacturing
  • Others
• Delivery Mode
  • On-site services
  • Remote services
  • Hybrid models
• Geography
  • North America
    • US
  • Europe
    • UK
  • APAC
    • China
    • India
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing focus on digitalizing business processes
• Rise in focus on core competencies in professional services industry
• Increased adoption of BPO services in professional services industry

However, the market also witnesses some limitations, which are as follows:

• Shortage of skilled professionals
• Increasing penetration of DIY tools
• Complex operations and bureaucracy in professional services organizations

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Market Scope in Professional Services Market Research Report

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Research Analysis Overview

The Professional Services Market is experiencing a significant transformation due to the integration of technology into business strategies. With the rise of remote working and the increasing demand for enhanced customer experience, professional service firms are turning to IT services, automation, and SaaS solutions to stay competitive. Large enterprises are increasingly relying on service providers for specialized technical services, scientific services, accounting services, legal services, consulting services, promotional services, research services, design services, and advisory support. Technology is playing a crucial role in this transformation. Cloud technology and AI are being adopted to digitize business processes, improve efficiency, and provide better customer experiences. SaaS and cloud-based accounting software are becoming essential tools for firms, enabling them to streamline operations and respond to incidents quickly with incident response plans and robust security measures. However, this digital transformation also brings new challenges, such as cybercrime and cyberattacks. Service providers must prioritize security measures and implement blockchain technology and AI to prevent and mitigate risks. The Professional Services Market is expected to continue growing, driven by the demand for innovative solutions and expert advisory support.

Market Research Overview

In the professional services market, the value chain encompasses various processes including pitching and profiling, which involve brand and network building, industry and client insights, and selling and pricing. The resourcing and communicating phase entails workflow and process design, project management and resource planning, and client interaction and co-creation. Delivering and controlling processes consist of commercial and technical capability, service delivery, quality assurance, billing, and team engagement. Lastly, connecting and innovating includes client relationship management, client education and support, and service innovation. Key inputs in this sector include land, financing, equipment suppliers, and labor, with management and marketing executives, and other operational human resources being essential components.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/