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New Study Reveals 36% of Services Firms Are Turning Down Work; And Other Findings Affecting Growing Services IndustryIRVINE, Calif., Jan. 10, 2017 /PRNewswire/ -- Mavenlink, the leading software platform for the modern services organization and a Gartner Cool Vendor*, in conjunction with Gigaom, the leading market research firm, released today the 2017 State of the Services Economy report. The report uses data compiled from a survey of 480 executives working in professional services industries, including consulting, IT Services, and marketing agencies, to identify the key challenges and opportunities for providers in 2017. Key trends unveiled through the research include a marked increase in market competition, substantial struggles in finding resources to take on new projects, increased reliance on services subcontractor networks to deliver client work, increased specialization in firm capabilities, and increased geographic expansion to meet client demands. "The State of the Services Economy report and its underlying market research were driven by our desire to better understand the transformation taking place in the services sector," said Ray Grainger, CEO of Mavenlink and co-author of the report. "The results are both illuminating and compelling. The research confirms there are substantial forces driving services models in new directions. Services providers need to understand this transformation, challenge long-standing operating assumptions, and innovate to thrive in this new reality." Key data points revealed in the report include:
The 2017 State of the Services Economy report is available for download at Mavenlink.com. About Mavenlink Mavenlink delivers enterprise-class Software as a Service (SaaS) that transforms how businesses work with distributed teams, contractors and clients around the globe. Mavenlink's innovative technology suite enables organizations of any size to successfully manage and scale their people, projects, and profits. Consulting firms, IT services organizations, creative agencies, and professional services teams in more than 100 countries are running their businesses more effectively and predictably with Mavenlink. Mavenlink was recently named to the Red Herring 100, and a 2015 Cool Vendor by Gartner, the world's leading technology research and advisory firm. Learn more at www.mavenlink.com. * Gartner, Cool Vendors in Program and Portfolio Management, 2015, Robert A. Handler, Matt Light, Donna Fitzgerald, Teresa Jones, 24 April 2015.
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