The Rise Of Digital Transformation Is Expected To Drive The Professional Services Market Size At 5% CAGR through 2022-2027 - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 20, 2023 /PRNewswire/ -- As per The Business Research Company's Professional Services Global Market Report 2023, the global professional services market has experienced impressive growth, expanding from $6,023.65 billion in 2022 to $6,382.56 billion in 2023, at a notable compound annual growth rate (CAGR) of 6.0%. This upward trajectory is expected to continue, with the market size projected to reach $7,770.09 billion in 2027, sustained by a CAGR of 5.0%. A pivotal driver of the professional services market growth is the increasing emphasis on digitizing business processes, marking the dawn of the digital era in various industries.
Digital Transformation: A Market Catalyst
The rise of digital transformation, characterized by the integration of digital technologies to enhance business operations and customer experiences, plays a significant role in propelling the professional services market. According to Zippia, the global cost of digital transformation stood at $1.5 trillion in 2021, and this figure is anticipated to soar to $6.8 trillion by 2023. The pervasive adoption of digital technologies is reshaping markets across the globe, making professional services indispensable in navigating this transformative landscape.
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The global professional services market exhibits fragmentation, with numerous players contributing to its dynamism. In 2022, the top ten competitors collectively accounted for 5.02% of the total market share. Deloitte Touche Tohmatsu Limited led the pack with a 1.07% market share, followed closely by PwC at 0.91%. Other prominent players in the professional services market include Ernst & Young, KPMG, Accenture, Jacobs Engineering Group, Inc., McKinsey & Company, Publicis Groupe, F WPP plc, and Omnicom Group Inc.
The Power of Cloud Technology
Cloud technology has become increasingly favored by professional services firms, offering enhanced data accessibility, security, and cost efficiency. Cloud-based software, hsted on remote servers, allows for off-site data processing, saving time through automation, providing real-time data, and offering access from any location or device. For instance, PwC introduced "Cloud for Legal" in August 2022, powered by Microsoft Azure, enabling law departments to make smarter decisions by assessing business and technology needs, showcasing the transformative potential of cloud solutions.
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The global professional services market is segmented into:
Within the market segments, the design, research, promotional, and consulting services segment stands out, with a potential to gain $1,172.47 billion in global annual sales by 2027.
North America dominated the professional services market in 2022, accounting for 35.4% of the total market share, followed by Western Europe, Asia Pacific, and other regions. The fastest-growing regions in the professional services market are projected to be South America and the Middle East.
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