Overview of the Professional Services Sector - Market Size and Expansion Rate, Key Drivers, and Prominent Segments, By The Global Market Model From TBRC

A Comprehensive Global Professional Services Industry Overview: Major Leaders, Market Size, Growth Trends, Regional Analysis, and Forecast

LONDON, Aug. 25, 2023 /PRNewswire/ -- According to the Global Market Model, The Business Research Company's flagship product, the projection for the professional services market remains largely consistent in comparison to the previous estimate until the culmination of 2022. The substantial reduction in companies' expenditure on professional services due to budgetary constraints and decreased demand following the pandemic has already been factored into consideration during our prior forecast update. Consequently, our predictions for this market have retained their stability throughout this update cycle. The advent of AI is poised to disrupt the professional services sector through automation, advanced analytics, streamlined infrastructure management, and innovation. However, given the uncertain impact of this factor on the market, we have not integrated it into our forecasts for this update cycle.

Key highlights drawn from the Global Market Model's prognostication for the professional services industry encompass:

• The global valuation of the professional services market stood at $5932 billion in 2022.
• This market constituted 5.9% of the worldwide gross domestic product (GDP).
• Anticipated growth in the professional services market is projected to achieve a compound annual growth rate (CAGR) of 5.4% between 2022 and 2032.
• Drivers including augmented investments in smart cities, regulatory reforms, and transitions in financial reporting standards are projected to propel the market during the anticipated period.
• The design, research, promotional, and consulting services market constituted the largest segment within the professional services market, accounting for 73.5% of the total share in 2022.
• The United States took the lead as the primary market in the professional services sector, comprising 33% of the overall market share in 2022.

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The Global Market Model also offers insights on the following key industry indicators for the professional services industry -

• Number of enterprises
• Number of employees

The Global Market Model covers information on what factors are transforming the professional services industry, including key areas such as professional services market growth rate and market size, professional services industry trends and drivers, future of professional services industry, and more. We're here to address your specific requirements -https://www.thebusinessresearchcompany.com/global-market-model/demo-request

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SOURCE The Business Reseach Company