The global professional services market has experienced a substantial increase, mainly due to the pandemic.

First, let’s understand what the professional services market encompasses. This industry includes the provision of knowledge-based or technical support. Such services belong to a wide range of areas such as design, research, promotional and consulting services, legal and accounting services, and all other professional, scientific, and technical practices.

The pandemic compelled companies to shift their work formats. Due to restrictions, employees could not work in the office and had to do it remotely. This necessitated investments in infrastructures that would not hinder employees working away from the office. Consequently, it invigorated many areas of the professional services market, such as IT, to ensure the security and proper storage of data for quick and safe access. This market has the particularity to evolve hand to hand with the development of the tools. It means that it goes beyond an economic growth; it is also an evolvement in terms of research.

This is when one of the economic booms in this sector emerged, with a compound annual growth rate (CAGR) of 6.0%. In fact, this market grew from $6,023.65 billion in 2022 to $6,382.56 billion in 2023. It is actually expected that the market will increase even more in the next 5 years from $7,770.09 billion in 2027 at a CAGR of 5.0%.

The main clients worldwide for these services in 2022 were located in North America, the most significant player in the professional services market, followed by Western European companies.

Source: The Business Research Company, 2023 “Professional Services Global Market Report 2023”, April 2023, https://www.researchandmarkets.com/report/professional-services