LONDON, Jan. 16, 2017 /PRNewswire/ -- The design, research, promotional and consulting services (also referred to as general professional services) market comprises establishments offering expertize and services to a wide range of industries, in some cases households and individuals. Activities include architectural, engineering, specialized design services, research services, advertising services, photographic services, translation, interpretation and other design, research, promotional and consulting services. General professional services is hereby referred as design, research, promotional and consulting services.
The USA was the largest market in the design, research, promotional and consulting services industry in 2016, accounting for around 30% of the market, worth about $700 billion in 2016. China was the second largest market, accounting for about 9% of the market worth about $247 billion. The UK was the third largest market, accounting for around $230 billion or 9% of the market. Spain was the lowest of the featured countries in the design, research, promotional and consulting services market accounting for about 2%. Other countries together represented around 20% of the global market.
Companies in the design, research, promotional and consulting services market are shifting from the traditional per-hour and per-month revenue model to a value oriented revenue model. In line with increasing wages and pressure from clients to decrease pricing, many companies are shifting towards value-oriented billing. Value-oriented billing is easy to apply in markets such as management consulting and market research since the value (such as tax savings, damage awards, ad placements or the size of an acquisition or merger) is often explicit. It is expected that more design, research, promotional and consulting service providers will shift to value-based pricing as they try to become "advisors" rather than just service providers.
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