NEW YORK, Nov. 22, 2016 /PRNewswire/ -- Professional service is a broad sector which comprises varied occupations which provide support to businesses of all sizes and in all sectors. The business entities which are engaged in providing professional services are generally referred to as professional service organizations (PSOs) or professional service firms (PSFs).
The Americas was the largest geographic market in the professional services market in 2015, accounting for more than $1500 billion or 40% of the global market. This can be attributed to high demand for services such as accounting, legal, advertising, photographic services and other professional services from companies across all industries. Europe was the second largest geographic market, accounting for approximately $30 billion or 35% of the global market. Asia was the third largest geographic market, accounting for $700 billion or 20% of the global market. The Middle East & Africa accounted for 4% and $170 billion, while Oceania accounted for3.5% of the global professional services market.
Global per capita professional services expenditure grew from $460 in 2011 to $520 in 2015 at a CAGR of 3.2% and is expected to grow to more than $600 in 2019 at a CAGR of 4%.
Professional services firms are becoming more sophisticated in their use of social media for finding and engaging clients online, marketing their services and monitoring their competitors. An enhanced social media presence helps professional services firms to improve awareness of the firm, increase client satisfaction and deepen client relationships