NEW YORK, Jan. 18, 2017 /PRNewswire/ -- Professional service is a broad market which comprises varied occupations which provide support to businesses of all sizes and in all industries. 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 USA was the largest market in the professional services industry in 2015, accounting for around 40% of the market, worth about $1100 billion in 2016. This was mainly due to the presence of large number commercial establishments seeking accounting, legal, and management consulting, advertising and other professional services. The UK was the second largest market, accounting for 10% of the market worth about $300 billion. China was the third largest market, accounting for around $250 billion or 10% of the market. Spain was the lowest of the featured countries in the professional services market accounting for 2%. Other countries together represented 24.9% of the global market.
Virtual Firms In The Professional Industry
Rapid technology change in the recent years, together with increased pressure to reduce costs and increased use of smart phones, is likely to push the concept of virtual firms in the professional services industry during the forecast period. More professional firms will go virtual with few if any permanent offices. By having few permanent offices, their IT infrastructure in the cloud and the use of freelance and contract employees will help professional firms considerably reduce their costs and increase revenues.
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