Professional Services Market to Grow by USD 2.08 Trillion from 2024-2028, Driven by Business Process Digitalization, Report with Market Evolution Powered by AI - Technavio

NEW YORK, Feb. 11, 2025 /PRNewswire/ -- Report on how AI is driving market transformation - The global professional services market  size is estimated to grow by USD 2.08 trillion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.7%  during the forecast period. Growing focus on digitalizing business processes is driving market growth, with a trend towards growing trend of using ai and ml in professional services industry. However, shortage of skilled professionals  poses a challenge. Key market players include Accenture Plc, AECOM, Aon plc, Bain and Co. Inc., Boston Consulting Group Inc., Business Connexion Ltd., Charles Ghadban Accounting, Cleary Gottlieb Steen and Hamilton LLP, Deloitte Touche Tohmatsu Ltd., Dentsu Group Inc., Enviro Analysts and Engineers Pvt Ltd., Ernst and Young Global Ltd., FinExpertiza, Forvis Mazars, Oliver, Wyman & Company, Omnicom Group Inc., PricewaterhouseCoopers LLP, Publicis Groupe SA, Slalom Consulting LLC, and Tata Consultancy Services Ltd..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Key Market Trends Fueling Growth

The professional services market is experiencing significant trends as businesses digitize their operations. Cloud technology and SaaS solutions are popular choices for streamlining business processes and managing real-time data. AI and machine learning are revolutionizing financial transactions, customer feedback, and experience management through platforms like Qualtrics. However, cyber threats such as cyberattacks and cybercrime pose risks to financial data management. Service providers offer advisory support, specialized technical services, and consulting in areas like environmental consulting, management consulting, tax preparation, financial auditing, translation services, and more. Digital transformation includes automation, remote working, and business strategies. Technology trends include AI, IoT, and CDAP for enhanced customer experience and resource management. Cybersecurity measures like incident response plans and the NIST Cybersecurity Framework are essential to mitigate risks. Professional services software includes invoice management, expense management, resource allocation, project management, and automated billing. Communication and digital adoption programs are crucial for successful implementation of these trends. 

The professional services industry is undergoing a major shift with the integration of artificial intelligence (AI) and machine learning (ML). This transformation is bringing about new possibilities and enhancements in various sectors of the industry. For instance, Ernst and Young Global Ltd. (EY), a leading professional services firm, employs AI to bolster its business services. EY's AI in professional services is designed to boost efficiency, precision, and productivity in areas such as auditing, tax consulting, and financial analysis. EY has engineered AI-driven tools to cater to its clients and internal teams, thereby elevating the standard of services. Likewise, PricewaterhouseCoopers LLP, another prominent professional services firm, utilizes AI to amplify its offerings. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

• The professional services market is undergoing significant transformation as businesses digitize their processes using technologies like AI, cloud, and blockchain. However, this digital shift brings challenges such as cyberattacks and cybercrime, necessitating security measures and incident response plans. Cloud-based accounting software and SaaS solutions are popular choices for financial transactions, offering real-time data access and automation. Experience management platforms like Qualtrics help enhance customer experience through AI-driven customer feedback analysis. Professional services include advisory support, specialized technical services, design services, research services, promotional services, accounting services, scientific services, and more. Service providers offer online and offline services, hybrid services, and business strategies. Cyber threats, including cyber breaches and identity theft, require adherence to frameworks like NIST Cybersecurity Framework. Digital transformation brings opportunities for project-oriented services, ITO, and digital adoption programs. Technology trends like AI, ML, IoT, and CDAP are transforming industries like legal services, consulting services, and IT services. Talent acquisition and resource management are crucial for professional service firms navigating remote working and digital transformation.
• The professional services industry faces a pressing issue: a shortage of proficient specialists. This deficiency hinders firms from fulfilling client requests, preserving service excellence, and fostering expansion. A major cause of this scarcity is the swift technological progression. Advanced technologies like artificial intelligence, machine learning, and data analytics are increasingly adopted in the industry. Yet, the availability of adequately skilled professionals in these domains has not matched the demand, resulting in a talent void that is hard to bridge. For example, in the manufacturing sector, approximately 1 million positions for data analysts and engineers are projected to remain unfilled by 2025.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This professional services market report extensively covers market segmentation by

• Industry Application
• Financial Services
• Technology
• Healthcare
• Manufacturing
• Others
• Delivery Mode
• On-site Services
• Remote Services
• Hybrid Models
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

1.1 Financial services-  The financial services segment of the professional services market is experiencing significant growth due to regulatory changes, technological advancements, and shifting customer expectations. Financial institutions require professional services to navigate complexities in regulatory compliance, risk management, cybersecurity, digital transformation, and implementation of technologies like artificial intelligence, blockchain, and big data analytics. The market is marked by a variety of players, including multinational firms, boutique consultancies, and tech-driven startups, all vying to offer innovative solutions. Mergers and acquisitions are common as financial institutions expand capabilities and market presence, necessitating professional services for due diligence, integration, and strategic planning. Customer-centricity and personalized financial services are driving demand for professional guidance on customer engagement strategies and service delivery. The outlook for the financial services professional services market remains positive, with continued growth expected as financial systems adapt to regulatory requirements, technological advancements, and evolving customer needs.

Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) 

Research Analysis

The professional services market is experiencing a significant shift as businesses digitize their operations. Artificial intelligence (AI) and cloud technology are driving this transformation, enabling automation, enhanced customer experience, and remote working. However, this digital evolution brings new challenges, such as cyberattacks and cybercrime. Service providers are responding with advanced security measures, incident response plans, and cloud-based accounting software. SaaS solutions are becoming increasingly popular, offering specialized technical services, design services, research services, promotional services, consulting services, legal services, accounting services, scientific services, and more. Professional service firms are leveraging technology to provide advisory support, IT services, and business strategies. Blockchain technology is also gaining traction, offering secure and transparent transactions. Amidst these changes, large enterprises continue to seek expert assistance to navigate this complex landscape.

Market Research Overview

The professional services market is undergoing a significant digital transformation, with businesses increasingly adopting cloud technology, artificial intelligence (AI), and blockchain technology to digitize their processes. This shift brings opportunities for enhanced customer experience, real-time data analysis, and automation of financial transactions. However, it also presents new challenges, such as cyberattacks and cybercrime, which require security measures and incident response plans. Professional services firms offer advisory support, specialized technical services, design services, research services, promotional services, accounting services, scientific services, and more. The industry includes large enterprises, online services, offline services, hybrid services, and service providers. Digital transformation is driving the adoption of cloud-based accounting software, SaaS, and automation tools for invoice management, expense management, resource allocation, project management, and automated billing. Real-time data analysis is essential for effective financial data management and experience management (XM) platforms like Qualtrics. AI and machine learning (ML) are revolutionizing the industry, with applications in legal services, consulting services, and IT services. Generative AI and customer feedback platforms enable enhanced customer experience. However, cyber threats such as cloud-based services breaches, identity theft, and cyber breaches require stringent data security measures, adherence to frameworks like NIST Cybersecurity Framework, and project-oriented services like Information Technology Outsourcing (ITO). Professional services firms must adapt to remote working and business strategies, leveraging technology, talent acquisition, and resource management to stay competitive. The use of digital media and CDAP (Digital Adoption Program) can facilitate digital transformation and improve communication. IoT and digital transformation initiatives are also transforming industries like environmental consulting, management consulting, tax preparation services, financial auditing, translation services, and more.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Industry Application
• Financial Services
• Technology
• Healthcare
• Manufacturing
• Others
• Delivery Mode
• On-site Services
• Remote Services
• Hybrid Models
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio