What are professional services? (examples + key statistics)
Curious about what professional services are, examples of services they might offer and key statistics? You’ve come to the right place!
Professional service firms sell specialized expertise/knowledge to clients. Their staff typically have high-level qualifications and unique experience, and work billable hours that are charged to clients by the firm.
Clients enlist these businesses for their expertise in solving problems, making informed decisions, or enhancing business operations. Although there are many different types of professional services, they all follow a similar model.
Read more: The 4 types of professional services.
Providing expert skills is the key to their success, which relies on the knowledge and reputation of their employees. Professional services are all about people, be it clients or employees.
Examples of professional services
Supply Chain Management
Information Security Consulting
Crisis Management Consulting
Occupational Health and Safety Consulting
Risk Management Services
Intellectual Property Consulting
Customs and Trade Consulting
Organizational Development
Data Analytics Services
Immigration Consulting
Software Development Services
Mergers and Acquisitions Advisory
Mobile App Development
Content Creation and Copywriting Services
IT Project Management
Quality Assurance Consulting
Sustainability Consulting
Management Consulting
IT Consulting
Engineering Services
Architectural Services
Marketing and Advertising
HR Consulting
Healthcare Consulting
Public Relations (PR)
Environmental Consulting
Training and Development
Creative Services
Business Process Outsourcing (BPO)
Executive Coaching
Cybersecurity Consulting
Health and Safety Training
Workplace Diversity and Inclusion Consulting
Business Analytics Consulting
Government Policy Consulting
Key statistics about professional services businesses
The professional services industry is undergoing remarkable growth, with the Global Professional Services Market reaching a valuation of USD 6.02 Trillion in 2022 and projected to exceed USD 10.17 Trillion by 2031.
The sector's significance is further underscored by the expected revenue surge in the United States, anticipated to reach USD 31,950.0 million in 2024, making it a major player in the global landscape.
Let's delve into key statistics that shed light on the industry's trajectory and the factors contributing to its expansion.
Quick statistics:
The professional services industry has a projected growth rate of 6.4% through 2032.
The emphasis on digitizing businesses is identified as a major growth driver.
Approximately 80% of professional services firms plan to increase their investment in talent retention in 2023.
Technology & IT consulting services constituted 31% of all professional services sold globally in 2022.
What is Professional Service Automation (PSA) Software?
Professional Services Automation (PSA) is specialized software that automates the essential tasks for professional services, such as service delivery, resource planning, finances, project management and business performance.
Learn more: What is professional services automation (PSA) software?
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