The Rise of the Professional Services Industry
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In 2021 alone, the professional services industry has grown to an astounding 5.4 billion.
In 2025, it’ll grow to 8.7 billion.
The question of what the professional services industry includes has a broad answer but can be summed up simply: it’s a business, individual, or organization that provides knowledge customized to a customer’s needs.
For example, lawyers, engineers, architects, advertising professionals, or web and graphic designers are all included in the professional services industry. This industry typically caters to businesses big or small, individuals, and industries wanting to make a profit in their field.
Sales growth in professional services has increased to 2.29% over the years. Within the sector of services, it’s on the top of the charts but remains at #6 in the overall market.
Still, the numbers are notably impressive.
What’s causing the increase in the industry?
The short answer: technological advances.
The more companies that start centered around technology or with the need of using technology, the more the services industry will thrive.
New companies need the help of professional services to get started and learn how to build from the ground up. Whether it be advertising, building a workspace, or just figuring out how to start the company in the first place, this is where the professional services industry will see massive growth.
The onset of the Coronavirus Pandemic is also a pivotal cause in the projected increase of the industry.
Take Zoom for example. A tech company providing businesses with the capability of meeting anytime and anywhere.
At this time last year, Zoom had on average 10 million daily meeting participants. It now has 350 million.
There are also new ways of organizing information online which previously was all done in person.
Although the industry is growing and will continue to grow, it doesn’t mean being in it won’t come with hardships of its own. An increasing industry in turn means more competition, making it harder to match or decrease prices for customers while providing the same amount of service.
To stay ahead of the curve, it‘s best to know what your clients will be looking for and what they want to see from your service. With technology advancing, clients will want to be able to use it as well as AI to refine their businesses or organization. Clients will also be looking for competitive pricing with quick results.
Through our agency’s work, we are able to assist organizations in rebuilding, rebranding, and reinventing themselves to be able to compete in the new predominantly digital world. We’ve incorporated our unique experiences into our signature process and are able to assist other organizations with similar needs.
Is your organization prepared and positioned for the growth of the professional services industry?
Sources:
https://www.openpr.com/news/2117877/professional-services-market-industry-share-trends-growth
https://csimarket.com/Industry/industry_growth_rates.php?ind=908
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