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Creating a virtual firm is the new trend in the professional services market.


PC : https://www.tco-international.com/

Rapid technology change in the recent years, together with increased pressure to reduce costs and increased use of smart phones, is pushing the concept of virtual firms in the professional services industry. More professional firms will go virtual with few 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.

PROFESSIONAL SERVICES MARKET TO GROW TO $5 TRILLION BY 2020 ACCORDING TO THE BUSINESS RESEARCH COMPANY.

The Business Research Company expects the hospitality market to grow to $5 trillion in 2020. The Americas was the largest region in the professional services market in 2016, accounting for $1.6 trillion or 40.1% market share. 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.

The chart below shows the year-on-year growth of the global professional services market during 2016 - 2020.

According to The Business Research Company’s Professional Services Consultant, Oliver Guirdham, the professional services industry benefitted from technological growth during the historic period. This period saw technological development as a key driver of the global economy. During this period the value of the NASDAQ index of technology stocks in the USA increased by more than 100%. Rapid progress in technology has led to the development of new applications for the professional services industry. These applications help professional services firms enhance their productivity, provide innovative product offerings and improve the quality of their services.

PricewaterhouseCoopers International Limited (PwC) was the largest company in the professional services market with revenues of $36 billion for the financial year 2016. PwC’s growth strategy is to strengthen its advisory division by expanding its services to small and medium, social enterprises. For instance, PwC Poland invested €1 million to establish The Social Innovators Club that will provide consulting solutions to challenges faced by global entrepreneurs.

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).

PSOs support businesses in a wide range of industries. Professional services include but are not limited to accounting and auditing services, architectural and engineering services, rental and operational leasing services, management consulting services, legal services, financial advisory services, market research services, scientific research and development services.

The professional services market can be classified as follows

Accounting services provide systematic and comprehensive recording of financial transactions pertaining to businesses. The service involves summarizing, analyzing, auditing and reporting of the financial transactions for tax collection agencies and entities. It also involves auditing and preparing financial statements, designing accounting systems, developing budgets and accounting advisory. Accounting services companies charge clients fixed fee, hourly fee or per transaction fee.

Architectural, Engineering And Related Service companies handle planning, designing and supervision of construction related to a wide range of industries. Architectural, engineering, and related services include but are not limited to architectural services, landscape architectural services, engineering services, drafting services, building inspection services, geophysical surveying and mapping services, surveying and mapping (except geophysical) services and testing laboratories. Clients of the architecture and engineering services industry include businesses and governments, and sometimes private households. Shortlisting an architecture and engineering services company is generally based on the size of an organization, type of business, competitive landscape and available funds. Architecture and engineering service companies either charge clients fixed fees, per hour or per square feet.

Specialized Design Service establishments offer interior design, industrial design and graphic design services. Customers of specialized design services include hospitality, healthcare, construction and publishing companies. Service companies charge fixed fee, hourly fee or charge on square footage of the product.

Management Consulting Service companies offer organization planning, financial budgeting, marketing strategies, human resource practices, administration policies and production and logistics scheduling services. Selecting a management consulting firm is mainly based on the size of an organization, type of business, competitive landscape and client budgets. Management consultancies earn on the basis of pay-per-project model, monthly or annual model, or even by acquiring shares in the client company.

Environmental Consulting Services establishments offer advice, assistance, and action plans to organizations and governments to manage their environment. Customers of environmental consulting service companies include businesses, governments, as well as private households.

Scientific Research And Development Service organizations are engaged in research and experimental development in the areas such as biotechnology, physical sciences, engineering sciences, life sciences and social sciences. Research and development activities on biotechnology, life sciences, social sciences and humanities are funded by national, state governments and commercial establishments. Scientific research and development service companies monetize their research findings, patents or products to further fund their research activities.

Advertising, Public Relations, And Related Service establishments offering services for planning, developing, creating and managing advertisement and promotional activities. The advertising, public relations, and related services market does not include companies which have advertising and PR departments in-house. Advertising companies purchase advertisement time and space and place them in various media platforms. Advertising companies earn fixed fee, monthly fee or per project fees.

Market Research And Other Design, Research, Promotional And Consulting Services comprise companies that offers services such as aiding in marketing activities, studying and analyzing the market as per client needs and specifications. It includes marketing research, public opinion poll, and translation and interpretation services. Market research companies charge fixed fees or charge fees based on sample size, data processing methodology and the type of report to be delivered to clients. Translation and interpretation service companies charge clients based on the document/material to be translated and efforts and resources required for translating the content.

Photographic Services establishments capture images and it includes editing, processing, and presentation pictures as desired by customers. It includes school portraits, wedding photography, special occasions and event photography. Photographic agencies can earn per day, per project or per individual photograph. Personal and family photography for personal use is not included in this market.

Legal services companies advise clients (individuals or corporations) about their legal rights and responsibilities, and represent clients in civil or criminal cases, business transactions and other matters in which legal advice and other assistance are sought. Legal services companies charge clients fixed fee, hourly fee or contingency fee.

Professional Services Global Market Briefing is a detailed report giving a unique insight into this market. The report is priced at $750 for an individual user. To use across your office the price is $1500 and $2000 if you wish to use across a multinational company.

About The Business Research Company

Visit TheBusinessResearchCompany.com, mail info@tbrc.info or call +447443439350 or +918897263534 or +919160996838 for more information on this and many other titles.

The Business Research Company is a market research and intelligence company, which excels in company, market and consumer research.

It has research professionals at its offices in the UK, India and the US as well a network of trained researchers globally. It has specialist consultants in a wide range of industries including manufacturing, healthcare, chemicals and technology.

The Business Research Company's management has more than 20 years of varied business research experience. They have delivered hundreds of research projects to the senior management of some of the world's largest organizations.


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