Professional
service is a broad market which comprises of 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
(PSF’s).
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The global
professional services market is valued at under $6 trillion in 2017 due to the
economic growth and technology development.
In the report,
the global professional services market is divided into three segments. Design,
research, promotional and consulting services occupy the major portion, about
three fourth of the market share and the rest one-fourth is occupied by the
other two segments, namely, legal and accounting services.
The USA was the
largest country in the professional services market in 2017, accounting for
more than one-fifth of the market share. This was mainly due to the presence of
a large number commercial establishments seeking accounting, legal, and
management consulting, advertising and other professional services. China and
the UK followed the USA as the next largest countries in the market.
The professional
services market is fragmented with a number of large and small organizations.
The top five competitors in the market made around 3% of the total market in
2017. Deloitte LLP was the largest competitor of the market, followed by
Bechtel Corporation, Ernst & Young LLP, PwC LLP and KPMG LLP. Deloitte LLP
was founded in 1845 and is currently headquartered in New York, USA and had
244,400 employees as of 2016.
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