Value-Oriented Revenue Model In The Professional Services Market
The global professional services market, a part of the professional services industry, grew at a compound annual growth rate (CAGR) of around 5.3% during the historic period. The professional services industry showed a steady growth. The growth is mainly due to the economic growth and increases in the size of the educated middle classes gives new opportunities for professional services firms looking for growth.
In the forecast period, the global professional services market size is expected to be over $6 trillion by 2021, growing at a CAGR of nearly 5%. This is expected due to 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%. Furthermore, rising population, increase in dispensable income, and increasing per capita incomes are expected to drive the global professional services market in the future.
Professional services 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).
The top five companies covered are Deloitte LLP, Bechtel Corporation, Ernst & Young LLP, PwC LLP, and KPMG LLP. Deloitte LLP was the largest company in the professional services market in 2017.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
Professional service firms are becoming more sophisticated in their use of social media for finding and engaging clients online, marketing their services and monitoring their competitors. An enhanced social media presence helps professional services firms to improve awareness of the firm, increase client satisfaction and deepen client relationships.
Find TBRC’s report on the Professional Services market: https://www.thebusinessresearchcompany.com/report/professional-services-global-market-report-2018
Traditionally, professional services firms have been charging their customers an hourly rate. In line with increasing wages and rapid pressure from clients to decrease pricing, many professional firms are shifting towards value-oriented billing. Value-oriented billing is easy to apply in the professional services industry since the value (such as tax savings, damage awards, ad placements, or the size of an acquisition or merger) is explicit. Major companies in the Professional Services market, offering this model include Deloitte LLP, Bechtel Corporation, Ernst & Young LLP, PwC LLP, KPMG LLP.
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