London, UK -- (SBWIRE) -- 02/05/2020 -- The professional services market consists of the sales of professional services and related goods by entities (organizations, sole traders and partnerships) that offer services that provide support to businesses of all sizes, in all industries, and to individuals and institutions, in processes where human capital is the major input. Professional services establishments make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.

Growth in the historic period resulted from globalization, technological developments, companies outsourcing back end operations to low cost economies and increased mergers and acquisitions (M&A). Factors that negatively affected growth in the historic period were regulatory challenges, government regulations, skilled workforce shortages and scandals in the accounting industry.

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Professional Services Market Segmentation: -

By Service Type - The professional services market can be segmented by service type into
1.Design, Research, Promotional And Consulting Services
2.Legal Services
3.Accounting Services
4.All Other Professional, Scientific, and Technical Services

The design, research, promotional and consulting services market was the largest segment of the professional services market in 2018 at 72.8%. The all other professional, scientific, and technical services market will be the fastest-growing segment going forward at a CAGR of 10.9%.

By Service Type For Design, Research, Promotional And Consulting Services - The design, research, promotional and consulting services market is segmented by type of service into
1.Architectural, Engineering Consultants And Related Services
2.Scientific Research And Development Services
3.Management Consulting
4.Advertising, Public Relations, And Related Services
5.Market Research Services
6.Design Services
7.Photographic Services
8.Environmental Consulting Services

By Service Type For Architectural, Engineering Consultants And Related Services - The architectural, engineering consultants and related services market is segmented by type of service into
1.Engineering Services
2.Architectural Services
3.Laboratory Testing Services
4.Surveying And Mapping
5.Building Inspection Services
6.Geophysical Services
7.Drafting Services

By Service Type for Global Scientific Research And Development Services - The global scientific research and development services market is segmented by type of service into
1.Social Sciences And Humanities Services
2.Life Sciences Services
3.Physical And Engineering Sciences
4.Biotechnology Services

By Service Type for Global Management Consulting - The global management consulting services market is segmented by type of service into
1.Financial Advisory
2.Operations Advisory
3.Technology Advisory
4.HR Advisory
5.Strategy

By Service Type for Global Advertising, Public Relations, And Related Services - The global advertising, public relations, and related services market is segmented by type of service into
1.Advertising Agencies
2.Print Advertising Distribution
3.Direct Mail Advertising
4.Public Relations
5.Billboard & Outdoor Advertising
6.Media Buying Agencies And Representative Firms
7.Promotional Products

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By Service Type for Global Market Research Services - The global market research services market is segmented by type of service into
1.Marketing Research And Analysis Services
2.Translation Services
3.Public Opinion And Election Polling

By Service Type for Global Design Services - The global design services market is segmented by type of service into
1.Industrial Design Services
2.Graphic Design Services
3.Interior Design Services
4.Fashion And Other Design Services

By Service Type for Photographic Services - The global photographic services market is segmented by type of service into
1.Portrait Studios Services
2.Commercial Studios

By Service Type for Global Environmental Consulting - The global environmental consulting market is segmented by type of service into
1.Site Remediation Consulting Services
2.Others- Environmental Consulting Services, Water And Waste Management Consulting, Environment Management,

Compliance And Due Diligence
By Service Type For Legal Services - The legal services market can be segmented by type of service into
1.B2B Legal Services
2.B2C Legal Services
3.Hybrid Legal Services
4.Criminal Law Practices

North America was the largest market for professional services, accounting for 33.4% of the global market in 2018. It was followed by Western Europe, Asia-Pacific and then the other regions. The fastest growing regions in the professional services market will be in South America and Asia-Pacific, where growth will be at CAGRs of 16.4% and 12.4% respectively. These will be followed by the Middle East and Africa where the markets will grow at CAGRs of 12.2% and 13.1% respectively.

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