The industry, which was affected significantly by the COVID-19 pandemic, is recovering quickly.
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A recent professional services industry overview report predicts that the industry will surpass $9651 billion by 2026, growing at a 9.6% compound annual growth rate (CAGR). The professional and business services industry continues to grow worldwide. Professional services providers create value by providing services, not through selling products. Teams and individuals in this industry offer their time, knowledge, and expertise, typically on a project basis, to complete a task or achieve set milestones on behalf of a client. The professional services industry is one where human capital, e.g., time, knowledge, and expertise, are the primary inputs. In the professional services industry, providers can be large enterprises with hundreds of employers, agencies, firms, or sole proprietors with fewer employees, or sole consultants. What is the professional services industry? While independent professional services firms largely exist outside a company's formal internal structure, an embedded professional services team can be considered part of a larger organization.Įmbedded professional services teams are less driven by "client satisfaction" and instead work towards KPIs and metrics that represent the interests of their parent organization. The alternative to this would be an embedded professional services team. These firms are called independent professional services organizations. Many professional services firms are external and, therefore, independent of the companies they work with. Professional services providers may vary across different industries, but their role is the same: to provide expertise, experience, and specialized knowledge to help clients achieve their goals. A few examples of professional services include accounting, advertising and marketing, and legal services.Ĭonsultants in various sectors are also considered to be working within the professional services industry because they offer their expertise to clients. It is a term that refers to any business, department, or individual whose core output is a service or expertise rather than a manufactured product. The definition of professional services is broad. Let's begin with the professional services definition. In this guide to project management for professional services, we're offering an overview of the wider industry and a look at some of the challenges, roles, responsibilities, and tools professional services organizations need to excel and keep clients happy. Year on year, the professional services industry continues to grow in these markets and regions across the globe.īut what are professional services? What challenges do these industries face? And what tools can firms leverage to bring more value to clients and stakeholders?Īt Wrike, we feel it's important for teams in all industries to be able to use our tools for productivity and growth and to head off the challenges of an ever-changing, client-focused marketplace.
A Guide to Project Management for Professional ServicesĪccording to a recent report on the professional services industry, North America and Western Europe represent two of the largest professional services markets in the world.
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