New York, December 29, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Professional Services Global Market Report 2022” – https://www.reportlinker.com/p06193730/?utm_source=GNW
The global professional services market is expected to grow from $ 6,040.91 billion in 2021 to $ 6,697.56 billion in 2022 at a compound annual growth rate (CAGR) of 10.9%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 9,651.77 billion in 2026 at a CAGR of 9.6%.
The professional services market includes the sales of professional services and related goods by entities (organizations, sole proprietorships and partnerships) that provide services and support to businesses of all sizes, in all industries, as well as to individuals. and to institutions, in processes where human capital is the main input. Professional service establishments make the knowledge and skills available to their employees, often on the basis of an assignment, where a person or team is responsible for providing services to the client.
The main types of professional services are design, research, promotion and consultancy services, legal services, accounting services and all other professional, scientific and technical services. The term legal services refers to actions that help people exercise their legal and legislative freedoms.
The different service providers include large enterprises, small and medium enterprises and involve various modes such as online, offline.
North America was the largest region in the professional services market in 2021. Western Europe was the second largest region in the professional services market.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The growth of the professional services market is aided by stable economic growth expected in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.2% in 2019 and 3.5% in 2020. The recovery in commodity prices, after a significant decline during the historic period, is expected further promote market growth. Developed economies are also expected to register stable growth over the forecast period. In addition, emerging markets are expected to continue to grow slightly faster than developed markets during the forecast period. For example, India’s GDP reached 7.2%, while China’s GDP growth reached 6.0% in 2020. Stable economic growth is expected to increase investment in end-user markets, resulting in thus the market during the forecast period.
Cloud-based accounting software is increasingly preferred by accounting firms to improve the ability to access and modify financial data over the Internet, improve the security associated with financial transactions, and reduce costs. Cloud based accounting software is accounting software, similar to software as a service. Model (SaaS), hosted on remote servers to allow users to perform offsite functions.
Accounting data is sent to the cloud, processed, and then returned to the user. This process saves time through automation, creates secure collaboration of financial reports, provides real-time data and access to financial data from anywhere.
This tool allows users to access accounts from any device (smartphone, laptop and others) through the Internet, secure data against online and offline threats, offer better alternative solutions at lower costs than conventional tools.
The coronavirus disease (COVID-19) outbreak has acted as a constraint on the professional services market in 2020 as governments have imposed lockdowns and trade restrictions globally, limiting the need for professional services . COVID-19 is a flu-like infectious disease. symptoms such as fever, cough, and difficulty breathing.
The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Measures taken by national governments to contain transmission have resulted in a decline in economic activity with countries entering a state of ‘containment’ and the outbreak negatively impacting businesses throughout 2020 and until 2021.
However, the professional services market is expected to recover from the shock during the forecast period as this is a ‘black swan’ event and not related to any persistent or fundamental weaknesses in the market. or the global economy.
The countries covered in the professional services market are Argentina; Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia; Czech Republic; Denmark; Egypt; Finland; France; Germany; Hong Kong; India; Indonesia; Ireland; Israel; Italy; Japan; Malaysia; Mexico; Netherlands; New Zealand; Nigeria; Norway; Peru; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UNITED ARAB EMIRATES; UK; UNITED STATES; Venezuela; Vietnam.
Read the full report: https://www.reportlinker.com/p06193730/?utm_source=GNW
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