Professional Services Sector Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 10/16/2017
SIC Codes: 731 , 737 , 81 , 871 , 872 , 873 , 8741, 8742, 8743, 8745
NAICS Codes: 54
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Professional Services Sector Industry Profile

Firms in this industry provide accounting, advertising and marketing, architectural, consulting, engineering, IT, legal, and scientific research services. Major firms include US-based AECOM; Bechtel; Computer Sciences Corporation; IBM; Jacobs Engineering Group; Latham & Watkins; McKinsey & Company; Quintiles; and Omnicom; as well as Accenture (domiciled in Ireland); Capgemini (France); Deloitte Touche Tohmatsu (UK); PricewaterhouseCoopers (UK); and WPP (Ireland).

The US and the European Union are the largest markets for professional services, although firms are expanding in emerging economies such as India and China.

The US professional services industry includes about 890,000 establishments (single-location firms and units of multi-location firms) with combined annual revenue of about $1.6 trillion.

COMPETITIVE LANDSCAPE

Demand is driven by corporate profits and the overall health of the US economy. Although some professional services are necessary for the normal functioning of most companies, many services can be postponed during economic downturns. The profitability of individual firms depends on having a regular flow of projects. Large firms have advantages in marketing and in being able to offer wider ranges of services to meet the needs of major clients. Small firms can compete successfully by offering special expertise or focusing on particular regions. The US industry is highly fragmented: the 50 largest firms account for less than 20% of revenue.

PRODUCTS, OPERATIONS & TECHNOLOGY

The four largest professional services segments are IT services (about 20% of industry revenue), architectural and engineering services (15%), legal services (15%), and ...

 
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