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Professional Services Sector
First Research, April 2012, Pages: 10
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Executive Summary
Brief Excerpt from Industry Overview Chapter:
The US professional services industry includes about 770,000 firms with combined annual revenue of more than $1 trillion. Major firms include Booz Allen Hamilton, Computer Sciences Corporation (CSC), Gensler, IBM, Jacobs Engineering Group, Omnicom, PricewaterhouseCoopers, and Skadden, Arps, Slate, Meagher & Flom. The industry is highly fragmented: the 50 largest firms account for less than 20 percent of revenue.
Global annual revenue from consulting services, advertising and marketing services, engineering services, and accounting services alone totals nearly $2 trillion. Major professional services firms based outside the US include Accenture (Ireland), WPP (Ireland), WorleyParsons (Australia), Capgemini Group (France), and Baker Tilly International (UK).
The professional services industry includes accounting, advertising and marketing, architectural, consulting, engineering, IT, legal, and scientific research services. The industry does not include insurance, securities, or real estate brokerage services.
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. Revenue per employee varies among the different types of professional services....
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