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Home > Business/Finance > Diversified Services > Accounting & Finance
Professional Services
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| Published Date:
August 2008
Published By:
First Research, Inc.
Page Count:
10
Order Code:
R3470-1712
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Professional services account for a large part of the US economy, generating about $600 billion in annual revenue for 600,000 individual firms. The largest segments are legal services ($130 billion); engineering services ($120 billion); computer-related services ($110 billion); accounting ($60 billion); management consulting ($60 billion); advertising ($50 billion); and scientific research ($25 billion).
Brokerage services, if added to this industry, would add another $200 billion of revenue, including securities brokerage ($80 billion); insurance brokerage ($60 billion); and real estate brokerage ($40 billion).
Most professional firms are small. Only about 5,000 firms have annual revenue over $10 million. The vast majority have a single office.
COMPETITIVE LANDSCAPE
Demand is driven heavily by the health of the US economy and particularly by corporate profits. While some professional services are necessary for the normal functioning of most companies, some of the most profitable services aren't considered essential and are often postponed when corporate profits are low. The profitability of professional service firms is closely tied to good marketing, because many costs are fixed. Small firms can compete successfully with large firms in their segment if they offer special expertise.
PRODUCTS, OPERATIONS & TECHNOLOGY
Professional firms provide services that require special expertise but are needed only occasionally. Because of this intermittent, or single, use, firms can make their expertise available to many customers and serve several customers at the same time.
The services sold are often expert advice, but ...
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