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Professional ServicesProduct Type: Market Research ReportPublished by: First Research, Inc. Published: September 2009 Product Code: R3470-3019 Description The US professional services industry includes about 700,000 firms with combined annual revenue of about $1 trillion. Major firms include Accenture, Computer Services 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 25 percent of revenue.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, but overall, the industry is labor-intensive: average annual revenue per employee is about $135,000. PRODUCTS, OPERATIONS & TECHNOLOGY The three largest industry segments are IT services, legal services, and architectural and engineering services, each of which accounts for about 20 percent of revenue. Consulting and accounting services generate about 15 percent ... Table of Contents
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