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Professional Services Market to grow by USD 2.07 Trillion from 2024-2028, driven by the push for digitalizing business processes and AI’s role in reshaping the landscape – Technavio

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NEW YORK, Oct. 28, 2024 /PRNewswire/ — Report with market evolution powered by AI – The Global Professional Services Market size is estimated to grow by USD 2.07 trillion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.7% during the forecast period. Growing focus on digitalizing business processes is driving market growth, with a trend towards growing trend of using AI and ML in professional services industry. However, shortage of skilled professionals poses a challenge.Key market players include Accenture Plc, AECOM, Aon plc, Bain and Co. Inc., Boston Consulting Group Inc., Business Connexion Ltd., Charles Ghadban Accounting, Cleary Gottlieb Steen and Hamilton LLP, Deloitte Touche Tohmatsu Ltd., Dentsu Group Inc., Enviro Analysts and Engineers Pvt Ltd., Ernst and Young Global Ltd., FinExpertiza, Forvis Mazars, Oliver, Wyman & Company, Omnicom Group Inc., PricewaterhouseCoopers LLP, Publicis Groupe SA, Slalom Consulting LLC, and Tata Consultancy Services Ltd..

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Professional Services Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 5.7%

Market growth 2024-2028

USD 2077.8 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.3

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 36%

Key countries

US, China, Japan, India, and UK

Key companies profiled

Accenture Plc, AECOM, Aon plc, Bain and Co. Inc., Boston Consulting Group Inc., Business Connexion Ltd., Charles Ghadban Accounting, Cleary Gottlieb Steen and Hamilton LLP, Deloitte Touche Tohmatsu Ltd., Dentsu Group Inc., Enviro Analysts and Engineers Pvt Ltd., Ernst and Young Global Ltd., FinExpertiza, Forvis Mazars, Oliver, Wyman & Company, Omnicom Group Inc., PricewaterhouseCoopers LLP, Publicis Groupe SA, Slalom Consulting LLC, and Tata Consultancy Services Ltd.

Market Driver

The professional services industry is undergoing a major transformation through the integration of artificial intelligence (AI) and machine learning (ML). Firms like Ernst and Young Global Ltd. (EY) and PricewaterhouseCoopers LLP are leading this change by offering AI-enhanced services. EY’s AI solutions boost efficiency, accuracy, and productivity in areas such as auditing, tax consulting, and financial analysis. Similarly, PwC’s AI-powered offerings augment consultancy, accounting, and financial advisory services, enabling analysis of large datasets and identification of patterns for data-driven insights. In the legal sector, AI tools reduce document review and legal research time and cost. In financial services, ML algorithms detect fraud and predict market trends. Consulting benefits from AI analysis of large datasets and chatbots for client engagement. Innovation in professional services is fostered through predictive analytics and automation, leading to cost savings and increased efficiency. These trends fuel the growth of the global professional services market. 

The professional services market is experiencing significant trends in communication, digital transformation, and cybersecurity. Businesses are focusing on improving communication channels for enhanced collaboration and customer engagement. Digital transformation is a priority, with the adoption of cloud-based services like SaaS and cloud computing increasing. Cyber breaches and identity theft remain concerns, driving the need for data security measures and adherence to frameworks like NIST Cybersecurity. Project-oriented services and IT outsourcing (ITO) continue to be popular. AI, ML, IoT, and digital media are transforming business processes. Real-time data and automation are key benefits of cloud technology. Blockchain technology offers secure financial transactions. Cyberattacks and cybercrime necessitate strong security measures, incident response plans, and adoption of advanced technologies like AI and ML. Cloud-based accounting software streamlines financial transactions. 

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 Market Challenges

The professional services industry is experiencing a significant challenge: a shortage of skilled professionals. This issue is hindering firms’ ability to meet client demands, maintain service quality, and drive growth. The root cause is the rapid technological advancement, which has increased the demand for professionals with expertise in areas like artificial intelligence, machine learning, and data analytics. However, the supply of skilled professionals has not kept pace, resulting in a talent gap. For instance, the manufacturing sector lost about 1.4 million jobs during the pandemic but was already facing a potential labor crisis, with 2.1 million unfulfilled jobs by 2030 due to a lack of skilled labor. Similarly, healthcare projects a shortage of over 4 million workers by 2026 as more than 6.5 million professionals are expected to leave their positions. Competition from sectors like technology, finance, and healthcare for similar skill sets further complicates matters, driving up salaries and making it harder for professional services firms to attract and retain top talent. An aging workforce and demographic shifts, including the retirement of experienced professionals and the preference for flexible work arrangements, are also contributing to the scarcity of skilled workers. These factors are expected to negatively impact the growth of the professional services market.The Professional Services industry encompasses a wide range of services including consulting, legal, accounting, IT, design, research, promotional, scientific, technical, and more. Service providers offer advisory support, specialized technical services, and experience management (XM) solutions using platforms like Qualtrics. Challenges include managing business processes, cyber threats, incident response, financial data management, and remote working. Technology, such as generative AI, plays a crucial role in enhancing customer experience and streamlining operations. Large enterprises require online and offline services, hybrid solutions, and professional services software for invoice and expense management, resource allocation, and project management. Talent acquisition and resource management are key areas of focus. Automated billing and financial auditing ensure accurate and efficient service delivery. Environmental consulting and business strategies are essential for sustainable growth. Tax preparation services and translation services cater to specific needs. Technology continues to transform the industry, offering opportunities and challenges alike.

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Segment Overview 

This professional services market report extensively covers market segmentation by

Industry Application1.1 Financial services1.2 Technology1.3 Healthcare1.4 Manufacturing1.5 OthersDelivery Mode2.1 On-site services2.2 Remote services2.3 Hybrid modelsGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Financial services- The Professional Services Market refers to businesses that provide expert advice, consulting, and specialized services to other organizations. These services can include finance, legal, human resources, technology, engineering, and marketing. Companies in this market help clients improve their operations, reduce costs, and navigate complex business challenges. The market is expected to grow due to increasing business complexity and the need for specialized expertise. Firms offer customized solutions to meet unique client needs, ensuring optimal business performance.

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Research Analysis

The professional services market is experiencing significant transformation as businesses digitize their operations using advanced technologies like Artificial Intelligence (AI), Cloud technology, and Blockchain. These technologies are revolutionizing various industries by automating business processes, enhancing customer experience, and providing specialized technical services. However, with the increased use of technology comes the risk of cyberattacks and cybercrime. Service providers are responding by offering incident response plans, security measures, and cloud-based accounting software as part of their offerings. Professional services include advisory support, consulting, legal, accounting, scientific, design, promotional, and research services. Large enterprises are increasingly relying on IT services and professional service firms for automation, business strategies, and remote working solutions. The integration of AI and technology is enabling service providers to offer more efficient and effective solutions to their clients.

Market Research Overview

The professional services market is undergoing a significant digital transformation, with businesses increasingly adopting cloud technology, artificial intelligence (AI), and blockchain technology to digitize their processes. This shift brings new opportunities for service providers, including IT, consulting, accounting, legal, and design firms, to offer specialized technical services, advisory support, and project-oriented solutions. However, this digital evolution also presents new challenges, such as cyberattacks and cybercrime. Service providers must implement security measures, including incident response plans and cloud-based accounting software, to protect financial transactions and sensitive data. AI and machine learning (ML) are driving innovation in areas like experience management (XM) and automation, enabling real-time data analysis and enhanced customer experience. Large enterprises are turning to SaaS solutions for remote working and business strategies, while smaller firms are exploring hybrid services that combine online and offline offerings. Professional services firms must also address cyber threats, such as cloud-based breaches and identity theft, by adhering to frameworks like the NIST Cybersecurity Framework and investing in data security. The future of the professional services industry will be shaped by digital transformation, automation, and the ability to adapt to an ever-evolving technological landscape.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Industry ApplicationFinancial ServicesTechnologyHealthcareManufacturingOthersDelivery ModeOn-site ServicesRemote ServicesHybrid ModelsGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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UBHOME Collaborates with Qualcomm to Release the Smart Lawn Mower, Co-Creating a New Era of Smart Life

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The 2025 CES in the United States is about to unveil a brand-new chapter in the future intelligent home gardening

LAS VEGAS, Dec. 28, 2024 /PRNewswire/ — UBHOME, a sub-brand of UBTECH Robotics, announced an intelligent service robot in collaboration with Qualcomm Technologies, Inc. The Robotic Mower M10 is a revolutionary smart lawn mower announced at the 2025 International Consumer Electronics Show (CES) in the United States. This product is powered by the Qualcomm® RB1 Robotics Platform, showcases UBHOME’s rich experience in robot research and development, and focuses on solving the pain points of traditional lawn-mowing equipment, providing users with a worry-free and labor-saving smart gardening experience, and creates a new model of gardening intelligence.

User-Oriented: The All-New Convenience Brought by the Smart Lawn Mower to Life

The Robotic Mower M10 is not only a high performance tool but also an upgrade of the smart lifestyle. In response to the pain points of users when using traditional lawn-mowing equipment, this product offers a series of practical functions, bringing brand-new convenience to home gardening:

Wireless and Borderless Mowing: There is no need for cumbersome boundary wire installation anymore. The device relies on accurate environmental perception and navigation technology to independently plan the work area, allowing users to use it right out of the box, saving installation time and energy.

Automatic Mowing, Saving Time and Effort: The device can automatically complete the lawn mowing work according to the preset schedule or real-time instructions, enabling users to manage the lawn care through delegation to the mower.

Wide Coverage and Stable Signal: It supports a large-scale signal connection of up to 130,000 square meters. Even for extremely large courtyards, stable operation can be ensured, and there is no need to worry about signal loss.

Real-time Online, in-control Anytime: Through APP remote control and real-time monitoring, users can adjust the mowing plan or check the device status at any time, managing the courtyard work as they like.

The combination of these functions not only greatly simplifies the complexity of mowing work but also liberates users from repetitive physical labor, allowing them to focus on enjoying the wonderful moments of life.

UBHOME: In-depth Layout in Smart Home

UBHOME is a brand under UBTECH Robotics that focuses on providing smart solutions for families. As a world-leading robot enterprise, UBTECH, with its strong R&D strength and technological accumulation, has successfully launched Walker, China’s first commercial bipedal human-sized humanoid robot. The launch of the Robotic Mower M10 by UBHOME this time is an important step in its layout in the smart home field.

Relying on UBTECH’s technological accumulation in robots and its in-depth understanding of user needs, the Robotic Mower M10 achieves the best mowing effect through environmental recognition and dynamic adjustment. Whether it is complex terrain, steep slopes, or high requirements for fine mowing, it can perform perfectly, demonstrating its excellent technical capabilities and brand commitment.

Powered by Qualcomm Technologies, Facilitating Intelligent Upgrading

As a global leader in wireless technology and edge intelligence, Qualcomm Technologies provides cutting-edge technical support for the Robotic Mower M10, including intelligent edge computing platforms, dynamic path planning, and environmental perception technologies. These technologies ensure that the device can operate efficiently in various environments, providing users with a precise and efficient smart experience. The Robotic Mower M10 utilizes the Qualcomm RB1 Robotics Platform to ensure the superior operation of the Robotic Mower M10 in large-scale courtyards, laying a solid foundation for realizing smart life.

Industry Significance and Trend: Promoting the Development of Gardening Intelligence

With the continuous increase in the demand for home intelligence, the market for smart gardening equipment is in a period of rapid development. As a typical representative of this trend, the smart lawn mower not only meets consumers’ pursuit of a convenient lifestyle but also provides a direction for the transformation of the gardening industry from tool manufacturing to smart services.

The product released by UBHOME not only fills the gap in the high-performance lawn-mowing equipment market but also sets a new industry benchmark. Through the multiple advantages of wireless, real-time connection, and fully automated operation, it endows home gardening with new value, making users no longer regard mowing as a burden but feel the convenience and fun brought by technology.

Innovation Hand in Hand, Co-creating Smart Life

The collaboration between UBHOME and Qualcomm Technologies showcases a strong collaboration of technology and innovation. Both parties are committed to bringing more convenient and efficient life experiences to consumers through technological innovation.

At the 2025 CES, UBHOME and Qualcomm Technologies will showcase the innovative functions and application scenarios of this Robotic Mower M10.

About UBHOME 

UBHOME is a brand under UBTECH Robotics, focusing on providing smart solutions for families. UBTECH is a world-leading robot enterprise dedicated to the research and development and application of artificial intelligence and robot technology and has successfully served more than 900 enterprise-level customers in more than 50 countries around the world.

Media Contact Information
For more information, please contact:
UBHOME Brand Team: mbu-sales@ubtrobot.com 

Qualcomm is a trademark or registered trademark of Qualcomm Incorporated. Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries.  

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SOURCE UBTECH ROBOTICS CORP LTD

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Global Launch of JETOUR T2 i-DM: Reshaping the Hybrid SUV Market

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DOHA, Qatar, Dec. 28, 2024 /PRNewswire/ — On December 25, 2024, the First JETOUR Fan’s Festival and the Launch of T2 i-DM was held in Qatar, themed “Think Future”. During the event, JETOUR launched its user brand “Traveler” in the Middle East and its first hybrid model, JETOUR T2 i-DM. The launch event highlights JETOUR’s commitment to exploring sustainable travel modes and ambition to become the “The World’s Leading Brand in Hybrid Off-road Vehicles” under the “Travel+” strategy.

JETOUR T2 i-DM not only inherits the strengths of T2 series, but also achieves high energy efficiency, high performance, high safety, and high intelligence with its advanced hybrid technology, i-DM. With a maximum combined power of 280kW and torque of 610N•m, T2 i-DM boasts a NEDC pure electric range of 139km and an overall range exceeding 1,000km at just 0.8L/100km, addressing range anxiety and promoting green travel.

Mr. Dai Lihong, executive vice president of JETOUR Auto, emphasized technology’s role in producing world-class products. The launch also introduced “Traveler”, enriching user experience through diverse products and superior performance. This year, JETOUR has ranked third in sales across the Qatari auto market. The Fan’s Festival invited user representatives from across the Middle East to witness the unveiling of “Traveler”, experiencing “Travel+” culture through city tours and co-creation workshops.

JETOUR prioritizes users, listening to their needs and co-creating products, brand, and lifestyle. Through “Traveler,” JETOUR aims to provide richer travel experiences and benefits globally, leveraging the platform to spread the “Travel+” culture worldwide. Mr. Alex Tan, Vice President of JETOUR International, said, “Serving ‘JETOUR users’ and being ‘a user-oriented JETOUR’ are JETOUR’s development philosophy. JETOUR will continue to build a travel community centered around users, cars, and lifestyles, sharing the joy of traveling together with users.”

JETOUR also partnered with Diamond League to promote athletics in Qatar and the Middle East, embodying JETOUR Speed and the brand’s image of breakthroughs and innovations. With T2 selling over 150,000 units globally, T2 i-DM will continue its success to meet customers’ needs and reshape the hybrid SUV market.

The launch of T2 i-DM marks JETOUR’s new journey towards “the World’s Leading Brand in Hybrid Off-road Vehicles.” JETOUR plans to introduce more hybrid and off-road models, providing customers with eco-friendly and diversified travel choices. With its innovative spirit and user-oriented philosophy, JETOUR will lead the global automotive industry towards a more sustainable and smarter future.

SOURCE JETOUR AUTO

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My Date with Rural China—-VOC.com.cn Unveils Season Two of I Am in Rural China

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CHANGSHA, China, Dec. 28, 2024 /PRNewswire/ — Modern China’s rural revitalization strategy is crafting a remarkable narrative of transformation across the countryside, while progressive opening-up policies encourage foreign visitors to delve deeper into the nation’s heartland. On December 26th, VOC.com.cn premiered the second season of its acclaimed series, I Am in Rural China. The show follows Teona Kvartskhava, an international guest, as she explores the villages of Hunan Province, offering viewers a firsthand look at the dynamic implementation of comprehensive rural revitalization. This captivating series invites a global audience to witness the dawn of a new era in China’s rural landscapes, showcasing the country’s evolving countryside to viewers worldwide.

Rice field came as the first surprise. Hunan is the largest rice grower and producer in China. Hunan provides the high-quality and tasty rice. Teona Kvartskhava, a foreigner hardly feeding on rice, was tempted to have plenty of it. In Qunle Village, Lixian County, Changde, she also experienced “Double Rush”, which is a time-honored agricultural event in China. An event that used to call for the joint efforts of all family members, has now become much easier thanks to technology.

Departing from Lixian County for the moment, Teona Kvartskhava embarked on an exciting trip of tastes in Rucheng, Chenzhou, Southern Hunan. Hunan people are keen and expert on peppery food and spicy taste dominates the Hunan cuisine. Hunan is also rich in varieties of peppers. Jingpo town, a well-known town where spicy food prevails. It is a producer of red cluster pepper, officially one of the hottest peppers in China. From the crowded market, to the red and yellow pepper planting base, and then to the modern processing pepper workshop, the small cluster pepper strung up all corners of the town, so that the original ordinary mountain town has become extraordinarily lively and affluent.

Of course, the “star” of the countryside here is not only agriculture, but also culture, which has also blossomed in this ancient land. As the birthplace of papermaking, China has preserved a unique handmade papermaking technique, which is used to make some “special” papers. In Shanghong Village, Liuyang, Teona Kvartskhava was lucky to meet two Chinese masters, who showed her hands-on experiences of “Gushan Tribute Paper” and “Floral Paper”. As the process progresses, the paper took shape in her hands, as if history and culture were meeting in front of her eyes, and became the “first paper” in Teona Kvartskhava’s life.

So,What’s rural China like? It’s about hospitable peasants, about various agricultural produce, about profound history and culture, about colorful intangible cultural heritage. It’s like a book telling numerous absorbing stories. Hopefully Teona Kvartskhava’ll be luckier to visit more villages for their unique interest and charm.

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SOURCE voc.com.cn

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