Professional Services Firms
The professional services market includes services business in the disciplines of law, management consulting, IT services, market research, international development assistance, accounting, design (architecture, planning, environmental and related services), property consulting, consulting actuaries, and business-to-business financial services.
Global Market Size
The global professional services market is valued at over US$1.8 trillion dollars and is growing more strongly than the broader economy.
In the UK, the professional services sector is the largest single sector, contributing 8% of real GDP output and has grown at an annual rate of 6.1% per annum between 1994 and 2004 versus 3.0% growth in the broader economy.
In Australia, the sector has also grown more quickly than the economy and represents over 12% of the economy, versus 10% in 1995. Between 1995 and 2005 the Australian professional services sector grew by over 65% versus the broader economy growing by 42% over the same period.
The global professional services market is also highly fragmented with the top 500 firms estimated to account for less than 35% of market share.
Global Activity in the Sector
As well as growing faster than the general economies the professional services sector, as a generalisation, is internationalising, following the trends of their global client bases. Eaton Square is seeing a lot of activity as UK, European and US firms look to enter the Australian and Asian markets. Our region is the fastest growing region in the world today, and is destined to outgrow the US and other developed economies within the next couple of decades. Australia remains attractive as an entry point to Asia given our rule of law, our strong and highly regulated financial and banking sector, our language and culture and the general strength of our economy.
