The Business Services Market report segments the industry into Component (Consulting, Managed Services, Support and Maintenance), Enterprises (SMEs, Large Enterprises), End-User (BFSI, IT and Telecom, Healthcare, Retail and E-commerce, Manufacturing, Other End-users), and Geography (North America, Europe, Asia, Australia and New Zealand, Latin America, Middle East and Africa).

Global Business Support Services market size is expected to reach $921.62 billion by 2029 at 8.1%, segmented as by type, document preparation services, telephone call centers, business service centers, collection agencies, credit bureaus

Business service centers have experienced notable fluctuations in recent years, which have been influenced by shifts in e-commerce activity. E-commerce sales play a crucial role in driving demand for services like packaging, labeling and shipping, which comprise a significant part of the business service centers' portfolio. As consumer shopping preferences increasingly lean toward online platforms, these centers have adapted, expanding their offerings to complement the rising e-commerce demands. While the pandemic negatively impacted many industries, business service centers found resilience through this accelerated shift toward online shopping, causing revenue to expand in 2020. As the pandemic ended, growth in e-commerce sales slowed down as more consumers returned to physical shopping experiences, causing a slackening of demand for services tied directly to online sales. Despite this deceleration, steady technological advancements and the persistent appeal of online shopping have sustained a level of positive growth for the industry from 2021 onwards, raising providers’ profit. Revenue growth slowed in 2023 and 2024 as recessionary fears have caused companies to pull back on investing in business service centers’ products. This trend is expected to reverse as the Federal Reserve reduces interest rates, tempering recession concerns. Overall, revenue for business service centers has crept upward at a CAGR of 1.2% over the past five years, reaching $15.4 billion in 2025, including a 2.0% jump in revenue in that year. Looking ahead, the industry is poised for a dynamic shift influenced by emerging technologies and economic growth. As inflation moderates and interest rates decline, solid economic conditions will enhance demand for business service centers, bolstering revenue growth. The adaptation to digital solutions will continue, with larger providers leveraging technologies like artificial intelligence (AI) to innovate their packaging and labeling services, which will become a more significant product segment as the need for print services declines. Outsourcing will expand as emerging markets offer cost-efficient service opportunities, enabling larger centers to further reduce operational costs. Nevertheless, smaller providers will need to specialize in niche services and optimize cost efficiencies to remain competitive. Overall, revenue for business service centers is forecast to swell at a CAGR of 2.9% over the next five years, reaching $17.7 billion in 2030.

The Business Support Services industry in Mexico comprises companies providing wide range of services that support everyday functions of businesses. These services include telemarketing, phone research, debt collection, document preparation and credit analysis. Industry operators cater to clients in the telecommunications, financial, retail and healthcare sectors, as well as various clients from other sectors. The industry has experienced positive trends over the five years to 2019, with revenue anticipated to increase an annualized 1.1% to MXN $37.8 billion. This growth has largely been attributed to the increasing strength of the Mexican economy. For example, the GDP of Mexico is expected to grow at an annualized rate of 2.5% over the five years to 2019. Meanwhile, consumer spending is anticipated to expand an annualized 2.4% during the same period. Industry revenue is largely based on the strength of the economy because, as the economy improves, businesses have more money to invest in industry services. However, while revenue has grown over the past five years, the has been some volatility brought on by fluctuations in private investment. Despite this, industry revenue is expected to increase 2.5% in 2019 alone.

Unlock data-backed intelligence on India Domestic IT & Business Services Market with size at USD 14.4 billion in 2023, featuring industry analysis and strategic insights.

According to Cognitive Market Research, the Global Professional Services market size was USD 6,103.24 billion in 2022 and is projected to boost at a compound annual growth rate (CAGR) of 5.17% from 2023 to 2030. How are the Major Factors Impacting the Professional Services Market Growth?

Rising Focus On Digitizing Business Processes to Provide Viable Market Output

The professional services market is anticipated to be driven by an increasing focus on digitizing business processes. The term 'digital transformation' represents the expanding trend of businesses executing digital technologies to improve general business operations and customer experience. It's the action that officially shows in the digital era in business, and it has the possibility to impact markets in different industries significantly.

For instance, as per Zippia, a US-based developer of online recruitment and job insights media, the global price of digital transformation was $1.5 trillion in 2021 and by 2023, it is expected that global spending on digital modification will total $6.8 trillion. Hence, the rising digitization of business operations will enhance the professional services market.

(Source:www.zippia.com/advice/digital-transformation-statistics/)

The expansion of automation to eliminate ordinary tasks and radical changes in consumer demand, such as customized pricing and improved customer experience, are pushing companies to implement IT services globally and the increasing demand for operational efficiency in the professional service enterprise.

Technological Advancements to Fuel Market Growth

The professional services market has revolutionized because of increased competition, and digitalization is pushing companies to entertain with professional service providers. IT professional service providers deliver a streamlined and standardized process to the organization's administrative processes, helping in the digital transformation of the institution's operations.

For instance, Amazon Web Services, Inc., in February 2022, declared AWS local zones and infrastructure deployment global development in 16 U.S. cities with approximately 30 new local zones. These infrastructure deployments will help AWS extend its computing, database, storage, and other services to a large population from numerous industries. These developments would also drive the industry's growth.

Professional service companies can deliver various services, including audit and accounting, consultation, implementation support, and financial risk protection. They deliver analytic capabilities as well as a foundation for operating business information.

Increasing Cyber Threats Propels the Professional Services Market Growth

Increasing demand for business support services (Access Detailed Analysis in the Full Report Version)

The Factors Hindering the Growth of the Professional Services Market

Lack of Knowledge and Expertise to Hinder Market Growth

Lack of knowledge and expertise to affect the utilization of professional services among companies Due to the complicated nature and the high demand for research, operating with the cloud is often a highly tedious task. It needs immense knowledge and comprehensive expertise on the topic.

According to the PwC CEO Survey 2020, 77% of CEOs were concerned regarding the availability of a skilled workforce. The survey also discovered that those firms that focused on developing their employees' skills were ahead of their peers in multiple ways and were more secure in their future.

(Source:www.pwc.com/gx/en/ceo-survey/2020/trends/pwc-talent-trends-2020.pdf)

Therefore, upskilling is required so that these professionals can easily handle cloud-based applications with fewer problems and ensure improved performance and reliability.

Impact of COVID-19 on the Professional Services Market

The COVID-19 pandemic tried the professional services industry by pushing them to execute remote work at a large scale and adjust their business processes to rapidly changing market conditions. COVID-19 accelerated numerous technological changes across industries, companies countered the pandemic with the use of technology by concentrating on resource management and talent acquisition. The rising focus of businesses on security, cost efficiency, and compliance created a demand for professional services. What is...

According to Cognitive Market Research, the global business information service market size will be USD 51245.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 20498.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 15373.56 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 11786.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 2562.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1024.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
The BFSI category is the fastest-growing segment of the business information service industry.

Market Dynamics of Business Information Services Market

Key Drivers for Business Information Services Market

Rising Need for Data-Driven Decisions to Boost Market Growth

The business information service market is increasing because the importance of data in the development of plans and effective operation is being recognized by more and more firms, which is driving demand for business information services to stay ahead of the competition in today's market, businesses need rapid and reliable information to see patterns in the market, analyze customer behavior, and improve internal operations. Moreover, to meet this demand, companies are investing in business intelligence solutions, reporting tools, and advanced analytics so that they can make better decisions that boost productivity and profits. Businesses are always searching for new ideas to improve their responsiveness, which is driving market growth. For instance, Infosys, a global leader in next-generation digital services and consulting, and IBM launched a global alliance to help businesses use the IBM public cloud to speed up their digital transformation. By using the IBM public cloud’s security, open innovation, and enterprise features, the partnership will help businesses, even those in highly regulated fields like healthcare, financial services, and insurance, move, update, and change their business workloads and apps.

Technological Advancements to Drive Market Growth

The business information service industry has been expanding at a steady rate, propelled by innovations in technology that improve the capacity to gather, analyze, and report on data. Companies can now swiftly handle massive volumes of data and get useful insights due to advancements in AI, ML, and big data analytics. Additionally, decision-makers find it easier to comprehend data because of the advent of visualization tools and dashboards that are easy to use. With the rise of cloud-based solutions, businesses are able to access analytics and data in real time, which improves collaboration and allows for more informed decision-making. Furthermore, businesses are better able to respond to shifting market conditions as a result of this technical growth, which in turn is leading to the business information service market expanding.

Restraint Factor for the Business Information Service Market

High Initial Investments Will Limit Market Growth

A major obstacle to market growth in the business information service sector is due to high starting costs for technology deployment and infrastructure development. Many businesses, particularly smaller and medium-sized ones, find the high prices of purchasing sophisticated software, hardware, and data analytics tools to be too much to bear. Additionally, a major obstacle in the business information service sector is the shortage of trained workers; many companies have trouble finding people who can properly analyze and understand complicated data. Further straining budgets are continuing expenditures associated with data protection, staff training, and system maintenance. The market's overall growth could be slowed due to the financial load.

Impact of ...

Graph and download economic data for Gross Output by Industry: Professional and Business Services (GOPBS) from Q1 2005 to Q1 2025 about output, professional, gross, private industries, business, services, private, industry, and USA.

Global IT Services market size is expected to reach $5228.95 billion by 2029 at 9%, segmented as by type, hardware support services, software and bpo services, cloud services

The IT Services Market report segments the industry into By Service Type (Professional (System Integration and Consulting), Managed), By Size (Small and Medium Enterprises, Large Enterprises), By End-user Industry (BFSI, Telecommunication, Healthcare, Retail, Manufacturing, Government, Other End-user Industries), and By Geography (North America, Europe, Asia, Australia and New Zealand, Latin America, Middle East and Africa).

Graph and download economic data for Gross Output by Industry: Professional and Business Services (Chain-Type Quantity Index) (GOQIPBS) from Q1 2005 to Q4 2024 about quantity index, output, professional, chained, gross, private industries, business, services, private, industry, and USA.

Digital Business Services Market Outlook

The global digital business services market size was valued at approximately USD 235 billion in 2023 and is projected to reach around USD 530 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.5% during the forecast period. This robust growth is primarily driven by the increasing digitization across industries and the rising adoption of advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT). The transition towards digital transformation is not just a trend but a critical necessity for businesses aiming to maintain competitiveness in the modern marketplace.

The acceleration of digital transformation initiatives is one of the primary growth factors for the digital business services market. As more companies recognize the need to modernize their operations, they are increasingly investing in digital business services to streamline processes, enhance customer experiences, and drive innovation. Digital business services provide a comprehensive solution that encompasses consulting, implementation, and ongoing support, enabling companies to leverage advanced technologies effectively. Furthermore, the surge in remote working due to recent global events has pushed organizations to adopt cloud-based solutions, thus fueling market growth.

Another significant growth factor is the continuous evolution of customer expectations. In todayÂ’s fast-paced digital world, consumers demand seamless, personalized experiences across all touchpoints. To meet these expectations, businesses are compelled to adopt digital business services that offer the agility and scalability necessary to deliver superior customer experiences. This trend is particularly pronounced in industries such as retail, BFSI (Banking, Financial Services, and Insurance), and healthcare, where customer engagement and satisfaction directly impact business performance.

The rising adoption of emerging technologies such as AI, ML, IoT, and blockchain is also a key driver of market growth. These technologies enable businesses to unlock new opportunities, optimize operations, and gain valuable insights from data. For instance, AI and ML can enhance decision-making processes, while IoT can improve operational efficiency through real-time monitoring. Blockchain, on the other hand, offers robust security and transparency, which are crucial for industries like finance and healthcare. The integration of these technologies into digital business services provides a significant competitive edge, encouraging more organizations to invest in these services.

Digital Operation Consulting Service plays a pivotal role in assisting organizations to navigate the complexities of digital transformation. These services provide strategic guidance and expert advice, helping businesses to align their digital initiatives with overarching business goals. By leveraging Digital Operation Consulting Service, companies can identify the most effective technologies and processes to implement, ensuring a seamless transition to a more digital-centric operation. This not only enhances operational efficiency but also drives innovation and competitive advantage in a rapidly evolving digital landscape.

Regionally, North America holds a significant share in the digital business services market, driven by the presence of major technology companies and early adoption of advanced digital solutions. Europe follows closely, with substantial investments in digital infrastructure and supportive governmental policies promoting digital transformation. The Asia Pacific region is expected to witness the highest growth rate during the forecast period, fueled by rapid economic development, increasing internet penetration, and a growing base of tech-savvy consumers. Additionally, countries like India and China are emerging as key markets due to their large population base and booming IT sector.

Service Type Analysis

The digital business services market is categorized into consulting, implementation, support and maintenance, and managed services based on service type. Consulting services play a crucial role in guiding organizations through their digital transformation journey. These services involve strategic planning, technology assessment, and roadmap development to ensure that the digital initiatives align with business objectives. Consulting services are in high demand as businesses seek expert advice to navigate the

Cross Border Business Services Market Outlook

The global Cross Border Business Services market size was valued at USD 280 billion in 2023 and is projected to reach USD 520 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.5% during the forecast period. The growth of this market is driven by an increasing trend towards globalization, technological advancements, and a rise in the number of multinational corporations.

A key growth factor for this market is the rising globalization of businesses. As companies expand their operations across borders, the need for specialized services such as consulting, legal services, financial management, and taxation becomes essential. The integration of global markets has led to complex regulatory and compliance requirements, which necessitate the involvement of professional services to navigate these challenges efficiently. This has significantly bolstered the demand for cross-border business services.

Technological advancements have also played a crucial role in the market's expansion. The advent of digital platforms, cloud computing, and artificial intelligence has revolutionized the way businesses operate internationally. These technologies enable seamless communication, efficient data management, and streamlined operations, which are particularly vital for businesses operating in multiple jurisdictions. As technology continues to evolve, the market for cross-border business services is expected to grow further, offering more innovative solutions to meet the complex needs of international operations.

Another significant factor driving the market is the increase in the number of multinational corporations. These organizations require a range of services to manage their global operations effectively. From setting up new subsidiaries to ensuring compliance with local laws, multinational companies rely heavily on cross-border business services. The need for specialized knowledge and expertise in different markets is a key driver for the growth of this industry. Additionally, as emerging economies continue to grow, the opportunity for cross-border business services in these regions is expected to rise.

In terms of regional outlook, North America currently holds the largest share of the cross-border business services market, supported by a robust economy and a high concentration of multinational corporations. Europe follows closely, driven by strong economic ties between EU countries and increased regulatory requirements post-Brexit. The Asia Pacific region is anticipated to witness the highest growth rate due to rapid economic development and increasing foreign direct investments. Latin America and the Middle East & Africa regions are also expected to show substantial growth, driven by improving business environments and economic diversification initiatives.

The rise of Cross-Border Electronic Commerce has significantly contributed to the expansion of the cross-border business services market. As more consumers and businesses engage in international online transactions, there is an increasing need for services that facilitate these activities. This includes logistics, payment processing, and regulatory compliance services that ensure smooth and secure cross-border transactions. The growth of e-commerce platforms has enabled even small businesses to reach global markets, thereby increasing the demand for cross-border services that support these ventures. As e-commerce continues to thrive, the integration of technology with traditional business services is expected to drive further growth in this sector.

Service Type Analysis

Consulting services are a major segment within the cross-border business services market. These services provide strategic advice and solutions to companies looking to expand their operations internationally. Consulting firms help businesses navigate the complexities of entering new markets, including market research, entry strategies, and risk management. The demand for consulting services is driven by the need for expert guidance in making informed decisions that align with the company's global growth objectives. With the continuous evolution of the global business landscape, consulting services are expected to remain a crucial component of the cross-border business services market.

Legal services form another critical segment. These services ensure that companies comply with the legal and regulatory

Snapshot img

Professional Services Market Size 2025-2029

The professional services market size is forecast to increase by USD 2,000.5 billion at a CAGR of 5.3% between 2024 and 2029.

The market is experiencing significant shifts as businesses increasingly prioritize digitalization to streamline operations and enhance service delivery. This trend is particularly prominent in the professional services industry, where the adoption of artificial intelligence (AI) and machine learning (ML) technologies is gaining momentum. These advanced technologies enable automation of routine tasks, freeing up professionals' time to focus on higher-value activities. However, this transition comes with challenges. The shortage of skilled professionals proficient in these technologies poses a significant obstacle for organizations seeking to leverage them effectively.
As the market continues to evolve, companies must navigate these dynamics to capitalize on opportunities and mitigate risks. Strategic investments in upskilling and talent acquisition, as well as partnerships with technology providers, will be essential for professional services firms to remain competitive and deliver superior value to clients. Cyber threats, data security, and the NIST Cybersecurity Framework are key areas of focus for project-oriented services, IT outsourcing, and digital adoption programs.

What will be the Size of the Professional Services Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free Sample

The market encompasses a range of offerings, including advisory services, project portfolio management, capacity planning, data governance, outsourcing solutions, implementation services, and more. One notable trend is the increasing demand for technology solutions to enhance business processes and ensure compliance with various frameworks and audits. This includes performance optimization through industry expertise and best practices, as well as security protocols and disaster recovery. Moreover, companies are focusing on resource allocation, cost optimization, and talent management to gain a competitive advantage. Global delivery models and strategic partnerships are also essential for market positioning and customer loyalty. Succession planning and learning and development are critical for long-term growth and employee engagement.

Capacity planning and program management are crucial for effective project execution and brand awareness. Compliance frameworks and audits are essential for maintaining business continuity and ensuring regulatory compliance. Value engineering and process improvement are key areas for continuous improvement and innovation. In summary, the market is dynamic and evolving, with a focus on technology solutions, cost optimization, talent management, and regulatory compliance. Companies that can effectively deliver these services while maintaining industry expertise and competitive advantage will be well-positioned for success. Cloud-based accounting software and SaaS solutions are also gaining popularity for their convenience and real-time data capabilities.

How is this Professional Services Industry segmented?

The professional services industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Industry Application

  Financial services
  Technology
  Healthcare
  Manufacturing
  Others


Delivery Mode

  On-site services
  Remote services
  Hybrid models


End-user

  Large enterprises
  SMEs


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    Spain
    UK


  APAC

    China
    India
    Japan


  Rest of World (ROW)

By Industry Application Insights

The Financial services segment is estimated to witness significant growth during the forecast period. The market in the financial sector is witnessing significant growth, fueled by regulatory shifts, technological innovations, and shifting customer preferences. Financial organizations are turning to expert consultants to address intricate regulatory compliance issues, manage risks, and enhance cybersecurity. The emergence of fintech and digital banking is intensifying the demand for specialized consulting services, enabling traditional financial institutions to adapt to the digital transformation. Furthermore, the integration of advanced technologies such as artificial intelligence, blockchain, and big data analytics into financial operations presents new opportunities for professional services firms.

These firms can offer valuable expertise in implementing and optimizing these technologies to help clients streamline their operations, improve cu

Global Information Services market size is expected to reach $245.33 billion by 2029 at 6.9%, segmented as by type, news syndicates, libraries and archives, all other information services

Snapshot img

Information Services Market Size 2025-2029

The information services market size is forecast to increase by USD 182.8 billion, at a CAGR of 15.8% between 2024 and 2029.

The market is driven by the increasing adoption of information services for risk management, enabling organizations to mitigate potential threats and make informed decisions. This trend is further fueled by the emergence of Artificial Intelligence (AI) in information management, facilitating advanced data analysis and automation of complex processes. However, the market faces significant challenges, including the growing threat of data misappropriation, theft, and cybersecurity issues. As businesses continue to digitalize their operations, safeguarding sensitive information becomes increasingly critical. Companies must invest in robust security measures and implement strict data governance policies to protect their assets and maintain customer trust.
Navigating these challenges while capitalizing on the opportunities presented by AI and risk management services requires a strategic approach and a deep understanding of the market's dynamics. Companies seeking to succeed in this landscape must stay abreast of emerging trends and adapt to the evolving threat landscape to effectively manage risk and secure their data.

What will be the Size of the Information Services Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free Sample

The market continues to evolve, with dynamic market dynamics shaping its applications across various sectors. Neural networks, data auditing, data storytelling, data mining, data transformation, data lifecycle management, prescriptive analytics, search engine optimization, business intelligence, metadata management, sentiment analysis, data ethics, text mining, data exploration, and other advanced technologies are seamlessly integrated into business processes. Data usability and information architecture are crucial considerations in today's data-driven landscape. Customer relationship management and natural language processing enable effective communication and analysis of customer interactions. Data security and archival ensure the protection and preservation of valuable information. Web analytics and data visualization provide insights into user behavior and trends.

Predictive analytics and machine learning facilitate data-driven decision making. Big data and cloud computing offer scalable solutions for managing and analyzing vast amounts of data. Data quality, reporting, and retrieval systems are essential for ensuring accurate and timely access to information. Data strategy, integration, and governance are critical for effective data management. The Internet of Things and data management platforms facilitate real-time data collection and analysis. Data discovery, modeling, and enrichment enable the creation of valuable insights from raw data. Computer vision and speech recognition offer new possibilities for data analysis and automation. Data accessibility and data-driven decision making are key drivers of business growth and innovation.

Data ethics and compliance are increasingly important considerations in the market. Ongoing market activities and evolving patterns continue to shape the landscape, with new technologies and applications emerging regularly.

How is this Information Services Industry segmented?

The information services industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  News syndicates
  Libraries and archives


End-user

  Automotive
  Healthcare
  Retail
  Manufacturing
  Others


Function Type

  Data Backup and Recovery
  Network Monitoring and Security
  Human Resource
  System Management


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan
    South Korea


  South America

    Argentina
    Brazil


  Middle East and Africa

    UAE


  Rest of World (ROW)

By Type Insights

The news syndicates segment is estimated to witness significant growth during the forecast period.

In today's data-driven business landscape, the demand for advanced information services is surging. Deep learning and artificial intelligence are revolutionizing data analysis, enabling predictive insights and automating business processes. Data warehousing and archival ensure the secure storage and accessibility of vast amounts of information. Usability, information architecture, and customer relationship management optimize data utilization, while data visualization and reporting facilitate effective communication. Security, ethics,

The global cross-border business services market is experiencing a surge in demand, driven by the rise of globalization and the growing complexity of international trade and investment. Valued at 4557020 million in 2023, the market is projected to grow at a robust CAGR of 22.3% over the forecast period of 2025-2033, reaching an estimated value of 27124450 million by 2033. Key factors fueling this growth include the increasing need for specialized services to navigate cross-border tax regulations, the surge in cross-border mergers and acquisitions (M&A), the expansion of e-commerce and remittance services, and the rise of emerging markets with growing cross-border business activities. The market is segmented into types (cross-border tax, M&A, remittance, others) and applications (SMEs, large enterprises, personal), with cross-border tax services holding the largest market share due to the complex and evolving nature of global tax laws. North America and Europe are major markets for cross-border business services, followed by Asia-Pacific and the Middle East & Africa. Leading companies in the market include Deloitte, EY, Cross-Border Business Experts, and Hogg, Shain & Scheck, among others.

BPO companies have fared well recently, supported by a strong economy and rising demand in the human resource, finance, accounting and insurance sectors, collectively generating a large portion of BPO business. Also, rising wages and increased operating costs associated with healthcare expansion helped drive employers to BPO companies as a method of cost control. Nonetheless, rising wages have cut into BPO companies' profit. Revenue has been growing at a CAGR of 1.7% to an estimated $73.0 billion over the past five years, with revenue expected to inch upward 0.7% in 2024. Mixed economic outcomes, coupled with a higher frequency of layoffs from finance and insurance clients, has caused profit to slip and resulted in smaller contracts for BPO companies. The outbreak of the pandemic slowed the growth of BPO companies. Overall, falling corporate profit and reductions in the number of businesses stifled growth for BPO companies in 2020. Nonetheless, some service providers benefitted from the outbreak. Downstream markets demanded human resources services to help transition to remote work following stay-at-home orders and social distancing measures. The healthcare sector increasingly needed BPO companies for compliance and billing support. Going forward, BPO companies will continue to enjoy growth, but rising wage costs will continue to hinder profit. Layoffs in the financial services and technology sectors will benefit BPO companies as they look to reduce costs associated with in-house accounting and human resource departments. Still, smaller contracts amid economic uncertainty early may hinder growth. Companies looking to BPO companies offering integrated IT solutions may hinder growth for traditional BPO companies slow to adopt these practices. Healthcare providers will increasingly require BPO services, promoting growth. Nonetheless, revenue is forecast to grow at a CAGR of 1.8% through the end of 2029 to an estimated $79.7 billion.

Graph and download economic data for Gross Domestic Product: Professional and Business Services (54, 55, 56) in California (CAPROBUSNGSP) from 1997 to 2024 about professional, GSP, private industries, business, CA, services, private, industry, GDP, and USA.

TBRC professional services market report includes design, research, promotional and consulting services, legal services, accounting services, all other professional, scientific, technical services