Firms in this industry provide accounting, advertising and marketing, architectural, consulting, engineering, IT, legal, and scientific research services. Major firms include US-based AECOM, Bechtel, Computer Sciences Corporation, IBM, IQVIA (formerly Quintiles), Jacobs Engineering Group, Latham & Watkins, McKinsey & Company, and Omnicom, as well as Accenture (domiciled in Ireland), Capgemini (France), Deloitte Touche Tohmatsu (UK), PricewaterhouseCoopers (UK), and WPP (Ireland).
Professional services providers face a number of challenges, from dependence on corporate spending and trends in the global economy to customers or potential customers choosing to do the work themselves. While the average business may not decide to in-source architectural plans for a new office, accounting, marketing, and IT services can all be brought in-house and often are.
Products, Operations & Technology
The four largest professional services segments are IT services (about 20% of industry revenue), architectural and engineering services (15%), legal services (15%), and consulting services (15%). Accounting services and scientific research each generate about 10% of revenue. Other segments include advertising and specialized design services.