$3.1tr
$XXX.Xbn
15m
6m
$X.Xtr
Professional, scientific and technical services have grown steadily, even amid macroeconomic volatility. The sector even grew in 2020 during the pandemic, as niche demand for HR consultants, accountants and engineers grew to address evolving consumer needs. Advertisers enjoyed heightened business as companies sought them out for pandemic-focused advertising campaigns. Nonetheless, recent spikes in inflationary pressures and high interest rates have curtailed demand within the construction sectors, as architects, engineers, lawyers and interior designers enjoyed faced slumping demand among nonresidential clients. These trends caused revenue to grow at a CAGR of 2.7% to an estimated $3.1 trillion over the past five years, including an estimated 2.0% boost in 2024. The effects of inflation are having a considerable effect on the overall sector, with profit stagnating in recent years.
Industry revenue has grown at a CAGR of 2.7 % over the past five years, to reach an estimated $3.1tr in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Accenture Plc | 30,728.8 | 4,621.0 | 15.0 | |
International Business Machines Corporation | 23,791.0 | 3,539.0 | 14.9 | |
Jacobs Engineering Group Inc. | 11,504.2 | 1,086.0 | 9.4 |
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Industry revenue is measured across several distinct product and services lines, including Computer system design and related services, Accounting, tax preparation, bookkeeping and payroll services and Architectural, engineering and related services. Computer system design and related services is the largest segment of the Professional, Scientific and Technical Services in the US.
Growth for legal service providers has been slower than the overall sector
This sector is primarily engaged in the undertaking of professional, scientific or technical services. Operators in this sector require a high degree of expertise and training in their chosen field. Operators in this sector then offer these services to a range of end user industries and household consumers.
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NAICS 54 - Professional, Scientific and Technical Services in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
The sector expanded amid headwinds. Despite heightened inflationary pressures and interest rate hikes, strong growth in niches such as technology and scientific research enha...
Learn about an industry's products and services, markets and trends in international trade.
Corporate profit growth is driving increased demand among business clients. Rising national GDP and higher corporate profit generates greater business interest in professiona...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The Southeast is a major hub for the legal and accounting industries. Dense business concentration and a robust population are core factors that attract a variety of professi...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
The sector is highly competitive. Servicers primarily compete on cost, quality of service and adoption of the latest technological innovations, enabling more efficient custom...
Learn about the performance of the top companies in the industry.
No company has amassed more than 1.0% of the market. Even the largest servicers in the sector struggle to gain significant market share due to a wide variety of clients and c...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Most sector support is derived from private associations. Some subsectors also benefit indirectly from government contracts, which generate indirect public assistance for nic...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Profit remains stagnant. While sector profit has grown due to increased demand, rising wage costs amid high inflation limited servicers’ profitability.
Including values and annual change:
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Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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The market size of the Professional, Scientific and Technical Services in the US industry in United States is $3.1tr in 2024.
There are 6m businesses in the Professional, Scientific and Technical Services in the US industry in United States, which has grown at a CAGR of 3.9 % between 2019 and 2024.
The market size of the Professional, Scientific and Technical Services in the US industry in United States has been growing at a CAGR of 2.7 % between 2019 and 2024.
Over the next five years, the Professional, Scientific and Technical Services in the US industry in United States is expected to grow.
The biggest companies operating in the Professional, Scientific and Technical Services market in United States are Accenture Plc, International Business Machines Corporation and Jacobs Engineering Group Inc.
Legal services and Accounting, tax return preparations, bookkeeping and payroll services are part of the Professional, Scientific and Technical Services in the US industry.
The company holding the most market share in United States is Accenture Plc.
The level of competition is high and increasing in the Professional, Scientific and Technical Services in the US industry in United States.