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Ernst & Young/ EY

Professional Services

United Kingdom

The Professional Services Industry is growing at a quick pace. This growth is due to the increasing demand for professional services such as legal, accounting, advertising, photographic services, and others from organizations across various industries. Rapid technology change increased pressure to reduce costs, and increased use of smartphones is making the concept of virtual firms more attractive to many in the industry. In the future, more professional firms will go virtual and have few permanent offices. Highly skilled individuals in their respective areas are also possessing a significant threat to these Professional Service companies.  An enormous increase in competition is expected as new players enter the market and alternative business structures are established. To stay competitive and up to date, professionals in this industry should be aware of several key market trends like Social Media Adoption, Value Oriented Revenue Model, Emergence of Modularization and Automation of Backend Services, Technology and Artificial Intelligence, Changing Client Demands to name a few. Globalization, Connectivity and Deregularization is an essential element in the growth of this sector.

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