2020 Professional Services Trends: How to Attain Speed and Agility in the Digital Age

Published January 14 2020 by Jennifer Alspach

Since 2014, the professional services industry has experienced exponential growth. Over the past six years, the industry has enjoyed an annual compounded growth rate of 4.7%, reaching a value of $5,700.2B in 2018. And the growth is expected to continue.

By 2022, the market is projected to grow at an annual compounded growth rate of 9.1%. Yet there are factors that can stop the momentum for some professional services. And this is what we wanted to find out.

We surveyed service professionals to understand the challenges and opportunism they will foresee in 2020. What forces are shaping the future of the industry? And how will they prioritize their technological investments to remain competitive in the upcoming decade?

After gathering the data and analyzing the results, it’s become obvious that the key to achieving growth and profitability lies in the customer experience. New technologies and access to data have shaped client expectations.

Simply put, today’s customers demand more. Their demand has put a premium on speed and quality in the delivery of knowledge services and it has even pushed professional services to reconsider their pricing models. Below are some of the key findings of our report:

  • 75% of professional services expect their growth rate to be in line or higher than the industry projected growth rate of 5.4%
  • When questioned on their top growth strategies of 2020, participants cited the growth of existing clients and new product/solution launches as the most important.
  • About two-thirds of respondents intend to be involved in a merger and acquisition in 2020.
  • Almost half of professional services are not fully aware of changes in client usage and purchasing.
  • The top three technological priorities for professional services companies in 2020 are:
    • CRM
    • Analytics and Business Intelligence
    • Collaboration

Companies who want to be successful this year will do well to understand the role technology will play in helping them gain a competitive edge. Not only will it help them know who their customers are better, but it will also help address other important issues impacting the industry. To learn more, download your copy of 2020 Professional Services Industry Trends.

2020 Professional Services Industry Trends Survey Results & Analysis

Jennifer is a seasoned marketer with a passion for CRM. She knows that CRM can help you work as smart as you do hard. Jennifer has a software focused background in Distribution, Manufacturing, and Services.

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