Major companies in the design, research, promotional and consulting services (also referred to as general professional services) market include WPP PLC; Deloitte LLP; Omnicom Group; PwC LLP and Ernst & Young LLP.
New York, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Design, Research, Promotional And Consulting Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009768/?utm_source=GNW
The global design, research, promotional and consulting services market is expected to grow from $3635.36 billion in 2020 to $3974.1 billion in 2021 at a compound annual growth rate (CAGR) of 9.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5237.37 billion in 2025 at a CAGR of 7%.
The design, research, promotional and consulting services (also referred to as general professional services) market consists of the sales of design, research, promotional and consulting services and related goods by entities (organizations, sole traders and partnerships) that offer expertise and services to a wide range of industries, and in some cases to households and individuals. Activities include architectural services, engineering services, design services, research services, advertising services, photographic services, and other design, research, promotional and consulting services. Design, research, promotional and consulting establishments undertake processes where human capital is the major input. These establishments make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client. The design, research, promotional and consulting services market is segmented into photographic services; market research services; advertising, public relations, and related services; scientific research and development services; environmental consulting services; management consulting services; specialized design services and architectural, engineering consultants and related services.
Western Europe was the largest region in the global design, research, promotional and consulting services market, accounting for 32% of the market in 2020. North America was the second largest region accounting for 31% of the global design, research, promotional and consulting services market. Africa was the smallest region in the global design, research, promotional and consulting services market.
Companies in the design, research, promotional and consulting services market are shifting from the traditional per-hour and per-month revenue model to a value-oriented revenue model. In line with increasing wages and pressure from clients to decrease pricing, many companies are shifting towards value-oriented billing. Value-oriented billing is easy to apply in markets such as management consulting and market research since the value (such as tax savings, damage awards, ad placements or the size of an acquisition or merger) is often explicit. It is expected that more design, research, promotional and consulting service providers will shift to value-based pricing as they try to become "advisors" rather than just service providers.
Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a restraint on the design, research, promotional and consulting services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the design, research, promotional and consulting services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Faster Economic Growth - The design, research, promotional and consulting services market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.2% in 2019 and 3.5% in 2020. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. For instance, India’s GDP is expected to grow at 7.2%, whereas China is forecasted to register GDP growth of 6.0% in 2020. Stable economic growth is expected to increase investments in end user markets, thereby driving the market during forecast period.
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