Professional Services in Australia - Industry Market Research Report

Professional Services in Australia - Industry Market Research Report

Professional Services in Australia

The Professional Services subdivision provides various professional, scientific and technical services to a range of markets. The subdivision's performance is largely linked to overall economic conditions, which often determine business confidence and capital expenditure. Over the past five years, greater business profit, rising capital expenditure by the public sector and mostly positive business confidence have supported subdivision demand. However, the COVID-19 pandemic has disrupted several industries in the Professional Services subdivision, weighing on its performance. In particular, demand for architectural services, and surveying and mapping services fell over the years following the COVID-19 pandemic, as many construction projects were delayed or cancelled. Overall, the subdivision has grown by 0.5% over the past five years, to $263.2 billion. This trend includes a 3.4% decrease in the current year, as economic uncertainty and falling business confidence discourage discretionary spending among many client firms.

The Professional Services subdivision consists of industries that primarily provide services to other businesses and households. These services include scientific research; architectural, engineering and technical; legal and accounting; advertising; market research and statistics; management and related consulting; veterinary; and other professional services.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.