Professional Services Industry Trends: 2019 and Beyond

professional services

The Professional Service market has been heating up over the last few years. Last month alone, for example, the Professional Services sector added 31,000 jobs. And over the previous 12 months, the industry gained over 300,000 jobs, according to the Bureau of Labor Statistics. In 2016, the Professional Industries sector was the largest employer in the nation, responsible for employing over 20 million Americans. In 2026, this sector will continue to grow to a projected 22.3 million employees, right behind Healthcare (the nation’s current largest employer).

But what is considered a professional service, and how is this industry employing so many American workers? Let’s take a closer look.

What are Professional Services?

Professional Services is a group of occupations in the tertiary sector of the economy, requiring specialized training in the arts and sciences. Some common examples are attorneys, architects, engineers, and accountants. They often require a special certification or training and offer specialized business support.

In other words, the professional services industry offers specialized services to consumers and businesses. They can vary in sizes and can serve all other industries and sectors. But with the global market forecast of a 5.4% growth rate from 2016 to 2020, which types of occupations are making up the most substantial amount of growth in this industry?

Top 3 professional services

Accounting

Out of all the main Professional Services occupations, accounting is the smallest segments. However, the accounting sector had the most significant growth rate (5.9 percent) between 2012 and 2016. And over the next several years, this sector is expected to grow another 6.2 percent. Thus, the accounting sector is small but mighty. But with the continuous implementation of technology and the push for digitalization, this sector will continue to be one of the largest growing areas for years to come!

Engineering

Between 2017 and 2027, STEM (engineering is one of the largest contributors) is going to grow 13 percent. That’s much larger than the 9 percent growth rate from all other non-stem jobs. Since 1990, these occupations have grown over 79 percent. And what’s cool about engineering is that there are hundreds of different career paths. Depending on your degree, you can become anything from an Aerospace Engineer, designing cutting edge defense technologies or an Environmental Engineer, helping organizations improve their impact on the environment. And if that’s not enough for you, engineers have the highest median salary ($91,010) in the nation. It’s no wonder why engineering occupations will increase by over 140,000 jobs in the next decade!

IT consulting

The information technology industry hit some impressive milestones this year and isn’t slowing down. By the end of this year, the IT industry will reach $5 trillion globally. And employment in the IT sector is projected to grow 13 percent by 2026. That equates to over half of a million jobs created over that period. According to the BLS, that’s faster than all other occupations. As we continue to prioritize cybersecurity, the protection of consumer data and the implementation of artificial intelligence, more and more firms will rely on the expertise of IT consultants. They will bring people inhouse or hire a consulting firm to help them make a smooth transition into the digital era.

Find your next professional

The labor market is tight, and many employers may be struggling to secure the talent they need to accommodate these employment trends. So, if you find that your team needs help sourcing strong candidates, reach out to a professional. Work with one of Johnson Service Group’s recruiters. We have specialized teams for every industry and can help you find your next great employee!