Professional service industry comprises broad segments that help customers create more value through their specialized knowledge and services. The sector has shown to continue moving forward despite the economic uncertainty.
A professional service is an intangible product that a product vendor sells to help customers manage a specific part of their business. The professional services mainly have occupations in the service sector requiring specific skills and knowledge. Many of the services require holding professional degrees or licenses needed for their field of expertise. Professional service involves a variety of occupations that provide support to businesses in the form of advice or performing tertiary roles.
Companies or individuals normally are looking for professional service for their expertise in a particular area and the value creation of these services can bring. Professional services firms currently have the agility and evolving their business models to meet the impact from pandemic. The sector has performed relatively well in the midst of considerable global challenges and proved its resilience. The global professional service market is expected to continue growing at a CAGR of 7% which will lead to $ 7 trillion in 2025.
The insurance sector consists of companies that offer risk management in the form of insurance contracts. The fundamental idea is that one party, the insurer, will guarantee payment for an unexpected event. And the other party, the insured or the policyholder, pays a smaller premium to the insurer in exchange for the protection on the unexpected occurrence. The insurance companies can be structured either for organizations or individuals as the policyholders. The type of examples for insurance are life insurance, health insurance, property insurance, casualty or accident insurance.
Meanwhile, a pension plan is a retirement plan that requires an employer to make contributions to a pool of funds set aside for workers’ future benefits. The money is then invested on the employee’s behalf, and the earnings on the investments generate income to the worker upon retirement. Given the nature of the business, both insurance and pension funds have long-term payment commitments.
IT or technology consulting, relates to services aimed at helping clients on how they could implement and use information technology (IT) and digital services to help businesses achieve their objectives. There are various reasons for the consultancy services in this sector, namely to gain external advice, to gain access to consultants’ IT expertise, to get temporary help on a particular project, or to outsource the IT service department.
The sector helps clients manage, support, and grow businesses in the area of financial topics. Audit services review the accounts of companies and organizations to justify the legality and validity of their financial records. Actuarial services calculate and analyze future financial risks and make predictions using models and statistics. Tax services advise businesses on how to complete tax returns and to be more tax-efficient. Financial advisories give businesses advice on investments and manage their resources and money.
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