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3 min read

Trends and predictions for the Professional Services Industry in 2024

The year 2023 was a turbulent time for industries, including professional services organisations.

The world faced global instability, rising interest rates, and the ongoing climate crisis, resulting in a decline in most key performance indicators (KPIs).

However, does this mean that the industry will experience a resurgence in 2024?

Trends and predictions for the Professional Services Industry in 2024

At the start of each year, I eagerly anticipate the release of the Service Performance Insight Benchmark!

This extensive resource delves into the world of professional services organisations worldwide, offering over 200 pages of valuable insights and knowledge.

With nearly 600 participants contributing their performance data across 100+ KPIs and a practical framework for business growth and evolution, this year's edition promises to be as enlightening as ever.

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What will 2024 bring for the consulting businesses?

First, let's address the prominent elephant in the room: AI.

Yes, it is a significant factor for Professional Service Organisations (PSOs). Yes, it is impacting the industry in various ways:

  1. AI is increasingly embedded in Professional Services Automation (PSA) platforms.
  2. PSOs utilise AI internally to enhance organisational processes.
  3. PSOs assist their client base in developing AI-centered strategies and implementation.
2023 was a year hampered by high-interest rates, uncertain economic conditions, and geopolitical conflict, resulting in slower growth and reduced hiring. (…) Artificial Intelligence (AI) mania brought deep interest to the professional services market and the firms that support it."
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2024 Professional Services Maturity Benchmark

Will the professional services industry transition from turbulence to triumph?

Entering 2024, there is renewed optimism compared to the uncertainties that marked the beginning of 2023. 

SPI Research expects annual revenue growth to return to the 10-12% rate it typically achieves."
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2024 Professional Services Maturity Benchmark

 

Looking to the past can provide valuable insight and perspective when uncertain about the future.

Trends and KPIs in the professional services industry 2019-2023:

2019

Growth and success

Annual revenue per billable consultant is $207 (k), and billable utilisation is 71.7% - the second highest in the five-year trend.

2020

COVID-related challenges and new solutions

New business models, less on-site service delivery, and project margins slightly up.

2021

A rebound year

COVID effects still lingering. EBIDTA slightly improved and more than 80% of projects delivered on time.

2022

The PSOs are still growing

Positives in overall sales growth and profitability but with a perception that more effort did not necessarily translate to working smarter.

2023

A year of uncertainty

Challenges with high interest rates, economic uncertainty, and geopolitical conflicts resulted in slower growth and reduced hiring. Europe saw a marginal increase in profitability from 19.5% to 19.7%.

Performance for the PSOs 2019-2023

Webinar or podcast?

Do you prefer to get the highlights of this year's benchmark through a live webinar or as a podcast series?

You're in luck!


Get a framework for growth tailored to the professional services industry

To truly enhance your metrics and KPIs, it's essential to understand what drives growth and evolution within your business. While financial growth and profitability are crucial, they are not the only factors that contribute to success. As a people-centric business, it's vital to focus on achieving four key goals: increasing revenue, maximizing organisational profit, ensuring high levels of client satisfaction, and optimising employee performance.

To achieve these goals, it's important to not only have a clear understanding of your processes but also to invest in technology that aligns with your company's level of maturity.

By documenting and streamlining your processes, you can create a solid foundation for growth. Additionally, investing in the right technology can help you automate tasks, improve efficiency, and drive innovation within your organisation.

By focusing on these essential elements and leveraging the right tools and strategies, you can set your business on a path towards sustainable growth and success. Remember, growth is not just about numbers - it's about creating a strong, resilient organization that thrives in an ever-changing market.

Discover the solution within the comprehensive insights of the 2024 Professional Services Maturity Benchmark.

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FAQ: 2024 Professional Services Maturity Benchmark Overview

 

 

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