Digital transformation isn’t new to the professional business services space, but experts agree that this trend is not only here to stay — it’s going to lead the future. The pandemic played a role in escalating the rate at which professional services firms adopted technology and embraced automation.
Professional services are rooted in fulfilling the needs of the client. Previously, many professional service firms were able to rely on face-to-face client meetings and in-person interactions. But today, clients want the best bang for their buck and may even need to cut down on non-essential spending as a result of the pandemic. That means professional services firms need to rethink their service offerings to better suit clients’ needs.
The professional services industry is already paving the way toward changes in hiring. Companies like Salesforce and Dropbox have announced a flexible, new way of working, which opens the door for hiring talent across the globe — even in locations outside of office headquarters.
*According to Wrike’s Professional Service Trends to Look Out for in 2021
FCL Industry Coverage
- Construction and Engineering
- Consulting Services
- Legal Services
- Media and Information Services
Despite slightly down from Q1 2020, M&A activity in the sector remained strong with 4,854 transactions closed in Q1 2021 versus 4,915 during the same period in 2020. Venture Capital buyers were the most active class of investors representing 41.8% of the total deals closed. IPO activity has picked up as the economy recovered from the pandemic.