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
A decreasing trend in number of deals can be seen with Q3 2022 with a decrease of 31% compared to Q3 2021, we can also notice that compared to the previous quarters of 2022 there’s a decrease of 29% compared in number of deals to Q1 2022. The first quarter of 2022 started with a record high valuation of $23.79 million, but we can see a decreasing trend in the next two quarters with a decrease of 15% to $20 million median post valuation in Q3.