Consumer spending on professional services is projected to total almost $481 billion by 2020, representing yearly growth of 3.8% from 2015 levels. Positive economic trends will drive growth as consumers gain more disposable personal income and seek professional services for their financial and personal needs.
Many innovative technologies are changing how we access professional services. If you’d like to seek legal advice, chances are you can do it on your computer or mobile device. Many online services are also cheaper than traditional ones, leading established companies to change their marketing strategies and to offer services on a variety of platforms.
Additionally, companies such as banks and credit card issuers are increasingly providing consumers with forms of payment that are easier to use and more secure than traditional payment methods.
Some companies and technologies that are modernizing the way consumers access professional services are listed below.
- Rocket Lawyer is an online legal technology company that provides consumers with legal services such as document review and quick answers from a lawyer.
- LegalZoom.com is an online legal technology company providing legal services such as business incorporation and personal legal document drafting and review.
- Motif, an up-and-coming online investment platform, offers users the option of investing in concepts by providing “motifs” with a basket of up to 30 stocks in a specific category.
- Stash is a mobile investment app catering to millennials by allowing users to start investing in fractional shares with as little as $5.
- Bank of America is the second largest bank in the US and offers a popular mobile banking app. In October 2016, the company introduced Erica, a banking system with artificial intelligence that will provide financial advice to its users through the mobile app upon its expected release in late 2017.
- Intuit offers its well-known TurboTax software, making it easy for users to prepare their taxes by themselves.
- EMV microprocessor chip technology makes credit and debit card payments at brick-and-mortar retail locations safer by protecting personal information from thieves. In the spring of 2016, fraud at EMV-enabled merchants declined by about half from the previous year.
- Contactless payment technology through Apple Pay employs Near Field Communication, allowing users to pay for goods without using a physical credit card.
Want to Learn More?
The companies and technologies listed above offer some insight about trends in professional services. For in-depth analysis of the industry, see Professional Services: United States, a report published by the Freedonia Focus Reports division of The Freedonia Group.
This report contains historical data and analysis of personal consumption expenditures (PCE) on professional services from 2005-2015 with projections to 2020. Total spending is segmented by service type as follows:
- portfolio management and related
- securities trading
- tax preparation and related
- other services.
While you’re there, you can check out some related reports such as Commercial Banking: United States and Employment Services: United States. Plus, you can learn about the benefits of subscribing to Freedonia Focus Reports.
About the Author: Cara Brosius is a Market Research Analyst with Freedonia Focus Reports. She conducts research and writes a variety of Focus Reports, which offer concise overviews of market size, product segmentation, business trends, and more.