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Professional Services Market to grow by USD 2.07 Trillion from 2024-2028, driven by the push for digitalizing business processes and AI’s role in reshaping the landscape – Technavio

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NEW YORK, Oct. 28, 2024 /PRNewswire/ — Report with market evolution powered by AI – The Global Professional Services Market size is estimated to grow by USD 2.07 trillion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.7% during the forecast period. Growing focus on digitalizing business processes is driving market growth, with a trend towards growing trend of using AI and ML in professional services industry. However, shortage of skilled professionals poses a challenge.Key market players include Accenture Plc, AECOM, Aon plc, Bain and Co. Inc., Boston Consulting Group Inc., Business Connexion Ltd., Charles Ghadban Accounting, Cleary Gottlieb Steen and Hamilton LLP, Deloitte Touche Tohmatsu Ltd., Dentsu Group Inc., Enviro Analysts and Engineers Pvt Ltd., Ernst and Young Global Ltd., FinExpertiza, Forvis Mazars, Oliver, Wyman & Company, Omnicom Group Inc., PricewaterhouseCoopers LLP, Publicis Groupe SA, Slalom Consulting LLC, and Tata Consultancy Services Ltd..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Professional Services Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 5.7%

Market growth 2024-2028

USD 2077.8 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.3

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 36%

Key countries

US, China, Japan, India, and UK

Key companies profiled

Accenture Plc, AECOM, Aon plc, Bain and Co. Inc., Boston Consulting Group Inc., Business Connexion Ltd., Charles Ghadban Accounting, Cleary Gottlieb Steen and Hamilton LLP, Deloitte Touche Tohmatsu Ltd., Dentsu Group Inc., Enviro Analysts and Engineers Pvt Ltd., Ernst and Young Global Ltd., FinExpertiza, Forvis Mazars, Oliver, Wyman & Company, Omnicom Group Inc., PricewaterhouseCoopers LLP, Publicis Groupe SA, Slalom Consulting LLC, and Tata Consultancy Services Ltd.

Market Driver

The professional services industry is undergoing a major transformation through the integration of artificial intelligence (AI) and machine learning (ML). Firms like Ernst and Young Global Ltd. (EY) and PricewaterhouseCoopers LLP are leading this change by offering AI-enhanced services. EY’s AI solutions boost efficiency, accuracy, and productivity in areas such as auditing, tax consulting, and financial analysis. Similarly, PwC’s AI-powered offerings augment consultancy, accounting, and financial advisory services, enabling analysis of large datasets and identification of patterns for data-driven insights. In the legal sector, AI tools reduce document review and legal research time and cost. In financial services, ML algorithms detect fraud and predict market trends. Consulting benefits from AI analysis of large datasets and chatbots for client engagement. Innovation in professional services is fostered through predictive analytics and automation, leading to cost savings and increased efficiency. These trends fuel the growth of the global professional services market. 

The professional services market is experiencing significant trends in communication, digital transformation, and cybersecurity. Businesses are focusing on improving communication channels for enhanced collaboration and customer engagement. Digital transformation is a priority, with the adoption of cloud-based services like SaaS and cloud computing increasing. Cyber breaches and identity theft remain concerns, driving the need for data security measures and adherence to frameworks like NIST Cybersecurity. Project-oriented services and IT outsourcing (ITO) continue to be popular. AI, ML, IoT, and digital media are transforming business processes. Real-time data and automation are key benefits of cloud technology. Blockchain technology offers secure financial transactions. Cyberattacks and cybercrime necessitate strong security measures, incident response plans, and adoption of advanced technologies like AI and ML. Cloud-based accounting software streamlines financial transactions. 

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 Market Challenges

The professional services industry is experiencing a significant challenge: a shortage of skilled professionals. This issue is hindering firms’ ability to meet client demands, maintain service quality, and drive growth. The root cause is the rapid technological advancement, which has increased the demand for professionals with expertise in areas like artificial intelligence, machine learning, and data analytics. However, the supply of skilled professionals has not kept pace, resulting in a talent gap. For instance, the manufacturing sector lost about 1.4 million jobs during the pandemic but was already facing a potential labor crisis, with 2.1 million unfulfilled jobs by 2030 due to a lack of skilled labor. Similarly, healthcare projects a shortage of over 4 million workers by 2026 as more than 6.5 million professionals are expected to leave their positions. Competition from sectors like technology, finance, and healthcare for similar skill sets further complicates matters, driving up salaries and making it harder for professional services firms to attract and retain top talent. An aging workforce and demographic shifts, including the retirement of experienced professionals and the preference for flexible work arrangements, are also contributing to the scarcity of skilled workers. These factors are expected to negatively impact the growth of the professional services market.The Professional Services industry encompasses a wide range of services including consulting, legal, accounting, IT, design, research, promotional, scientific, technical, and more. Service providers offer advisory support, specialized technical services, and experience management (XM) solutions using platforms like Qualtrics. Challenges include managing business processes, cyber threats, incident response, financial data management, and remote working. Technology, such as generative AI, plays a crucial role in enhancing customer experience and streamlining operations. Large enterprises require online and offline services, hybrid solutions, and professional services software for invoice and expense management, resource allocation, and project management. Talent acquisition and resource management are key areas of focus. Automated billing and financial auditing ensure accurate and efficient service delivery. Environmental consulting and business strategies are essential for sustainable growth. Tax preparation services and translation services cater to specific needs. Technology continues to transform the industry, offering opportunities and challenges alike.

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Segment Overview 

This professional services market report extensively covers market segmentation by

Industry Application1.1 Financial services1.2 Technology1.3 Healthcare1.4 Manufacturing1.5 OthersDelivery Mode2.1 On-site services2.2 Remote services2.3 Hybrid modelsGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Financial services- The Professional Services Market refers to businesses that provide expert advice, consulting, and specialized services to other organizations. These services can include finance, legal, human resources, technology, engineering, and marketing. Companies in this market help clients improve their operations, reduce costs, and navigate complex business challenges. The market is expected to grow due to increasing business complexity and the need for specialized expertise. Firms offer customized solutions to meet unique client needs, ensuring optimal business performance.

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Research Analysis

The professional services market is experiencing significant transformation as businesses digitize their operations using advanced technologies like Artificial Intelligence (AI), Cloud technology, and Blockchain. These technologies are revolutionizing various industries by automating business processes, enhancing customer experience, and providing specialized technical services. However, with the increased use of technology comes the risk of cyberattacks and cybercrime. Service providers are responding by offering incident response plans, security measures, and cloud-based accounting software as part of their offerings. Professional services include advisory support, consulting, legal, accounting, scientific, design, promotional, and research services. Large enterprises are increasingly relying on IT services and professional service firms for automation, business strategies, and remote working solutions. The integration of AI and technology is enabling service providers to offer more efficient and effective solutions to their clients.

Market Research Overview

The professional services market is undergoing a significant digital transformation, with businesses increasingly adopting cloud technology, artificial intelligence (AI), and blockchain technology to digitize their processes. This shift brings new opportunities for service providers, including IT, consulting, accounting, legal, and design firms, to offer specialized technical services, advisory support, and project-oriented solutions. However, this digital evolution also presents new challenges, such as cyberattacks and cybercrime. Service providers must implement security measures, including incident response plans and cloud-based accounting software, to protect financial transactions and sensitive data. AI and machine learning (ML) are driving innovation in areas like experience management (XM) and automation, enabling real-time data analysis and enhanced customer experience. Large enterprises are turning to SaaS solutions for remote working and business strategies, while smaller firms are exploring hybrid services that combine online and offline offerings. Professional services firms must also address cyber threats, such as cloud-based breaches and identity theft, by adhering to frameworks like the NIST Cybersecurity Framework and investing in data security. The future of the professional services industry will be shaped by digital transformation, automation, and the ability to adapt to an ever-evolving technological landscape.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Industry ApplicationFinancial ServicesTechnologyHealthcareManufacturingOthersDelivery ModeOn-site ServicesRemote ServicesHybrid ModelsGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Zifo Transforms Ontology Engineering with AI-Powered Intelligent Automation

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Advanced AI solution speeds up ontology creation by 80%, generating structured, interoperable knowledge models for science-driven organizations.

CAMBRIDGE, Mass. and CAMBRIDGE, England, April 30, 2026 /PRNewswire/ — Zifo, the leading global enabler of AI and data-driven enterprise informatics for science-driven organizations, has developed an Intelligent Automation solution for Ontology Engineering, which is designed to seamlessly generate structured, interoperable knowledge models while accelerating ontology creation by 80%.

Overcoming the Bottlenecks of Manual Ontology Creation

Manual ontology creation in the biopharma industry has traditionally been a time-consuming process that requires specialized expertise. Organizations frequently struggle with semantic ambiguity, complex integration challenges, and limited scalability, resulting in workflows that can take weeks to complete. Zifo’s AI-powered automation tackles these challenges head-on by eliminating 80% of the manual work through automated class generation, description creation, and precise IRI mapping.

Addressing the Complexities of Semantic Knowledge

Developing comprehensive knowledge models often demands deep domain expertise to define relationships and align terminology. Zifo’s intelligent solution overcomes this by providing an AI-guided workflow featuring an intuitive interface, meaning specialized ontology engineering knowledge is no longer required. By leveraging LLM-powered generation, the solution creates precise definitions with a deep understanding of domain-specific context, while generating standardized synonyms and establishing controlled vocabulary alignment to eliminate inconsistent terminology.

A Solution Designed for Scalable Scientific Data Modeling

The AI-powered solution addresses critical format compatibility and integration points in ontology management:

Seamless Integration: Automated mapping connects directly to established ontologies, including NCIT, CHEBI, OBI, and EFO, via BioPortal and OLS APIs.Massive Scalability: Parallel processing and batch operations empower teams to execute large-scale ontology projects without performance limitations.Automated Hierarchies: The AI autonomously generates semantic relationships and parent-child hierarchies based on domain context and predefined relation vocabularies.Format Compatibility: The solution produces direct OWL/RDF exports with proper URIs, ensuring seamless downstream integration.

Unique Features include:

Multi-Source Integration: The solution combines BioPortal, OLS, and EMBL-EBI APIs to guarantee comprehensive ontology coverage.Intelligent Ranking System: The system uses AI-powered relevance scoring and justification for precise ontology mappings.Precise IRI Mapping: It ensures that each generated class is linked to the correct IRI, directly promoting semantic web compatibility.Human-in-the-Loop Design: The solution automates repetitive tasks while maintaining vital expert oversight.End-to-End Workflow: Users are guided through a complete pipeline, from initial domain knowledge input straight to exportable OWL files.Visual Knowledge Graph: An interactive graph visualization allows for intuitive relationship exploration and validation.Multi-Format Exports: Provides seamless export options in CSV, OWL, or HTML Ontograph formats for downstream use, collaboration, and visualization.

Strategic Value Across the Scientific Chain

This solution breaks down the traditional barriers of data structuring. Built on a robust backend of Python, LangChain, and leading LLM models, alongside a frontend framework using Next.js 15 and Cytoscape.js for graph visualization, the solution is highly adaptable. Furthermore, future optimization enhancements will include provisions for uploading user-defined classes or semi-ready ontologies.

About Zifo

Zifo is the leading global enabler of AI and data-driven enterprise informatics for science-driven organizations. With expertise spanning research, development, manufacturing, and clinical domains, Zifo serves a diverse range of industries including Pharma, Biotech, Chemicals, Food and Beverage, and more. Trusted by over 190 organizations worldwide, Zifo is the partner of choice for advancing digital scientific innovation.

For more information, visit www.zifornd.comhttps://zifornd.com/practical-ai-blueprints/

Logo: https://mma.prnewswire.com/media/2731415/Zifo_Technologies_Logo.jpg

 

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SOURCE Zifo Technologies

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UNC-Chapel Hill establishes ‘Carolina in the Capital’ with new Washington, D.C. office

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CHAPEL HILL, N.C., April 30, 2026 /PRNewswire/ — The University of North Carolina at Chapel Hill has opened a new office in Washington, D.C., establishing an expanded presence for the University in the nation’s capital and creating exciting opportunities for students, faculty, staff and alumni.

Located at 101 Constitution Avenue NW, the 10,861-square-foot space – coined “Carolina in the Capital” – will support a variety of functions, including educational programming for undergraduate and graduate students, alumni relations and engagement with government partners.

As a leading R1 university, UNC-Chapel Hill annually attracts more than $1.6 billion to the state’s economy to fund research that creates a better quality of life for all its citizens. More than 60% of UNC-Chapel Hill’s total research funding comes from federal sponsors with the majority of that federal funding coming from the National Institutes of Health (NIH), which is based in the Washington area.

“Carolina in the Capital is a state-of-the-art facility that reflects our commitment to creating experiential learning opportunities for our students and faculty,” said Chancellor Lee H. Roberts. “The space is designed as an immersive learning environment where students can translate classroom knowledge into hands-on experience, which has never been more important. The facility also strengthens our ability to support engagement between our staff, alumni, policymakers and partners.”

Supporting students participating in Carolina’s Washington-based academic programs is a priority. For years, students and faculty have relied on temporary or borrowed spaces across the city. The new office provides a permanent home where students can gather, learn and build community while living and studying in Washington. A robust schedule of classes and events will fill the space throughout the year.

The Washington, D.C. region is home to the largest concentration of out-of-state Carolina alumni anywhere in the country. The new office creates a dedicated space to strengthen those connections and support networking, mentorship, professional development and community-building among D.C.-based Tar Heels.

The space will also serve as a platform to bring Carolina’s research and academic expertise into closer conversation with policymakers, industry leaders and member organizations. Carolina is the nation’s 11th largest university in the country based on research volume with primary federal funding coming from NIH and the National Science Foundation (NSF), both based in the D.C. area. Carolina is a proud member of the Association of American Universities (AAU) and the Association of Public & Land Grant Universities (APLU), which are both based in Washington.

The office is funded entirely through the UNC-Chapel Hill Foundation and does not use any state appropriations.

You can view additional photos of the space here.

Media Contact: UNC Media Relations, 919-445-8555, mediarelations@unc.edu

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SOURCE University of North Carolina at Chapel Hill Office of Communications

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Investing.com Acquires Stonki to Accelerate Its Entry into the Agentic AI Era

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The acquisition strengthens Investing.com’s AI capabilities, advancing a next-generation research assistant that can analyze markets, generate insights, and guide investors in real time

NEW YORK, April 30, 2026 /PRNewswire/ — Investing.com, one of the world’s largest financial platforms used by more than 60 million investors each month, today announced the acquisition of Stonki, an AI-powered investing assistant designed to help traders turn ideas into structured, actionable trading plans.

The move marks a major step in the company’s evolution toward agentic AI, strengthening its ability to deliver faster, deeper, and more actionable market insights to a growing base of more than 300,000 paying subscribers across its InvestingPro suite, the company’s premium subscription offering for advanced market data, tools, and AI-driven insights.

Over the past 12 months, nearly 3 million users have used WarrenAI, Investing.com’s AI-powered financial research assistant launched last year, to perform market analysis, making AI a central entry point into the platform’s ecosystem. With the addition of Stonki, the company is moving beyond traditional AI tools toward agentic systems that can proactively guide users through the investment process.

“We’re entering the age of agentic AI, where the technology moves beyond just answering questions to actively helping investors think, analyze, and act,” said Omer Shvili, CEO of Investing.com. “Bringing Stonki.ai into the fold accelerates our goal of building an agentic platform that will serve as a 24/7 analyst for our users. We are developing this to be more than just a tool; it will be a partner that identifies opportunities, tracks unfolding situations, and surfaces trade ideas even when the user isn’t active—giving our users the kind of edge that was previously only available to professional investors.”

Founded in 2025, Stonki is developing a new category of ‘agentic’ AI for investing, enabling users to turn investment ideas into fully defined strategies with entry and exit conditions, risk management rules, and continuous monitoring.

“We started Stonki because, as investors and traders ourselves, we knew how much time and focus it takes to stay on top of the market and properly manage a day trade, a swing trade, an investment idea, or a portfolio,” said Ulas Bilgenoglu and Itay Verkh, co-founders of Stonki. “We set out to build AI that could carry part of that load by continuously monitoring the market, turning ideas into structured strategies, and helping users make better decisions with clear entry and exit conditions, disciplined risk management, and ongoing tracking. Joining Investing.com gives us the scale, data, reach, and strong AI foundation to accelerate that vision. Together, we can create an experience where AI helps users stay ahead of the market, manage risk, and act with greater confidence.”

The acquisition expands Investing.com’s AI capabilities across both technical and fundamental investing workflows. Stonki’s technology is built around persistent, real-time intelligence, continuously monitoring markets, tracking user-defined strategies, and alerting investors when conditions align, rather than relying on one-off prompts or static analysis.

For active traders, the platform is evolving into a real-time analysis engine designed to support high-frequency decision-making with precision and speed. For long-term investors, it is becoming a central hub for research, enabling users to evaluate opportunities, set personalized alerts, and monitor portfolios based on their individual investment strategies.

Users will be able to define specific conditions, such as a stock crossing a long-term moving average, and have the AI continuously monitor the market, analyze relevant signals, and surface actionable insights in real time. The system will also review portfolios on an ongoing basis, helping investors avoid potential losses and uncover new opportunities aligned with their strategy.

This latest step builds on Investing.com’s broader strategy of expanding its AI-powered suite, including WarrenAI, ProPicks AI, and its recently launched AI Chart Analysis, all aimed at delivering faster, more accurate and more actionable insights to investors.

View original content:https://www.prnewswire.com/news-releases/investingcom-acquires-stonki-to-accelerate-its-entry-into-the-agentic-ai-era-302756588.html

SOURCE Investing.com

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