The professional service industry is projected to reach $7 billion in 2025 at a CAGR of 7%. Nonetheless, the professional service industry is also struggling with an onslaught of challenges despite its impressive growth. Some major challenges include economic uncertainties, outsourcing risks, security threats, and more.
Further, resourcing bottlenecks such as skill shortages, attrition, and low billable utilization, adversely impact the financial health of the PSOs. Therefore, professional service firms must proactively mitigate these resourcing challenges to remain competitive and profitable in the global market.