Market Overview
Globally, Specialized Design Services is a 128.7 billion dollar industry. In the pandemic economy, it's projected to grow 8% to reach 160 bn in 2023. Fitting within professional and business services (U.S. classification), the industry acts as an intermediary that adds value to all contemporary business forms. Specialized Design Services contributes close to $1.37 Tn in post-project value from the utilization of the services.
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In the U.S., Specialized Design services had an estimated workforce of 278k in 2018 with an average growth of %2 per year and an estimated $25 bl market size in 2019. Despite 99.7% of businesses in America being small/local businesses, the industry fails to find traction with the nation's rural areas and small businesses; primarily, medium to large corporate, well-funded entities in metropolitan areas utilize these services.
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The market trends of this industry include a rapid shift towards the digitization of services. With the recent development of computer vision, this industry is just beginning to receive the benefits of big data, artificial intelligence, and machine learning to serve consumers better. Additionally, social media has created a space for businesses to reach a global audience and quickly identify more potential clients, increasing the need for professional design services. However, the industry's main pain point is a shortage of skilled workers. With top designers being established independent freelancers or hired by large companies, it is difficult for smaller entities to assemble a moderately experienced team.