Technology is expanding profit margins of services companies
Competition among services firms and a lack of suitably trained employees contribute to a shortage of labor in the services industry, which is a labor-intensive industry. The lack of the right skills and right work experience among candidates, a new phenomenon around the world, affect services companies’ expansion plans. In spite of the lack of skilled employees, the overall world economic growth causes a rise in average wages, making it difficult for services companies to keep the same profit margins with the same quality of work. The Business Research Company expects the services market to grow to $14.7 trillion by 2023.
Services Market Coverage
The services market consists of the sales of services and related goods earned by entities (organizations, sole traders and partnerships) that provide services that include equipment and machinery repairing, promoting or administering religious activities, grant making, advocacy, and providing dry-cleaning and laundry services, personal care services, death care services, pet care services, photofinishing services, temporary parking services, and dating services. A service can be defined as a transaction between a buyer and a seller without the transfer of any physical goods or commodities. It mainly involves the use of resources, experience, skill, ingenuity, and intelligence.
The Business Research Company covers 143 markets overall in the services market providing global market numbers, market growth, market-specific drivers and restraints, trends, and other market specific information. The services market is segmented in the following manner:
- 1.Civic Services
The civic services market consists of the sales of civic services and related goods earned by entities (organizations, sole traders and partnerships) that organize and promote religious activities; support various causes through grantmaking; advocate various social and political causes; and promote and defend the interests of their members. A service can be defined as a transaction between a buyer and a seller without the transfer of any physical goods or commodities. Examples of civic service organizations include community associations or organizations, ethnic associations, fraternal associations or lodges, girl guiding organizations, history societies, parent-teacher associations, retirement associations, scouting organizations, and students associations.
- 1.1.Religious Organizations
- 1.2.NGOs and Charitable Organizations
- 1.3.Political Organizations, Unions and Associations
- 2.Real Estate
The real estate industry’s market consists of the sales of real estate services by entities (organizations, sole traders and partnerships) that rent, lease and allow the use of buildings and/or land. The industry also includes managing real estate for others, selling, renting and buying real estate for others and appraising real estate.
- 2.1.Rental Activities
- 2.2.Brokerage Services
The leasing services market consists of the sales revenues of entities (organizations, sole traders and partnerships) that provide the use of a wide array of tangible goods, such as automobiles, computers, consumer goods, and industrial machinery and equipment, to customers in return for a periodic rental or lease payment. The leasing industry includes establishments that rent consumer goods and equipment and establishments that lease machinery and equipment often used for business operations
- 3.1.Automotive Equipment Rental and Leasing
- 3.2.Consumer Goods and General Rental Centers
- 3.3.Machinery Rental
- 3.4.Lessors Of Nonfinancial Intangible Assets
- 4.Commercial Services
The commercial services market consists of the sales of commercial services by entities (organizations, sole traders and partnerships) that perform support activities for the day-to-day operations of other businesses or organizations.
- 4.1.Office Administrative Services
- 4.2.Facilities Support Services
- 4.3.Employment Services
- 4.4.Business Support Services
- 4.5.Travel Arrangement and Reservation Services
- 4.6.Waste Management and Remediation Services
- 4.7.Investigation and Security Services
- 4.8.Services to Buildings and Dwellings
- 4.9.Other Support Services
- 5.Personal Services
The personal services market consists of the sales of personal services and related goods by entities (organizations, sole traders and partnerships) that provide personal and laundry services to individuals, households, and businesses. Services performed include: personal care services, death care services, laundry and dry-cleaning services, and a wide range of other personal services, such as pet care (except veterinary) services, photofinishing services, temporary parking services, and dating services.
- 5.1.Personal Care Services
- 5.2.Death Care Services
- 5.3.Dry-Cleaning and Laundry Services
- 5.4.Other Personal Services
- 5.5.Private Households
- 6.Repair and Maintenance
The repair and maintenance market consists of sales of repair and maintenance services by entities (organizations, sole traders and partnerships) that provide repair and maintenance services for automotive, personal goods, electronics and others.
- 6.1.Automotive Repair and Maintenance
- 6.2.Commercial and Industrial Machinery and Equipment Repair and Maintenance
- 6.3.Electronic and Precision Equipment Repair and Maintenance
- 6.4.Personal Goods Repair and Maintenance
How Can We Help?
The Business Research Company`s Services Market Research Practice provides marketing, planning and strategy departments with a wider range of market, business, customer and competitor intelligence services across different segments of the services industry. The services market research services and solutions The Business Research Company provides are as follows —
- Services Market Sizing, Forecast and Trend Analysis
- Services Market Competitor Analysis
- Services Market Supply Chain Analysis
- Services Market Customer Research
- Services Market Partner or Distribution Research
- Services Market Entry Strategy Research Study
- Services Industry Analysis and Profiling
- Services Market Regulations