The service market is expected to reach over $20,650.56 billion in 2027 at a CAGR of 7.9%.!
With companies focusing on core business operations, automated billing systems are widely being used to minimize billing errors and reduce costs. Automated systems generate and send electronic copies of the invoices directly to customers. Automated billing systems can result in savings of 60-80% compared to traditional paper-based billing systems. Automated billing systems also enable tracking of unpaid bills, automate payment reminders and recurring invoices, manage discounts and coupons, and creation of customized invoices. These systems also generate real time reports on sales, orders, budgets that help track business performance. Some of the popular automated billing systems include Zoho Invoice, QuickBooks, Invoice2go and Intacct.
Services Market Coverage
The services market consists of the sales of services and related goods by entities (organizations, sole traders and partnerships) that provide 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. Examples include equipment and machinery repairing, promoting or administering religious activities, grantmaking, advocacy, and providing drycleaning and laundry services, personal care services, death care services, pet care services, photofinishing services, temporary parking services, and dating services. The services market is segmented into civic services; real estate; leasing; commercial services; personal services; and repair and maintenance. Only goods and services traded between entities or sold to end consumers are included.
The Business Research Company covers 169 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 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. The civic services market is segmented into religious organizations; NGOs and charitable organizations; and political organizations, unions and associations. Only goods and services traded between entities or sold to end consumers are included.
The Civic Services Market is sub-segmented into-
- 1.1. Religious Organizations
- 1.2. NGOs And Charitable Organizations
- 1.3. Political Organizations, Unions And Associations
- 2. Real Estate
The real estate market consists of 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. The real estate market is segmented into real estate rental and real estate agency and brokerage. Only goods and services traded between entities or sold to end consumers are included.
The Real Estate Market is sub-segmented into-
- 2.1. Real Estate Rental
- 2.2. Real Estate Agency and Brokerage
- 3. Leasing
The leasing market consists of sales of leasing services by entities (organizations, sole traders and partnerships) that use a wide variety of tangible goods such as consumer goods, industrial machinery and equipment, automobiles and others and assign intangible assets such as trademarks to customers in return for a periodic rental or lease payment. The leasing market is segmented into automotive equipment leasing; consumer goods and general rental centers; machinery leasing and lessors of nonfinancial intangible assets. Only goods and services traded between entities or sold to end consumers are included.
The Leasing Market is sub-segmented into-
- 3.1. Automotive Equipment Leasing
- 3.2. Consumer Goods And General Rental Centers
- 3.3. Machinery Leasing
- 3.4. Lessors Of Nonfinancial Intangible Assets
- 4. Commercial Services
The commercial services market consists of 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. Examples include office facilities management services, travel arrangement services. The commercial services market is segmented into office administrative services; facilities support services; employment services; business support services; travel arrangement and reservation services; waste management and remediation services; investigation and security services; services to buildings and dwellings; and other support services. Only goods and services traded between entities or sold to end consumers are included.
The Commercial Services Market is sub-segmented into-
- 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 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. The personal services market is segmented into personal care services; death care services; laundry and drycleaning services; other personal services; and private household services. Only goods and services traded between entities or sold to end consumers are included.
The Personal Services Market is sub-segmented into-
- 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 Household Services
- 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 other products but excluding aerospace and defense equipment. The repair and maintenance market is segmented into automotive repair and maintenance; commercial and industrial machinery and equipment repair and maintenance; electronic and precision equipment repair and maintenance; and personal goods repair and maintenance. Only goods and services traded between entities or sold to end consumers are included.
The Repair and Maintenance Market is sub-segmented into-
- 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
- 6.5. Medical Equipment Maintenance
- 6.6. In Vitro Diagnostics (IVD) Quality Control
- 7. Smart Water Management
The smart water management market consists of sales of smart water management services entities (organizations, sole traders and partnerships) that are designed to collect meaningful and actionable data about a city's water flow, pressure, and distribution. Smart water management involves the integration of systems and methods for monitoring, controlling, and regulating the usage and quality of water resources, as well as the maintenance of connected equipment (pipes, pumps, etc.). Its primary purpose is to ensure that the infrastructure and energy utilized to carry water are efficiently managed. Smart water management characteristics include pressure management, better leakage techniques for water networks, smart network operations and water cycle maintenance, smart water meter technologies, and smart water quality monitoring.
- 8. Waste Management And Recovery Services
The waste management and recovery services market consist of revenues earned by entities that are engaged in waste management and recovery services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The waste management recovery market is segmented into precious metals e-waste recovery and construction and demolition waste management.
The Waste Management And Recovery Services is sub-segmented into-
- 8.1. Precious Metals E-Waste Recovery
- 8.2. Construction And Demolition Waste Management
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
