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.
The global services market is expected to grow from $10814.9 billion in 2020 to $11780.1 billion in 2021 at a compound annual growth rate (CAGR) of 8.%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.The market is expected to reach $15683.4 billion in 2025 at a CAGR of 7%.
