What Has Driven the Growth of the Business Support Services Market in Recent Years?
The business support services market has seen considerable growth due to a variety of factors.
• The market for business support services has seen significant growth in recent years. The market valuation is projected to increase from $618.56 billion in 2024 to $673.98 billion in 2025, demonstrating an annual growth rate (CAGR) of 9.0%.
Factors such as globalization, increasing outsourcing trends, market competition, and the entrepreneurial landscape have contributed to this growth in the historical period.
What Does the Future Hold for the Business Support Services Market?
The business support services market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for business support services is anticipated to experience robust expansion in the upcoming years, with the value set to reach $921.62 billion in 2029, growing at a Compound Annual Growth Rate (CAGR) of 8.1%.
The projected growth in the forecasted period is linked to the adoption of remote work, focus on sustainability, integration of data analytics and AI, regulatory and compliance changes, and fortified supply chain resilience. The forecast period will also witness some major trends including digital transformation, growing concerns about cybersecurity, advancements in technology, custom-made business solutions, and an increase in outsourcing.
What Factors Are Driving Growth In The Business Support Services Market?
The business support services market is anticipated to grow due to an upsurge in the foundation of new enterprises. Business support services contribute to the development of new ventures by offering a variety of services. As an example, data from the Office for National Statistics, a governmental department based in the UK, showed that the count of businesses escalated to 2,767,700 in 2023, an increase from 2,765,150 in 2022. Moreover, information from the House of Commons Library, a UK parliamentary resource, specified that the number of UK businesses went up by 0.8% from 2022 to 2023, as stated in May 2024. Consequently, the acceleration in the establishment of new companies is projected to steer the growth of the business support services market in the future.
What Are The Primary Segments In The Global Business Support Services Market?
The business support services market covered in this report is segmented –
1) By Type: Document Preparation Services, Telephone Call Centers, Business Service Centers, Collection Agencies, Credit Bureaus, Other Business Support Services
2) By Organization Size: Large Enterprise, Small And Medium Enterprise
3) By Mode: Online, Offline
Subsegments:
1) By Document Preparation Services: Data Entry Services, Document Formatting And Editing, Legal Document Preparation
2) By Telephone Call Centers: Inbound Call Centers, Outbound Call Centers, Tele marketing Services
3) By Business Service Centers: Virtual Office Services, Mail Handling And Forwarding, Administrative Support Services
4) By Collection Agencies: Debt Recovery Services, Accounts Receivable Management
5) By Credit Bureaus: Credit Reporting Services, Credit Scoring Services
6) By Other Business Support Services: market Research Services, Human Resources Outsourcing, IT Support Services
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Which Key Trends Are Driving Changes In The Business Support Services Market Size?
Business organizations are increasingly utilizing artificial intelligence (AI) in their customer services operations due to its capacity to significantly cut operational expenses. AI systems execute functions traditionally requiring human intelligence like speech recognition, language translation, visual perception, and decision-making. By automating the processing of customer complaints and other interactions, efficiency is increased and operational costs are reduced. The technology aids in managing a high volume of support tickets and delivers benefits like multi-language support and auto-response to mass emails. For example, in July 2023, Adobe Inc., an American computer software company, reported that top-performing businesses showed a strong predilection for using AI technology in their marketing efforts with a usage rate of 28%, quite higher when compared to their counterparts at 12%. Moreover, close to half (47%) of organizations considered digitally mature, due to their progressive digital practices, have developed clearly defined AI strategies—this underlines the escalating significance of artificial intelligence in modern business strategies.
Who Are the Key Players in the Business Support Services Market?
Major companies operating in the business support services market include:
• S&P Global Inc.
• Teleperformance SE
• Sagiss Inc.
• Moody's Corporation
• Equifax Inc.
• Flexport Inc.
• TransUnion
• VXI Global Solutions Inc.
• Intrum AB
• WNS (Holdings) Limited
• PRA Group Inc.
• Freshworks Inc.
• Helpware Inc.
• Quatrro Inc.
• Integra Global Solutions Inc.
• Zenoti Inc.
• Farmers Business Network Inc.
• Crexendo Inc.
• FirmsDesk Inc.
• Influx Corporation
• SkyCom Corporation
• Transcom WorldWide AB
• Sykes Enterprises Inc.
• Working Solutions Inc.
• Small Enterprise Development Agency (SEDA)
• Sabrina's Admin Services LLC
• Badabusiness IBC Kanpur
• Landlord Support Services LLC
• The London Business Support Service Ltd.
What Is The Most Dominant Region In The Business Support Services Market?
Western Europe was the largest region in the business support services market in 2024. Asia-Pacific was the second-largest region in the business support services market. The regions covered in the business support services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
