What Does the Historical and Current Commercial Services Market Size Trend Indicate?
The commercial services market has seen considerable growth due to a variety of factors.
• The business services sector has witnessed substantial growth in recent years. The market value, which stands at $6013.28 billion in 2024, is projected to surge to $6606.02 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.9%.
This substantial growth during the historic period can be traced back to factors such as corporate growth, economic escalation, globalization, changes in regulations, shifts in consumer behavior, professional services needs, and advancements in real estate.
What are the Market Size and Expected Growth Rates for the Commercial Services Market?
The commercial services market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of commercial services is projected to experience robust growth in the upcoming years, with its value expected to reach $9441.64 billion in 2029, growing at a compound annual growth rate of 9.3%.
The anticipated increase during the forecast period can be linked to factors such as the rise of e-commerce, sustainability practices, enhanced focus on cybersecurity, flexible workspace solutions and corporate social responsibility. Main trends expected during the predicted timeline encompass services based on subscription models, digital transformation advisory services, flexible workplace solutions, data analytics and business intelligence, AI-enabled customer service, and e-learning and training services.
What Are The Key Drivers Fueling Growth In The Commercial Services Market?
The commercial services market is expected to be propelled by the escalating urbanization brought on by the pursuit of improved living standards and superior job prospects. The influx of individuals into urban locales escalates the need for job creation, consequently leading to increased employment opportunities and a rise in disposable income. Urbanization fosters the generation of a greater number of more rewarding and inclusive jobs in cities globally, leading to an augmented demand for commercial services companies. For instance, data from the United States Census Bureau, a government agency in the U.S., indicated that between 2021 and 2022, U.S. metropolitan areas witnessed approximately 0.4% growth in May 2023. Population increments were recorded in approximately 65.1% of the 384 metropolitan areas in the U.S during the same period. Hence, the rising urban populace is predicted to spur the growth of the commercial services market.
What Are The Key Segments Within The Global Commercial Services Market?
The commercial services market covered in this report is segmented –
1) By Type: 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, Other Support Services
2) By Mode: Online, Offline
3) By Service Type: Hard Services, Soft Services, Other Services
Subsegments:
1) By Office Administrative Services: Virtual Assistant Services, Document Preparation Services, Call Center Services
2) By Facilities Support Services: Janitorial Services, Landscaping Services, Maintenance and Repair Services
3) By Employment Services: Staffing Agencies, Recruitment Process Outsourcing (RPO), Temporary Employment Services
4) By Business Support Services: Data Processing And Hosting, Mail And Copying Services, Customer Service Support
5) By Travel Arrangement And Reservation Services: Corporate Travel Management, Event Planning Services, Online Travel Agencies (OTAs)
6) By Waste Management And Remediation Services: Recycling Services, Hazardous Waste Management, Remediation Services
7) By Investigation And Security Services: Private Investigation Services, Security System Installation And Monitoring, Security Guards And Patrol Services
8) By Services To Buildings And Dwellings: Pest Control Services, Elevator Maintenance, HVAC Services
9) By Other Support Services: Translation And Interpretation Services, Legal Support Services, marketing And Advertising Services
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How Are New Trends Impacting The Size Of The Commercial Services
In the business landscape, there is an extensive use of artificial intelligence in customer service operations due to its significant role in cutting operational expenses. Tasks that traditionally necessitate human intelligence, such as speech comprehension, language translation, visual understanding, and decision-making, are adeptly performed by artificial intelligence systems. This technology simplifies the process of addressing customer complaints and conducting other interactions without the need for human participation, thereby boosting efficiency and minimizing operational costs. It also efficiently manages large volumes of support tickets, offers support in various languages, and has the capacity for automated responses to mass emails. For example, Forbes, a US-based magazine noted in April 2023 that 64% of businesses are of the opinion that artificial intelligence has the potential to augment their overall productivity.
Who Are the Key Players in the Commercial Services Market?
Major companies operating in the commercial services market include:
• Accenture plc
• Veolia Environment SA.
• Recruit Holdings Co.Ltd.
• Randstad Holding NV
• CBRE Group
• Visa lnc.
• Adecco Group
• Mastercard Inc.
• Jones Lang LaSalle Incorporated
• ManpowerGroup Inc.
• Waste Management Inc.
• TUI Group
• WPP plc
• Omnicom Group
• Publicis Groupe
• Dentsu Group
• S&P Global Inc.
• Interpublic Group of Companies lnc.
• Cushman & Wakefield plc
• Securitas AB
• Teleperformance SE
• Equinix Inc.
• Experian plc
• Equifax Inc.
• Colliers International Group
• TransUnion
• Savills plc
• Nielsen Holdings plc
• Knight Frank Pvt. Ltd.
• Travel Leaders Group
• BCD Travel India Pvt. Ltd.
• First Data India Pvt Ltd.
What are the Regional Insights into the Commercial Services Market?
Asia-Pacific was the largest region in the commercial services market in 2024. Western Europe was the second-largest region in the commercial services market. The regions covered in the commercial services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
