The services market is experiencing strong growth, projected to rise from $15,365.25 billion in 2023 to $16,707.58 billion in 2024, with a CAGR of 8.7%. Factors driving this growth include economic conditions and an aging population. By 2028, the market is expected to reach $23,128.27 billion, propelled by the demand for digital transformation and personalized services.
Major Driver In The Services Market
The forecast period anticipates a surge in market growth driven by rapid technological advances across various sectors of the services industry. Notably, electronic equipment, automobiles, and electronics are experiencing swift technological changes, resulting in an increased demand for related services. The integration of technologies such as 3D printing, artificial intelligence, and big data analytics is leading to heightened productivity, reduced operating costs, and improved profit margins. Lower operating costs create opportunities for companies to expand their product portfolios and venture into new markets, leveraging investments made through cost savings. The incorporation of Internet of Things (IoT) applications into services, facilitating features like remote monitoring and central feedback systems, is poised to further propel the services market. As of 2023, these technological trends are already shaping the industry, and the market is expected to continue flourishing through 2024 and 2028.
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Services Market Competitive Landscape
Berkshire Hathaway Inc., Deloitte Touche Tohmatsu Limited, Accenture plc, The International Business Machines Corporation, PwC Price waterhouse Coopers, Ernst & Young Global Limited, KPMG International Limited, Randstad Holding NV, CBRE Group Inc., Enterprise Holdings Inc., Adecco Group, Capgemini SE, Sodexo Group, Recruit Holdings Co. Ltd., Jones Lang LaSalle Incorporated, Man powerGroup Inc., Waste Management Inc., Cognizant, TUI Group, Infosys Limited, Aramark Corporation, Wipro Limited, ISS A/S, McKinsey & Company, Robert Half International Inc., Gartner Inc., Altran Technologies, Bain & Company, BCD Travel, Travel Leaders Group, Thomson Reuters Corporation, Dun & Bradstreet Holdings Inc., Equifax Inc., Experian plc, IHS Markit Ltd., Moody's Corporation, S&P Global Inc.
Key Services Market Trend
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 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, automating payment reminders and recurring invoices, managing discounts, and coupons, and creating of customized invoices. These systems also generate real-time reports on sales, orders, and budgets that help track business performance. Some of the popular automated billing systems include Zoho Invoice, QuickBooks, Invoice2go, and Intacct.
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Services Market Segmentation
The services market covered in this report is segmented –
1) By Type: Civic Services, Real Estate, Leasing, Commercial Services, Personal Services, Repair and Maintenance
2) By Component: Hardware, Software, Service
2) By Mode: Online, Offline
Subsegments Covered: Religious Organizations, NGOs And Charitable Organizations, Political Organizations, Unions And Associations, Real Estate Rental, Real Estate Agency and Brokerage, Automotive Equipment Leasing, Consumer Goods And General Rental Centers, Machinery Leasing, Lessors Of Nonfinancial Intangible Assets, 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, Personal Care Services, Death Care Services, Dry-Cleaning And Laundry Services, Other Personal Services, Private Household Services, Automotive Repair and Maintenance, Commercial and Industrial Machinery and Equipment Repair and Maintenance, Electronic and Precision Equipment Repair and Maintenance, Personal Goods Repair And Maintenance
By Geography:The regions covered in the services market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the services market in 2023.
The Services Global Market Report 2024 furnishes information about the global services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
