Global Business Support Services Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends

The business support services market consists of sales of business support services and related goods by entities (organizations, sole traders and partnerships) that provide business support services such as document preparation, telephone call centers, telephone answering, telemarketing bureaus and other contact centers, and private mail centers.

Global Business Support Services Market Size And Drivers:

The global business support services market is expected to grow from $466.71 billion in 2020 to $521.77 billion in 2021 at a compound annual growth rate (CAGR) of 11.8%. 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 $679.67 billion in 2025 at a CAGR of 7%. Rapidly growing urban population is the main driver of the market.

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Trends In The Global Business Support Services Market

Artificial intelligence is widely being used by business organizations in customer support activities as it considerably reduces operational costs. Artificial intelligence systems perform tasks that normally require human intelligence such as speech recognition, translation between languages, visual perception, and decision-making. This technology enables handling of customer grievances and other interactions without human intervention, thereby increasing efficiency and reducing operational costs. It also helps manage support tickets in bulk, provides multi-language support and auto responding of bulk emails.

Global Business Support Services Market Segments:
The global business support services market is further segmented based on type, organization size, mode and geography.
By Type: Document Preparation Services, Telephone Call Centers, Business Service Centers, Collection Agencies, Credit Bureaus, Other Business Support Services
By Organization Size: Large Enterprise, Small and Medium Enterprise
By Mode: Online, Offline
By Geography: The global business support services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Western Europe is the largest region in the global business support services market, accounting for 39% of the market in 2020.

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Business Support Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides business support services market overviews, analyzes and forecasts market size and growth for the global business support services market, business support services market share, business support services market players, business support services market segments and geographies, business support services market’s leading competitors’ revenues, profiles and market shares. The business support services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.