Global Services Market Trends And Strategies Of Major Players In The Services Market 2021-2030

8 Jul, 2021

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.

Global Services Market Size And Drivers:

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%. Rapid advances in technology are expected to drive innovation in different sectors of services industry, thus driving the market during the forecast period.

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Trends In The Global Services Market

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 the 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, automate payment reminders and recurring invoices, manage discounts and coupons, and creation of customized invoices. These systems also generate real time reports on sales, orders, budgets that help track business performance. Some of the popular automated billing systems include Zoho Invoice, QuickBooks, Invoice2go and Intacct.

Global Services Market Segments:
The global services market is further segmented based on type and geography.
1) By Type: Civic Services, Real Estate, Leasing, Commercial Services, Personal Services, Repair And Maintenance
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 global services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global services market, accounting for 35% of the market in 2020.

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