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. Main characteristics of a service include intangibility, simultaneous production and consumption, and inseparability of the services provider and consumer.
The top five companies covered are CBRE, Southern Baptist churches, Jones Lang LaSalle Inc., World Food Programme and Unicef. CBRE was the largest company in the services market in 2017.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
The global services market was valued at around $13 trillion in 2017. Asia Pacific was the largest region in the services market in 2017, accounting for around 34% market share. The USA was the largest country in the market in 2017, accounting for around 27% market share.
The proliferation of data and the sophistication of analytical tools has enabled service companies to add to their offering. Descriptive and predictive analytics have become critical for many service companies as they generate actionable data insights. Human services agencies are using descriptive analytics for simple reporting or to detect non-compliance after transactions were completed.
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