Commercial Services Market Characteristics
The commercial services market consists of the sales of commercial services by entities (organizations, sole traders and partnerships) that perform support activities for the day-to-day operations of other businesses or organizations. Examples include office facilities management services, travel arrangement services.
Competitive Landscape of the Commercial Services Market
Major players in the global commercial services market include Adecco Group, Randstad Holding, Manpower Inc. And Waste Management Inc., ISS A/S And Sodexo Merchant Network.
Commercial Services Market Size
The commercial services market size is expected to reach $5.7 trillion by 2022, significantly growing at a CAGR of around 6.6% during the forecast period. The growth in the commercial services market is due to rising disposable income driving the demand for travel arrangements and tourism services in emerging markets such as China and India and a vast student population graduating from colleges is fuelling the demand for employment services. Also, increased investments in the private sector contributed to the growth of the commercial services market.
However, the market for commercial services is expected to face certain restraints from several factors such as lack of skills, workforce issues.
Commercial Services Market Segmentation
The global commercial services market is further segmented based on type and geography.
By Type - The commercial services market is segmented into employment services, office administrative services, travel arrangement and reservation services, waste management and remediation services, other support services, among these segments, the other support services market accounts for the largest share in the global commercial services market.
By Geography - The global commercial services is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North America commercial services market accounts the largest share in the global Commercial services market.
Trends in the Commercial Services Market
Artificial intelligence in customer support, automated billing systems and technology to improve staffing services are the major trends witnessed in the global commercial services market.
Potential Opportunities in the Commercial Services Market
With the expected increase in demand from business establishments seeking to outsource non-core operations to focus on key business areas, the scope and potential for the global commercial services market is expected to significantly rise in the forecast period.