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.
Services Market Size
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.
Services Market Trend
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.
Services Global Market Segmentation
Services market is segmented into Commercial Services, Real Estate, Leasing, Civic Services, and Personal Services.
Commercial Services are individuals or businesses that perform support activities for the day-to-day operations of other businesses or organizations.
Real Estate are individuals or businesses that arrange selling, renting or managing properties and other buildings for a fee. They are mainly engaged in the marketing of property which is available for sale or rent or in the management and upkeep of properties on behalf of their owners or tenants.
Leasing provides the use of a wide range of tangible goods such as consumer goods, industrial machinery and equipment, automobiles and others to customers in return for a periodic rental or lease payment.
Civic Services operate religious, social, and professional organizations. These establishments also offer other civic and recreational services to their members.
Personal Services provide personal services such as equipment and machinery repairing, personal and household goods repair and maintenance, dry cleaning and laundry, beauty and personal care services, pet care services, death care services, photofinishing services and domestic services such as domestic cleaning and cooking.