Commercial Services Market Report Trends And Analysis, Forecast Report 2024 To 2033

The commercial services market size has grown rapidly in recent years. It will grow from $5732.26 billion in 2023 to $6306.01 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to corporate expansion, economic growth, globalization, regulatory changes, consumer behavior shifts, professional services demand, real estate development.

The commercial services market size is expected to see strong growth in the next few years. It will grow to $9119.37 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to e-commerce growth, sustainability practices, cybersecurity concerns, cybersecurity concerns, flexible workspace solutions, corporate social responsibility. Major trends in the forecast period include subscription-based models for services, digital transformation consulting service, flexible work solutions, data analytics and business intelligence, ai-powered customer support, e-learning and training services.

Market Overview -
Commercial services refer to businesses that provide that perform support activities for the day-to-day operations of other businesses or organizations. These services assist business customers with policy quotes, needs analysis, insurance applications, and coverage renewals. Great customer service leads to better customer loyalty, higher revenue, and lower costs.

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Rising Urbanization Fueling The Commercial Services Revolution
Increasing urbanization in search of better living standards and higher job opportunities will drive the commercial services market. With the increase in the concentration of people moving to urban cities, the need for job creation will also increase, enabling more job opportunities and higher disposable income. Urbanization leads to more, better and more inclusive jobs in cities around the world, generating higher demand for commercial services companies. According to UN estimates, the proportion of the world population living in urban areas is expected to increase from 55% in 2018 to 68% by 2050. Therefore, the increase in urban population is expected to drive the growth of the commercial services market.

Competitive Landscape -
Major companies operating in the commercial services market report are Apple lnc., Veolia Environment SA., Recruit Holdings Co.Ltd., Randstad Holding NV, CBRE Group, Visa lnc., Adecco Group, Mastercard Inc., Jones Lang LaSalle Incorporated, ManpowerGroup Inc., Waste Management Inc., TUI Group, WPP plc, Omnicom Group, Publicis Groupe, Dentsu Group, S&P Global Inc., Interpublic Group of Companies lnc., Cushman & Wakefield plc, Securitas AB, Teleperformance SE, Equinix Inc., Experian plc, Equifax Inc., Colliers International Group, TransUnion, Savills plc, Nielsen Holdings plc, Knight Frank Pvt. Ltd., Travel Leaders Group, BCD Travel India Pvt. Ltd., First Data India Pvt Ltd.

AI Revolutionizing Customer Support A Cost-Efficient Approach
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 the 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 and provides multi-language support, and auto-responding to bulk emails. For instance, in April 2023, according to Forbes, a US-based magazine, 64% of businesses believe that artificial intelligence would help increase their overall productivity.

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Key Segments -

The commercial services market covered in this report is segmented -

1) By Type: 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
2) By Mode: Online, Offline
3) By Service Type: Hard Services, Soft Services, Other Services

Subsegments Covered: Business Management Services, Hospitality Management Services, Health Management Services, Other Office Administrative Services, Maintenance Services, Security & Guard Services, Reception Services, Other Facilities Support Services, Employment Placement Agencies, Executive Search Services, Temporary Help Services, Professional Employer Organizations, Document Preparation Services, Telephone Call Centers, Business Service Centers, Collection Agencies, Credit Bureaus, Other Business Support Services, Travel Agencies, Tour Operators, Convention And Visitors Bureaus, Other Travel Arrangement And Reservation Services, Waste Collection, Waste Treatment And Disposal, Remediation Services, Other Waste Management Services, Investigation, Guard, And Armored Car Services, Security Systems Services, Exterminating And Pest Control Services, Janitorial Services, Landscaping Services, Carpet And Upholstery Cleaning Services, Other Services to Buildings And Dwellings, Packaging And Labeling Services, Convention And Trade Show Organizers, All Other Support Services

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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