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Global Services Market Insights 2024: Trends, Growth, and Forecasts
Services Market Size
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According to The Business Research Company's, The services market size has grown strongly in recent years. It will grow from $15365.25 billion in 2023 to $16707.58 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to economic conditions, regulatory changes, demographic shifts, consumer preferences, urbanization, healthcare needs.
The services market size is expected to see strong growth in the next few years. It will grow to $23128.27 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to aging population, data privacy and security, mental health awareness, circular economy initiatives, pandemic response services. Major trends in the forecast period include digital transformation services, subscription-based service models, personalization of services, remote and virtual services, outcome-based service contracts, artificial intelligence (ai) in services.
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Market Drivers and Trends:
Rapid advances in technology are expected to drive innovation in different sectors of the services industry, thus driving the market during the forecast period. Areas of rapid technological change included electronic equipment, automobiles, and electronics, which in turn will lead to an increase in services for that equipment. Furthermore, technologies such as 3D printing, artificial intelligence, and big data analytics are increasingly being used, resulting in higher productivity, lower operating costs, and higher margins. Lower operating costs lead to higher margins, this allows companies to increase product portfolio and enter new markets by making investments made through cost savings. IoT applications are also being integrated into services to enable services such as remote monitoring, and central feedback systems, and to offer other services. These factors are expected to drive the services market going forward.
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 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, automating payment reminders and recurring invoices, managing discounts, and coupons, and creating of customized invoices. These systems also generate real-time reports on sales, orders, and budgets that help track business performance. Some of the popular automated billing systems include Zoho Invoice, QuickBooks, Invoice2go, and Intacct.
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Major Key Players of the Market:
Berkshire Hathaway Inc., Deloitte Touche Tohmatsu Limited, Accentur*e plc, The International Business Machines Corporation, PwC Price waterhouse Coopers, Ernst & Young Global Limited, KPMG International Limited, Randstad Holding NV, CBRE Group Inc., Enterprise Holdings Inc., Adecco Group, Capgemini SE, Sodexo Group, Recruit Holdings Co. Ltd., Jones Lang LaSalle Incorporated, Man powerGroup Inc., Waste Management Inc., Cognizant, TUI Group, Infosys Limited, Aramark Corporation, Wipro Limited, ISS A/S, McKinsey & Company, Robert Half International Inc., Gartner Inc., Altran Technologies, Bain & Company, BCD Travel, Travel Leaders Group, Thomson Reuters Corporation, Dun & Bradstreet Holdings Inc., Equifax Inc., Experian plc, IHS Markit Ltd., Moody's Corporation, S&P Global Inc.
Services Market 2024 Key Insights:
• The services market size is expected to see strong growth in the next few years. It will grow to $23128.27 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Innovative Technological Advancements Fueling Transformation Across Service Market
• Streamlining Billing Operations With Automated Systems Enhancing Efficiency And Cost Savings
• Asia-Pacific was the largest region in the services market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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