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Key Influencer in the Business Support Services Market 2025: Increasing New Business Applications Fueling Growth In The Business Support Services Market Driver
Business Support Services Market
The surge in the inception of new businesses is projected to fuel the growth of the market for business support services. These services aid recently formed enterprises by providing a gamut of services. For instance, the Office for National Statistics, a government department based in the UK, reported in September 2022 that the count of businesses in the UK surged to 2,767,700 in 2023 from 2,765,150 in 2022. Additionally, data from the House of Commons Library, a UK Parliament's information source, revealed in May 2024 that the business count in the UK grew by 0.8% from 2022 to 2023. Therefore, the escalating establishment of new businesses is anticipated to propel the business support services market's future growth.
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What growth opportunities are expected to drive the business support services market's CAGR through 2034?
In recent times, the market size of business support services has shown a robust growth. The market value is expected to surge from $618.56 billion in 2024 to $673.98 billion in 2025, with a compound annual growth rate (CAGR) of 9.0%. This substantial growth during the historical period has been influenced by factors such as globalization, growing trends in outsourcing, competitive market conditions, and a dynamic entrepreneurial landscape.
The market size for business support services is predicted to experience substantial growth in the approaching years. It is anticipated to rise to $921.62 billion by 2029, with a compound annual growth rate (CAGR) of 8.1%. This growth during the projection period can be connected to the adoption of remote working, emphasis on sustainability, integration of data analytics and artificial intelligence, changes in regulatory and compliance, as well as supply chain resilience. Digital transformation, concerns over cybersecurity, technological advancements, tailored business strategies, and the growth of outsourcing are the major trends to watch for during the forecasted period.
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What are the emerging trends shaping the future of the business support services market?
Business entities are increasingly utilizing artificial intelligence in their customer support operations due to its potential to significantly cut down operational expenses. Tasks that traditionally necessitate human intelligence, such as language translation, visual perception, speech recognition, and decision-making, can be performed by AI systems. Through this technology, customer complaints and other engagements can be managed without the need for human interaction, thereby enhancing efficiency and reducing operational costs. AI also finds its application in large-scale support ticket management, auto-response to mass emails, and provision of multi-language support. For instance, as reported by the US-based computer software company, Adobe Inc., in July 2023, the highest-performing businesses showed a strong inclination towards adopting AI in marketing with a usage rate of 28%, as opposed to just 12% among their counterparts. Moreover, nearly 47% of digitally mature organizations, known for their progressive digital practices, have developed meticulous AI strategies, underlining the escalating significance of AI in modern business strategies.
Which growth-oriented segments of the business support services market are leading the industry's development?
The business support services market covered in this report is segmented -
1) By Type: Document Preparation Services, Telephone Call Centers, Business Service Centers, Collection Agencies, Credit Bureaus, Other Business Support Services
2) By Organization Size: Large Enterprise, Small And Medium Enterprise
3) By Mode: Online, Offline
Subsegments:
1) By Document Preparation Services: Data Entry Services, Document Formatting And Editing, Legal Document Preparation
2) By Telephone Call Centers: Inbound Call Centers, Outbound Call Centers, Tele marketing Services
3) By Business Service Centers: Virtual Office Services, Mail Handling And Forwarding, Administrative Support Services
4) By Collection Agencies: Debt Recovery Services, Accounts Receivable Management
5) By Credit Bureaus: Credit Reporting Services, Credit Scoring Services
6) By Other Business Support Services: market Research Services, Human Resources Outsourcing, IT Support Services
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What regions are leading the charge in the business support services market?
Western Europe was the largest region in the business support services market in 2024. Asia-Pacific was the second-largest region in the business support services market. The regions covered in the business support services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the business support services market?
Major companies operating in the business support services market include S&P Global Inc., Teleperformance SE, Sagiss Inc., Moody's Corporation, Equifax Inc., Flexport Inc., TransUnion, VXI Global Solutions Inc., Intrum AB, WNS (Holdings) Limited, PRA Group Inc., Freshworks Inc., Helpware Inc., Quatrro Inc., Integra Global Solutions Inc., Zenoti Inc., Farmers Business Network Inc., Crexendo Inc., FirmsDesk Inc., Influx Corporation, SkyCom Corporation, Transcom WorldWide AB, Sykes Enterprises Inc., Working Solutions Inc., Small Enterprise Development Agency (SEDA), Sabrina's Admin Services LLC, Badabusiness IBC Kanpur, Landlord Support Services LLC, The London Business Support Service Ltd.
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What Is Covered In The Business Support Services Global Market Report?
• Market Size Forecast: Examine the business support services market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the business support services market for a structured understanding.
• Key Players Overview: Analyze major players in the business support services market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the business support services market.
• Segment Contributions: Evaluate how different segments drive overall growth in the business support services market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the business support services market.
• Industry Challenges: Identify potential risks and obstacles affecting the business support services market.
• Competitive Landscape: Review strategic developments in the business support services market, including expansions, agreements, and new product launches.
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