Press release
Services Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Services Market Share
Anticipated rapid technological advancements are set to fuel innovation across diverse sectors within the service industry, thereby propelling the market during the forecast period. The rapid shift in technology encompasses fields like electronic equipment, automobiles, and electronics, subsequently increasing the demand for those equipment's services. Additionally, cutting-edge technologies like 3D printing, artificial intelligence, and big data analytics are being increasingly utilized, leading to enhanced productivity, significantly reduced operating expenses, and improved margins. Lower operating expenses facilitate higher margins allowing companies to expand their product portfolio and venture into new markets by using the savings from cost reduction. IoT applications are furthermore being incorporated with services to provide features such as remote monitoring, centralized feedback systems, and other value-added services. These elements are anticipated to further push the services market in the foreseeable future.
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What is the future CAGR of the services market, and how will it impact industry expansion?
The expansion of the services market has been significant in the past few years. The market which is projected to be worth $16032.91 billion in 2024, is expected to increase to $17456.81 billion in 2025 with an annual compound growth rate (CAGR) of 8.9%. The increase during the historic period is attributed to various factors such as economic circumstances, regulatory modifications, demographic changes, consumer choices, urbanization, and healthcare requirements.
In the coming years, the services market is anticipated to witness robust expansion. The market size is predicted to reach $24032.49 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.3%. This growth for the forecast period can be ascribed to the increasing elderly population, matters of data privacy and security, awareness about mental health, circular economy initiatives, and pandemic response services. The major anticipated trends for the forecast period consist of digital transformation services, subscription-based service models, service personalization, remote and virtual services, outcome-based service agreements, and the integration of artificial intelligence (AI) in services.
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What are the most significant trends transforming the services market today?
Leading businesses active in the service sector are pioneering modern solutions such as telecom services. These innovations aim to elevate customer experiences, optimize business operations and facilitate digital conversion. Telecom services provision voice, data, and video transmission services over diverse networks. An illustrative example occurred in April 2024, when Faroese Telecom, a telecom company from Denmark, established a thorough 5G network coverage for all Faroe Islands' 18 islands, associating with Ericsson to achieve total population coverage. This introduction allowed locals to enjoy rapid, low-latency internet, thereby improving mobile broadband and call clarity, courtesy of features like fixed wireless access and VoLTE. Despite the geographical hurdles like providing coverage on bridges, ferries, and fishing vessels, the deployment is expected to significantly advance local sectors like fisheries and tourism by facilitating advanced technologies like IoT and AI, thus enhancing operational productivity and sustainability.
Which key market segments comprise the services market and drive its revenue growth?
The services market covered in this report is segmented -
1) By Type: Civic Services, Real Estate, Leasing, Commercial Services, Personal Services, Repair and Maintenance
2) By Component: Hardware, Software, Service
2) By Mode: Online, Offline
Subsegments:
1) By Civic Services: Public Administration, Community Services
2) By Real Estate: Property Management, Real Estate Brokerage
3) By Leasing: Equipment Leasing, Real Estate Leasing
4) By Commercial Services: marketing Services, IT Services
5) By Personal Services: Health And Wellness Services, Beauty Services
6) By Repair And Maintenance: Automotive Repair, Home Maintenance Services
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What regions are at the forefront of services market expansion?
Asia-Pacific was the largest region in the services market in 2024. North America was the second-largest region in the services market. The regions covered in the services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the services market?
Major companies operating in the services market include Deloitte Touche Tohmatsu Limited, accenture* plc, The International Business Machines Corporation, 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., 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.
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What Is Covered In The Services Global Market Report?
•Market Size Forecast: Examine the services market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the services market for a structured understanding.
•Key Players Overview: Analyze major players in the services market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the services market.
•Segment Contributions: Evaluate how different segments drive overall growth in the services market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the services market.
•Industry Challenges: Identify potential risks and obstacles affecting the services market.
•Competitive Landscape: Review strategic developments in the services market, including expansions, agreements, and new product launches.
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