Press release
Services Market Size Forecasted To Achieve $24032.49 Billion By 2029 With Steady Growth
Services
What Is the Current Services Market Size and Its Estimated Growth Rate?
The scope of the services market has significantly expanded in the recent past. The growth projection estimates an increase from $16032.91 billion in 2024 to $17456.81 billion in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 8.9%. The past expansion can be linked to factors like changing economic situations, amendments in regulations, shifts in demographics, evolving consumer preferences, accelerated urbanization, and healthcare demands.
The services market size is anticipated to witness robust expansion in the forthcoming years, reaching a worth of $24032.49 billion in 2029, with an annual growth rate of 8.3%. This projected growth during the forecast period is largely due to factors such as an aging population, increased awareness around mental health, initiatives towards a circular economy, data privacy and security consideration, and pandemic response services. Key trends that would dominate the forecast period entail digital transformation services, subscription-based service models, customization of services, remote and virtual services, results-oriented service contracts, and the inclusion of artificial intelligence (AI) in services.
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How Are Emerging Segments Shaping the Services Market Landscape?
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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Which Growth Factors Are Influencing Services Market Expansion?
Anticipated technological advancements are set to stimulate innovation across various sectors within the services industry, thereby propelling the market throughout the projected timeline. Fields undergoing swift technological transformation, such as electronic equipment, automobiles, and electronics, will subsequently experience heightened need for services related to these equipment. Additionally, the rising application of technologies like 3D printing, artificial intelligence, and big data analytics results in increased productivity, reduced operating expenses, and elevated profit margins. The decrease in operating costs contributes to inflated margins, permitting companies to broaden their product assortment and penetrate new markets by capitalizing on the cost savings achieved. Incorporation of IoT applications into services facilitates services like remote surveillance, centralized feedback systems, and provision of other services. These elements are predicted to fuel the progression of the services market in the future.
Who Are the Dominant Players Across Different Services Market Segments?
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.
What Services Market Trends Are Gaining Traction Across Different Segments?
Key players in the services industry are adopting and rolling out innovative solutions including telecom services with an aim to improve customer experiences, streamline their operations and foster digital change. These telecom services encompass a variety of communication services that allow the transmission of voice, data, and video across different networks. For example, in April 2024, Faroese Telecom, a telecommunications company from Denmark, established a widespread 5G network across all 18 Faroe Islands in cooperation with Ericsson. This accomplishment ensures the entire population has access to internet services with high speed and low latency, thereby improving mobile broadband and call quality through mechanisms such as fixed wireless access and voice over LTE (VoLTE). The network successfully navigated physical obstacles and is set to bring significant advantages to local industries like fisheries and tourism by facilitating the use of advanced technologies such as IoT and AI for better operational efficiency and sustainability.
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Which Geographic Regions Are Expected to Dominate the Services Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Services Market?
2. What is the CAGR expected in the Services Market?
3. What Are the Key Innovations Transforming the Services Industry?
4. Which Region Is Leading the Services Market?
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