Press release
Future of the Commercial Services Market: Strategic Analysis and Forecast to 2034
Commercial Services
What Is the Expected CAGR for the Commercial Services Market Through 2025?
In recent times, the commercial services market has seen robust growth. The market size is projected to expand from $6013.28 billion in 2024 to $6606.02 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.9%. Factors contributing to this growth during the historical period include corporate growth, economic advancement, globalization, changes in regulations, shifts in consumer behavior, increased demand for professional services, and real estate development.
What's the Projected Size of the Global Commercial Services Market by 2029?
The market size of commercial services is anticipated to grow significantly in the forthcoming years. By 2029, it is projected to escalate to $9441.64 billion with a compound annual growth rate (CAGR) of 9.3%. This potential growth during the expected period can be linked to factors like the expansion of e-commerce, implementation of sustainability practices, issues related to cybersecurity, flexible workspace offerings, and corporate social responsibility. Key trends expected to shape the forecast period are services based on subscription models, consultation services for digital transformation, flexible working solutions, data analytics and business intelligence, customer support equipped with AI, and services related to e-learning and training.
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Top Growth Drivers in the Commercial Services Industry: What's Accelerating the Market?
The commercial services market is expected to see growth, propelled by the escalating rates of urbanization as people move to cities for improved living standards and greater employment possibilities. As urban populations grow, so too will the necessity for job creation, resulting in more employment opportunities and a rise in disposable income. Urbanization globally promotes better, more inclusive jobs in cities, creating an increased demand for commercial services companies. As an example, the United States Census Bureau, a government agency in the U.S., reported in May 2023 that U.S metropolitan areas saw a population growth of around 0.4% between 2021 and 2022. Out of the 384 metropolitan areas in the U.S., around 65.1% saw a population increase during this period. Thus, the rise in urban populations is anticipated to contribute significantly to the growth of the commercial services market.
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What Trends Will Shape the Commercial Services Market Through 2029 and Beyond?
The utilization of artificial intelligence in customer support operations by business corporations is increasingly widespread, owing to its significant contribution towards the reduction of operational expenses. Functions typically needing human intellect such as speech recognition, language translation, visual discernment, and decision-making are now being ably carried out by artificial intelligence systems. This innovative technology greatly streamlines customer complaints management and other forms of customer interactions, leading to enhanced operational efficiency and lower costs. It even allows for managing a high volume of support tickets, delivering multilingual support, and automatically responding to mass emails. For example, Forbes, a US-based publication, reported in April 2023 that 64% of businesses are of the belief that artificial intelligence has the potential to augment their overall productivity.
What Are the Main Segments in the Commercial Services Market?
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:
1) By Office Administrative Services: Virtual Assistant Services, Document Preparation Services, Call Center Services
2) By Facilities Support Services: Janitorial Services, Landscaping Services, Maintenance and Repair Services
3) By Employment Services: Staffing Agencies, Recruitment Process Outsourcing (RPO), Temporary Employment Services
4) By Business Support Services: Data Processing And Hosting, Mail And Copying Services, Customer Service Support
5) By Travel Arrangement And Reservation Services: Corporate Travel Management, Event Planning Services, Online Travel Agencies (OTAs)
6) By Waste Management And Remediation Services: Recycling Services, Hazardous Waste Management, Remediation Services
7) By Investigation And Security Services: Private Investigation Services, Security System Installation And Monitoring, Security Guards And Patrol Services
8) By Services To Buildings And Dwellings: Pest Control Services, Elevator Maintenance, HVAC Services
9) By Other Support Services: Translation And Interpretation Services, Legal Support Services, marketing And Advertising Services
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Which Top Companies are Driving Growth in the Commercial Services Market?
Major companies operating in the commercial services market include plc, 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.
Which Regions Will Dominate the Commercial Services Market Through 2029?
Asia-Pacific was the largest region in the commercial services market in 2024. Western Europe was the second-largest region in the commercial services market. The regions covered in the commercial services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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