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Emerging Business Support Services Market Trends: Artificial Intelligence For Customer Support And Business Strategies Shaping the Future of the Industry
Business Support Services
How Large Will the Business Support Services Market Size By 2025?
The market size of business support services has seen significant growth in the past few years. The projections indicate an escalation from $618.56 billion in 2024 to $673.98 billion in 2025, following a compound annual growth rate (CAGR) of 9.0%. Factors such as globalization, outsourcing practices, market competition, and the entrepreneurial landscape have contributed to this historical growth.
How Big Is the Business Support Services Market Size Expected to Grow by 2029?
The market size of business support services is predicted to witness robust expansion in the coming years. It is anticipated to grow to $921.62 billion by 2029 with a compound annual growth rate (CAGR) of 8.1%. This growth during the forecast period is expected to be driven by factors such as the adoption of remote work, focus on sustainability, integration of data analytics and AI, changes in regulations and compliance, and resilience of the supply chain. The forecast period is also expected to see significant trends like digital transformation, cybersecurity issues, technological progress, personalized business solutions, and the growth of outsourcing.
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Which Key Market Drivers Powering Business Support Services Market Expansion and Growth?
The expansion of the business support services market is predicted to be fueled by a surge in the formation of new enterprises. Business support services are crucial for recent startups as they offer a variety of services. In September 2022, data from the UK's Office for National Statistics revealed a rise in the number of businesses, escalating from 2,765,150 in 2022 to 2,767,700 in 2023. Additionally, in May 2024, according to the House of Commons Library, a major source of UK Parliamentary data, there was a 0.8% increase in the number of UK businesses from 2022 to 2023. Consequently, this surge in new enterprise formation is anticipated to stimulate the growth of the business support services market in the future.
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Which Fast-Growing Trends Are Poised to Disrupt the Business Support Services Market?
Business corporations are increasingly employing artificial intelligence in customer service efforts, seeing a substantial decrease in operational expenses as a consequence. These AI systems can effectively manage tasks typically requiring human intelligence like language translation, speech recognition, decision-making, and visual interpretation. This technology has revolutionized the approach to customer complaints and other interactions by eliminating the need for human intervention, thereby enhancing efficiency and minimizing operational expenses. AI also aids in managing large amounts of support tickets, offering multilingual support and automatic replies to mass emails. For example, Adobe Inc, a software corporation from the United States, reported in July 2023 that top-performing businesses showed a prominent inclination towards incorporating AI technology into their marketing strategies, with an adoption rate of 28%, a stark comparison to the mere 12% of their counterparts. Furthermore, about 47% of digitally mature enterprises, known for their sophisticated digital practices, have solid AI strategies in place, underscoring the escalating significance of AI in modern business plans.
What Are the Emerging Segments in the Business Support Services Market?
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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Business Support Services Industry?
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.
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