Press release
Innovative Technological Advancements Fueling Transformation Across Service Market: The Driving Engine Behind Services Market Evolution in 2025
Services Market
Services Market Size Growth Forecast: What to Expect by 2025?
The size of the services market has seen robust growth in the last few years. It is predicted to increase from a value of $16032.91 billion in 2024 to $17456.81 billion in 2025 at a compounded annual growth rate (CAGR) of 8.9%. The historical growth can be ascribed to various factors including economic circumstances, legislative modifications, population changes, customer inclinations, urbanization, and healthcare requirements.
How Will the Services Market Size Evolve and Grow by 2029?
In the coming years, the services market size is predicted to witness robust expansion. The projected growth envisions a rise to $24032.49 billion by 2029, marking a compound annual growth rate (CAGR) of 8.3%. Various factors contributing to this projected growth in the forecast period include an aging populace, data confidentiality, mental health prominence, circular economy endeavors, and pandemic response services. During the forecast period, significant trends to watch for include digital transformation services, subscription-based service systems, service customization, remote and electronic services, outcome-oriented service agreements, and the integration of artificial intelligence (AI) in services.
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What Drivers Are Propelling the Growth of Services Market Forward?
The evolution of technology at a rapid pace is predicted to spark creativity across various sectors in the service industry, thus propelling the market in the forecast period. Swift technological transformations are happening in sectors such as electronic equipment, autos, and electronics. These shifts are thus expected to enhance the demand for service offerings related to these products. Additionally, the incorporation of technologies like 3D printing, artificial intelligence, and big data analytics is on the rise, leading to increased productivity, reduced operational costs, and ultimately, improved profit margins. The reduction in operational costs, allowing for greater profit margins, allows firms to augment their product range and venture into new markets, utilizing the savings from costs. Furthermore, IoT applications are being merged into services to facilitate offerings like remote monitoring, centralized feedback systems, among other services. All these elements are expected to uplift the service market in the future.
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Which Emerging Trends Are Transforming the Services Market in 2025?
Several leading firms in the services sector are presenting ground-breaking solutions such as telecom services to improve customer experience, streamline processes and foster digital evolution. Telecom services encompass various communication aids that enable voice, data, and video transmission across miscellaneous networks. For example, Faroese Telecom, a telecommunications company based in Denmark, rolled out an extensive 5G network across all 18 Faroe Islands in April 2024, partnering with Ericsson to reach full demographic coverage. This launch offers the inhabitants swift and low-latency internet connectivity, optimizing mobile broadband and voice quality with features like fixed wireless access and voice over LTE (VoLTE). Despite geographical hurdles, such as providing coverage on bridges, ferries, and fishing boats, this setup is set to considerably benefit local sectors like fisheries and tourism. It achieves this by integrating cutting-edge technologies including IoT and AI to enhance operational efficiency and promote sustainability.
What Are the Key Segments in the Services Market?
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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Who Are the Key Players Shaping the Services Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Services Market?
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.
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