Business Support Services Market on Track for Strong Growth, Estimated to Grow at 8.1% CAGR Through 2029

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What Is the Expected CAGR for the Business Support Services Market Through 2025?
Over the past few years, the market size of business support services has experienced robust growth. Projected growth is from $622.59 billion in 2024 to $671.76 billion in 2025, with a compound annual growth rate (CAGR) of 7.9%. Key factors contributing to this historical growth include globalization, outsourcing tendencies, market competition, and the entrepreneurial environment.

What's the Projected Size of the Global Business Support Services Market by 2029?
There is an anticipation for the business support services market to experience robust growth in the coming years, with the market value predicted to reach $915.84 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.1%. Factors driving growth during the forecast period include the adoption of remote work, emphasis on sustainability, incorporation of data analytics and AI, regulatory and compliance shifts, as well as the resilience of the supply chain. Key trends forecasted for the period also include digital transformation, concerns over cybersecurity, technological progress, bespoke business solutions and a rise in outsourcing.

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Top Growth Drivers in the Business Support Services Industry: What's Accelerating the Market?
The business support services market is anticipated to be propelled by the creation of new firms. Business support services aid in the growth of startups by offering numerous services. The Office for National Statistics, a UK governmental department, noted in September 2022 that there has been a rise in the number of trading businesses in the UK, with figures reaching 2,767,700 in 2023, up from 2,765,150 the previous year. The House of Commons Library, the UK Parliament's informational resource, confirmed in May 2024 that there was a 0.8% increase in businesses in the UK between 2022 and 2023. Thus, the surge in new business establishments is predicted to steer the growth of the business support services market in the future.

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What Trends Will Shape the Business Support Services Market Through 2029 and Beyond?
Business corporations are heavily utilizing artificial intelligence for customer support duties because of its considerable effect on reducing operational expenses. AI systems conduct activities that typically require human intellect, such as language translation, speech recognition, visual understanding, and decision making. This innovation facilitates the addressing of customer complaints and other communications without human assistance, in turn, improving effectiveness and decreasing operational expenses. It also enables the management of mass support tickets, multi-language support provision, and automated responses to mass emails. For example, Adobe Inc., an American computer software company, reported in July 2023 that leading enterprises prominently favored the use of AI technology within their marketing endeavors, with a utilization rate standing at 28%, in stark contrast to just 12% among equivalent companies. Furthermore, around 47% of digitally mature organizations, distinguished by advanced digital practices, possess well-articulated AI strategies. This highlights the escalating significance of artificial intelligence in modern business plans.

What Are the Main Segments in the Business Support Services Market?
The business support servicesmarket 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, Telemarketing 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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Which Top Companies are Driving Growth 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 Regions Will Dominate the Business Support Services Market Through 2029?
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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