Global Business Support Services Market Report 2023: Market Size, Key Segments And Regions

The Business Support Services Global Market Report 2023 by The Business Research Company, provides business support services market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Business Support Services Global Market Report 2023, the global business support services market size will grow from $624.82 billion in 2022 to $681.66 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of business support services market is expected to grow to $931.35 billion in 2027 at a CAGR of 8.1%.

An increase in the establishment of new businesses is expected to propel the growth of the business support services market. Business support services help newly established businesses by providing a range of services.

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The business support services market is segmented:

1) By Type: Document Preparation Services, Telephone Call Centers, Business Service Centers, Collection Agencies, Credit Bureaus, Other Business Support Services

2) By Organisation Size: Large Enterprise, Small and Medium Enterprise

3) By Mode: Online, Offline

Artificial intelligence is widely being used by business organizations in customer support activities as it considerably reduces operational costs. Artificial intelligence systems perform tasks that normally require human intelligence such as speech recognition, translation between languages, visual perception, and decision-making. This technology enables the handling of customer grievances and other interactions without human intervention, thereby increasing efficiency and reducing operational costs. It also helps manage support tickets in bulk and provides multi-language support and auto-responding to bulk emails. According to a study by Oracle, nearly 8 out of 10 businesses have already implemented artificial intelligence in customer support by 2020. Some of the companies using artificial intelligence in customer support include China Merchant Bank, Fiat Argentina, Toshiba France, and KLM airlines.

The business support services market report table of contents includes: