Services Market Growth Outlook Through 2024-2033

Overview and Scope
Services refer to transactions between a buyer and a seller without transferring any physical goods or commodities, involving the use of resources, experience, skill, ingenuity, and intelligence. It mainly involves the use of resources, experience, skill, ingenuity, and intelligence.

Sizing and Forecast
The services market size has grown strongly in recent years. It will grow from $15365.25 billion in 2023 to $16707.58 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to economic conditions, regulatory changes, demographic shifts, consumer preferences, urbanization, healthcare needs.

The services market size is expected to see strong growth in the next few years. It will grow to $23128.27 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to aging population, data privacy and security, mental health awareness, circular economy initiatives, pandemic response services. Major trends in the forecast period include digital transformation services, subscription-based service models, personalization of services, remote and virtual services, outcome-based service contracts, artificial intelligence (ai) in services.

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Segmentation & Regional Insights
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 Covered: Religious Organizations, NGOs And Charitable Organizations, Political Organizations, Unions And Associations, Real Estate Rental, Real Estate Agency and Brokerage, Automotive Equipment Leasing, Consumer Goods And General Rental Centers, Machinery Leasing, Lessors Of Nonfinancial Intangible Assets, 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, Personal Care Services, Death Care Services, Dry-Cleaning And Laundry Services, Other Personal Services, Private Household Services, Automotive Repair and Maintenance, Commercial and Industrial Machinery and Equipment Repair and Maintenance, Electronic and Precision Equipment Repair and Maintenance, Personal Goods Repair And Maintenance

Asia-Pacific was the largest region in the services market in 2023. 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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Major Driver Impacting Market Growth
Rapid advances in technology are expected to drive innovation in different sectors of the services industry, thus driving the market during the forecast period. Areas of rapid technological change included electronic equipment, automobiles, and electronics, which in turn will lead to an increase in services for that equipment. Furthermore, technologies such as 3D printing, artificial intelligence, and big data analytics are increasingly being used, resulting in higher productivity, lower operating costs, and higher margins. Lower operating costs lead to higher margins, this allows companies to increase product portfolio and enter new markets by making investments made through cost savings. IoT applications are also being integrated into services to enable services such as remote monitoring, and central feedback systems, and to offer other services. These factors are expected to drive the services market going forward.

Key Industry Players

Major companies operating in the services market report are Berkshire Hathaway Inc., 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., Altran Technologies, 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.

The services market report table of contents includes:

1. Executive Summary
2. Services Market Characteristics
3. Services Product/Service Analysis -Product/Service Examples
4. Services Market Trends And Strategies
5. Services Market – Macro Economic Scenario
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31. Belgium Services Market
32. Denmark Services Market
33. Finland Services Market
34. Ireland Services Market
35. Netherlands Services Market
36.Appendix

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