Services Global Market Report 2024

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 expansion observed in the historical period can be ascribed to factors such as economic conditions, regulatory changes, demographic shifts, consumer preferences, urbanization, and 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 anticipated growth in the forecast period can be ascribed to factors such as an aging population, concerns related to data privacy and security, increased awareness of mental health, initiatives promoting a circular economy, and the provision of services in response to pandemics. Noteworthy trends expected in the forecast period encompass the adoption of digital transformation services, the prevalence of subscription-based service models, the personalization of services, the delivery of remote and virtual services, the implementation of outcome-based service contracts, and the integration of artificial intelligence (AI) in services.

The anticipated progress in technology is poised to fuel innovation across various sectors of the services industry, driving market growth in the forecast period. Rapid technological advancements, especially in electronic equipment, automobiles, and electronics, are expected to lead to increased demand for services related to these technologies. Additionally, the adoption of technologies such as 3D printing, artificial intelligence, and big data analytics is on the rise, resulting in enhanced productivity, reduced operating costs, and improved profit margins. The cost savings from lower operating expenses empower companies to expand their product portfolios, enter new markets, and make strategic investments. Integration of Internet of Things (IoT) applications into services, facilitating remote monitoring and central feedback systems, is contributing to the growth of the services market.

The increasing demand for real estate services is poised to drive the overall growth of the services market. Real estate, encompassing immovable property such as land, buildings, and associated natural resources, requires comprehensive facilities management services for smooth operations, particularly in the commercial sector. Notably, the demand for real estate services is evident in the rising trend of for sale by owner (FSBO) home sales, accounting for 10% of recent sales in 2022, as reported by The Close, a US-based real estate site. This represents an increase from 7% in the previous year, indicating a growing reliance on real estate services.

The outbreak of the COVID-19 pandemic significantly restrained the services market in 2020 due to declining demand for services amid global lockdowns. The infectious disease led to reduced economic activity worldwide, with countries implementing lockdown measures to contain the spread. While the pandemic had a negative impact on businesses in 2020 and 2021, it is anticipated that the services market will recover over the forecast period, considering the nature of the event as a 'black swan,' unrelated to ongoing weaknesses in the market or the global economy.

Companies are increasingly adopting automated billing systems to minimize errors and reduce costs associated with billing processes. These automated systems efficiently generate and deliver electronic invoices directly to customers, offering potential savings of 60-80% compared to traditional paper-based billing methods. The functionality of automated billing systems extends to tracking unpaid bills, automating payment reminders and recurring invoices, managing discounts and coupons, and creating customized invoices. Additionally, these systems provide real-time reports on sales, orders, and budgets, facilitating comprehensive tracking of business performance. Notable examples of popular automated billing systems include Zoho Invoice, QuickBooks, Invoice2go, and Intacct.

Innovative programs are being introduced by major companies in the services market to enhance the delivery of personal care services to customers. One such program is the Center Well Primary Care Anywhere initiative, which focuses on providing primary care services for seniors in the comfort of their homes. Humana, a US-based company specializing in personal care services, introduced the Center Well Primary Care Anywhere program in August 2023. This program aligns with Humana's integrated care model, emphasizing a multidisciplinary team approach to care with the goal of improving care quality and increasing accessibility for older adults, particularly those facing challenges in traveling to a doctor's office.


Major companies operating in the services market report are Berkshire Hathaway Inc., Deloitte Touche Tohmatsu Limited, Accenture PLC, The International Business Machines Corporation, PwC 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.

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. The countries covered in the services market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

Various types of services include Civic Services, Real Estate, Leasing, Commercial Services, Personal Services, and Repair and Maintenance. Civic service denotes a structured period of significant engagement and commitment to the local, national, or international community, acknowledged and recognized by society, often without substantial monetary compensation to the individual. These services involve components such as hardware, software, and service, and can be accessed through different modes, including online and offline.

The services market research report is one of a series of new reports that provides services market statistics, including services industry global market size, regional shares, competitors with a services market share, detailed services market segments, market trends, and opportunities, and any further data you may need to thrive in the services industry. This services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The services market consists of revenue earned by entities by providing services to equipment and machinery repairing, promoting or administering religious activities, grant making, advocacy, and providing dry-cleaning and laundry services, personal care services, death care services, pet care services, photofinishing services, and temporary parking services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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