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A service is an intangible commodity, where the buyer normally, except by exclusive contract, obtains exclusive ownership of the thing purchased. The services market comprises of administrative services, real estate housing, rental and leasing services and general services.
The total value of the services sector globally in 2015 was $x billion. Related to a world population of more than 7 billion in 2014 this equates to about $x per person globally. Given that World Domestic Product was approximately $x trillion in 2014, the market makes up about x of the global economy.
The proliferation of data and the sophistication of analytical tools has enabled service companies to add to their offering. Descriptive and predictive analytics have become critical for many service companies as they generate actionable data insights. Human services agencies are using descriptive analytics for simple reporting or to detect non-compliance after transactions were completed. Predictive analytics can increase understanding of the relative effectiveness of different programs so that resources can be smartly targeted for better results.
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