Since 2013, the number of employees in the business services sector in Germany has demonstrated consistent growth, increasing from 15.91 million to 18.04 million in 2023. This gradual rise reflects an annual year-on-year percentage increase, peaking in 2017 at 1.9%.
Examining the recent two-year performance leading up to 2023, growth has slightly decelerated with a year-on-year variation of 0.98% in 2022 and 0.95% in 2023. The compound annual growth rate (CAGR) over the past five years has averaged at 1.25%, showing a modest yet consistent upward trend.
Looking forward to the forecast, by 2028, the number of employees in this sector is expected to reach 18.84 million, which implies a forecasted 5-year CAGR of 0.69% and a cumulative growth rate of 3.48%, indicating a slight deceleration in the growth rate.
Future Trends to Watch for:
- Automation and AI integration impacting employment figures, potentially slowing growth further.
- Remote and hybrid working models becoming more prevalent, altering workforce needs.
- Increased demand for digital and tech-related services within the business services sector.