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Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • January 2021
  • 500 pages
  • ID: 6009771
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major companies in the services market include CBRE Group; Southern Baptist Churches; Jones Lang LaSalle Inc.; World Food Programme and UNICEF.

The global services market is expected to grow from $10814.49 billion in 2020 to $11780.11 billion in 2021 at a compound annual growth rate (CAGR) of 8.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $15683.84 billion in 2025 at a CAGR of 7%.

The services market consists of the sales of services and related goods by entities (organizations, sole traders and partnerships) that provide services. A service can be defined as a transaction between a buyer and a seller without the transfer of any physical goods or commodities. It mainly involves the use of resources, experience, skill, ingenuity, and intelligence. Examples include equipment and machinery repairing, promoting or administering religious activities, grantmaking, advocacy, and providing drycleaning and laundry services, personal care services, death care services, pet care services, photofinishing services, temporary parking services, and dating services. The services market is segmented into civic services; real estate; leasing; commercial services; personal services; and repair and maintenance.

Asia Pacific was the largest region in the global services market, accounting for 35% of the market in 2020. North America was the second largest region accounting for 27% of the global services market. Africa was the smallest region in the global services market.

With companies focusing on core business operations, automated billing systems are widely being used to minimize billing errors and reduce costs. Automated systems generate and send electronic copies of the invoices directly to customers. Automated billing systems can result in savings of 60-80% compared to traditional paper-based billing systems. Automated billing systems also enable tracking of unpaid bills, automate payment reminders and recurring invoices, manage discounts and coupons, and creation of customized invoices. These systems also generate real time reports on sales, orders, budgets that help track business performance. Some of the popular automated billing systems include Zoho Invoice, QuickBooks, Invoice2go and Intacct.

Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the services market in 2020 as the need for services offered by these establishments declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Technology - Rapid advances in technology is expected to drive innovation in different sectors of services industry, thus driving the market during the forecast period. Areas of rapid technological change included electronic equipment, automobiles and electronics; this 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 to 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, central feedback systems and to offer other services. These factors are expected to drive the services market going forward.

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