Dublin, Jan. 27, 2021 (GLOBE NEWSWIRE) -- The "Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global services market as it emerges from the COVID-19 shut down.
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 $15683. 84 billion in 2025 at a CAGR of 7%.
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Where is the largest and fastest growing market for services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Services market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider services market, and compares it with other markets.
The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
Market segmentations break down market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
The services market section of the report gives context. It compares the services market with other segments of the services market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, services indicators comparison.
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.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Services Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Services Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Services Market Supply Chain
5.1. Supply Chain
5.3. End Customers
6. Services Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Services Market Trends and Strategies
8. Impact of COVID-19 on Services
9. Services Market Size and Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers of the Market
9.2.2. Restraints on the Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers of the Market
9.3.2. Restraints on the Market
10. Services Market Regional Analysis
10.1. Global Services Market, 2020, by Region, Value ($ Billion)
10.2. Global Services Market, 2015-2020, 2020-2025F, 2030F, Historic and Forecast, by Region
10.3. Global Services Market, Growth and Market Share Comparison, by Region
11. Services Market Segmentation
11.1. Global Services Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Repair and Maintenance
12. Services Market Segments
13. Services Market Metrics
13.1. Services Market Size, Percentage of GDP, 2015-2025, Global
13.2. Per Capita Average Services Market Expenditure, 2015-2025, Global
14. Asia-Pacific Services Market
15. Western Europe Services Market
16. Eastern Europe Services Market
17. North America Services Market
18. South America Services Market
19. Middle East Services Market
20. Africa Services Market
21. Services Market Competitive Landscape
21.1. Competitive Market Overview
21.2. Market Shares
21.3. Company Profiles
21.3.1. CBRE Group
126.96.36.199. Company Overview
188.8.131.52. Products and Services
184.108.40.206. Financial Performance
21.3.2. Southern Baptist Churches
220.127.116.11. Company Overview
18.104.22.168. Products and Services
22.214.171.124. Financial Performance
21.3.3. Jones Lang LaSalle Inc.
126.96.36.199. Company Overview
188.8.131.52. Products and Services
184.108.40.206. Financial Performance
21.3.4. World Food Programme
220.127.116.11. Company Overview
18.104.22.168. Products and Services
22.214.171.124. Financial Performance
126.96.36.199. Company Overview
188.8.131.52. Products and Services
184.108.40.206. Financial Performance
22. Key Mergers and Acquisitions in the Services Market
23.1. Global Services Market in 2025- Growth Countries
23.2. Global Services Market in 2025- Growth Segments
23.3. Global Services Market in 2025- Growth Strategies
24.1. NAICS Definitions of Industry Covered in This Report
24.4. Research Inquiries
24.5. About the Publisher
25. Copyright and Disclaimer
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