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%.
Southern Baptist Churches
Jones Lang LaSalle Inc.
World Food Programme
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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.
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.
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
4. Services Market Product Analysis
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)
9.3. Forecast Market Growth, Value ($ Billion)
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
For more information about this report visit https://www.researchandmarkets.com/r/s845pd
View source version on businesswire.com: https://www.businesswire.com/news/home/20210128005632/en/
Laura Wood, Senior Press Manager
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