Services Industry Analysis - Overview Of Market Size, Growth Rate, And Dominant Region, By The Global Market Model From TBRC

A Comprehensive Global Services Industry Overview: Major Leaders, Market Size, Growth Trends, Regional Analysis, and Forecast

LONDON, Aug. 29, 2023 /PRNewswire/ -- The Global Market Model's forecast for the services sector maintains a significant level of consistency compared to the earlier projection until the conclusion of 2022. Elements such as economic challenges and inflation, resulting in escalated service prices attributed to rising labor expenditures, were already factored into our previous forecast update. As a result, our predictions for this particular market have remained steadfast during this update phase.

Services market size in 2022

In the year 2022, the global services market attained a valuation of $14,043.9 billion, contributing to approximately 14% of the total global GDP.

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Services industry growth rate in the forecast period

Forecasts anticipate that the market will experience a compound annual growth rate (CAGR) of 8.6% between 2022 and 2032. The driving forces behind this growth are projected to be the practice of outsourcing non-core operations for cost reduction and heightened focus on core business activities, coupled with technological advancements. These factors are expected to play a pivotal role in propelling the market during the forecasted period.

Top segments in services industry that are in demand

Within the services market, the commercial services sector held the position of the most substantial segment, encompassing 36.7% of the total market share in 2022. Similarly, the United States stood out as the leading market within the services sector, contributing to 23.5% of the overall market share in the same year.

The Global Market Model provides insights on the following key industry indicators in the services industry:

Tons of waste collected
Tons of waste recycled
Number of enterprises
Number of employees

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Global Market Model – World's Most Comprehensive Database

The Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics for 7000 markets across 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.

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