Global Commercial Services Market Report 2023: Size, Drivers, And Top Segments
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Global Market Report 2023, the worldwide commercial services market is set to increase from $5152.37 billion in 2022 to $5696.44 billion in 2023, displaying a 10.6% CAGR. Predictably, the market will reach $8015.14 billion in 2027, growing at an 8.9% CAGR.
Asia-Pacificheld the largest commercial services market share.
Commercial Services Market Driver
Rising urbanization, driven by better living standards and job prospects, spurs the commercial services market. Urban migration fosters job growth and higher income, resulting in greater demand for commercial services. UN projections suggest urban population will rise from 55% in 2018 to 68% by 2050, solidifying urbanization as a key driver of commercial services market growth.
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Key Commercial Services Market Segments
The global commercial services market is segmented –
1) By Type: Office Administrative Services, Facilities Support Services, Employment Services, Business Support Services, Travel Arrangement And Reservation Services, Waste Management And Remediation Services, Investigation And Security Services, Services to Buildings And Dwellings, Other Support Services
2) By Mode: Online, Offline
3) By Service Type: Hard Services, Soft Services, Other Services
Commercial Services Market Prominent Players
Major companies in the commercial services market include BCD Travel, Randstad Holding NV, Adecco Group, Travel Leaders Group, TUI Group, Recruit Holdings, ManpowerGroup Inc., Waste Management Inc., Securitas AB, and Veolia Environment SA
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Prominent Commercial Services Market Trend
Businesses widely employ artificial intelligence for customer support, significantly cutting operational costs. AI handles tasks like speech recognition, language translation, and decision-making, automating customer interactions for efficiency and cost reduction. It also manages support tickets in bulk, offers multi-language support, and auto-responds to emails. An Oracle study revealed that about 80% of businesses adopted or planned AI use in customer support in 2020. Notable companies using AI in customer support include China Merchant Bank, Fiat Argentina, Toshiba France, and KLM airlines.
The Commercial Services Global Market Report 2023 provides comprehensive insights on the commercial services market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the commercial services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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