Growth in the global market for commercial services is speeding up, according to research by The Business Research Company. Increasing at 5.25% a year to 2016, it has accelerated to 6.5%, a rate that is forecast to continue to 2020. In that year the market will be worth $5339 billion.
Commercial services is the largest segment of the general services market, which also includes real estate, leasing, civic and personal services but not professional or social services. The segment covers outsourced provision of office administration, employment-related services, travel arrangements, waste management, facilities support, business support, automotive repair, repair and maintenance of agricultural, heavy and industrial machinery and equipment, investigation and security services and buildings-related services. The main clients for these services are businesses and organizations.
The four biggest segments within commercial services are employment services, waste management and remediation, travel arrangement and reservation, and office administration services. Together these were worth $1764.3 billion in 2016, though they only make up under half of this diverse group of markets. Office administration services, which include billing and record keeping, financial planning, personnel, physical distribution and logistics is the fastest-growing segment, at 9.3% year on year, a rate which has accelerated from 5.7% before 2016. The trend to outsource and offshore these non-core functions to allow focus on the key areas of the business continues to support the office administration services segment.
North America and Western Europe are the largest markets for commercial services, worth over 60% of the global total between them. Growth, however, is another matter. At 11% year on year, South America’s is the fastest-growing market, while Asia Pacific, which will put on $203 billion of annual sales between 2016 and 2020, represents a significant challenge to developed markets growing at only 5% and 3.5% respectively.
Where to Learn More
Read Commercial Services Market Global Briefing 2018 from The Business Research Company for information on the following:
Markets Covered: Office Administrative Services, Employment Services, Travel Arrangement And Reservation Services, Waste Management And Remediation Services, Others
Companies Mentioned: Adecco Group, Randstad Holding, Manpower Inc., Waste Management Inc., ISS A/S, Sodexo
Geographic scope: Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Time series: Five years historic and forecast.
Data: Market value in $ billions.
Data segmentations: Regional breakdowns, market share of competitors, key sub segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
About The Business Research Company.
The Business Research Company is a Business Intelligence Company which excels in company, market and consumer research. It has offices in the UK, the US and India and a network of trained researchers in 15 countries globally.
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293 Email: [email protected]