The services industry includes intangibility, simultaneous production and consumption, and inseparability of the services provider and consumer.
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The reasons for the substantial growth of the market from $12 trillion in 2017 to $15 trillion by 2021 are the economic growth, emphasis on cost cutting and technological advancements.
The services market in The Business Research Company’s report is segmented into commercial services, real estate, leasing, civic services and personal services. Commercial services and real estate segment accounts for more than three-fifth of the market share, while the remaining share is attributed to the other three segments.
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The USA was the largest country in the services market in 2017, accounting for more than one-fourth of the market share. The USA was followed by China and UK.
CBRE Group was the largest competitor in the services market, followed by Southern Baptist Churches and Jones Lang LaSalle Inc. CBRE Group, Inc. is an American commercial real estate services and investment firm. The company operates in the Americas, Europe, Middle East and Africa (EMEA) and Asia Pacific. It is headquartered in Los Angeles, California, US and employs around 75,000 people.
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