PUBLISHER: The Business Research Company | PRODUCT CODE: 1435301
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435301
Business support services encompass outsourced administrative services that facilitate the smooth functioning of business operations. This involves establishments primarily engaged in providing services to other business entities on a fee or contract basis. These services can include advertising and mailing, business maintenance, and various management and consulting services.
The main types of business support services include document preparation services, telephone call centers, business service centers, collection agencies, credit bureaus, and other business support services. Document preparation service providers offer a range of services, such as business and regulatory document preparation, word processing, proofreading, desktop publishing, and formatting. These services cater to organizations of different sizes, including large enterprises and small and medium enterprises, and are accessible through various modes, including online and offline channels.
The business support services market research report is one of a series of new reports from The Business Research Company that provides business support services market statistics, including business support services industry global market size, regional shares, competitors with a business support services market share, detailed business support services market segments, market trends and opportunities, and any further data you may need to thrive in the business support services industry. This business support services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The business support services market size has grown strongly in recent years. It will grow from $683.92 billion in 2023 to $747.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth observed during the historic period can be attributed to factors such as globalization, trends in outsourcing, market competition, and the evolving entrepreneurial landscape.
The business support services market size is expected to see strong growth in the next few years. It will grow to $1052.92 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period can be attributed to factors such as the increased adoption of remote work, a growing focus on sustainability, the integration of data analytics and AI, changes in regulatory and compliance requirements, and a heightened emphasis on supply chain resilience. Major trends expected in the forecast period encompass digital transformation, concerns related to cybersecurity, ongoing technological advancements, the adoption of customized business solutions, and the continued growth of outsourcing.
The anticipated surge in new business establishments is poised to drive the growth of the business support services market. These services play a crucial role in assisting newly formed businesses by offering a spectrum of support. In the US, for example, data from the Bureau of the Census reveals a substantial increase in new business applications, reaching nearly 5.4 million in 2021-a 22.7% rise from the previous year's 4.4 million applications in 2020. This uptick in new business establishments is expected to be a key driver for the business support services market.
The business support services market is expected to witness growth fueled by the ongoing digital transformations within companies. Companies are embracing digital transformations to enhance business processes, customer experiences, and overall operations through technology and data utilization. Business support services play a pivotal role in facilitating this digital evolution by providing essential infrastructure, expertise, and resources. In 2021, PTC reported that over 52% of companies either completed or were in the process of digital transformations. The increasing demand for digital upgrades in businesses is anticipated to be a significant factor driving the growth of the business support services market.
The adoption of artificial intelligence (AI) in customer support activities is becoming increasingly prevalent among business organizations due to its ability to reduce operational costs significantly. AI systems perform tasks that traditionally require human intelligence, such as speech recognition, language translation, visual perception, and decision-making. This technology enables efficient handling of customer grievances and other interactions without human intervention, thereby enhancing efficiency and reducing operational costs. Adobe Inc. reported in July 2023 that top-performing enterprises displayed a substantial preference for leveraging AI technology in marketing, with a utilization rate of 28%. Additionally, 47% of digitally mature organizations, characterized by advanced digital practices, have established well-defined AI strategies, highlighting the growing importance of artificial intelligence in contemporary business strategies.
Major companies in the business support services market are concentrating on the development of innovative solutions, including advanced digital business support services, to maintain a competitive edge. Digital business support services encompass a variety of online tools and solutions designed to assist companies in various aspects of their operations and growth in the digital era. VMware Inc., for instance, launched Cross-Cloud services for multi-cloud management in October 2021. This suite of integrated services aims to provide a faster and more intelligent route to the cloud for digital enterprises. Offering advantages such as accelerated cloud adoption, improved cost efficiency, enhanced flexibility, and greater control over multiple cloud environments, VMware Cross-Cloud services cater to the evolving needs of businesses in the digital landscape.
Major companies operating in the business support services market report are Apple Inc., S&P Global Inc., Teleperformance SE, Sagiss Inc., Moody's Corporation, Equifax Inc., Flexport Inc., TransUnion, VXI Global Solutions Inc., Trend Micro Inc., Intrum AB, WNS (Holdings) Limited, PRA Group Inc., Freshworks Inc., Helpware Inc., Quatrro Inc., Integra Global Solutions Inc., Zenoti Inc., Farmers Business Network Inc., Crexendo Inc., FirmsDesk Inc., Influx Corporation, SkyCom Corporation, Transcom WorldWide AB, Sykes Enterprises Inc., Working Solutions Inc., Small Enterprise Development Agency (SEDA), Sabrina's Admin Services LLC, Badabusiness IBC Kanpur, Landlord Support Services LLC, The London Business Support Service Ltd.
Western Europe was the largest region in the business support services market in 2023. Asia-Pacific was the second-largest region in the business support services market. The regions covered in the business support services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the business support services market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The business support services market consists of revenues earned by entities that provide business support services such as telephone answering, telemarketing bureaus and other contact centers, and private mail centers. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Business Support Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on business support services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for business support services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The business support services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.