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(USGovernment-News.Com, September 26, 2018 ) A service can be defined as a transaction between a buyer and a seller without the transfer of any physical goods or commodities. It mainly involves the use of resources, experience, skill, ingenuity, and intelligence. Main characteristics of a services include intangibility, simultaneous production and consumption, and inseparability of the services provider and consumer.
The global services market industry has shown a decent growth in the past years with a CAGR of about 4.5%. The year 2017 recorded highest ever market value in this industry as per TBRC’s inhouse consultants.
TBRC’s latest report show the historic and future trends in the market for each year with sourced reasons to support the growth claims.
The report also shows the services market to grow at a higher CAGR by 2021 as compared to 2017, along with geographies best suited for investments with highest return rate.
Competition among services firms and a lack of suitably trained employees will contribute to a shortage of labor in the professional services industry in this period. According to the CBI Service Sector Survey in 2015, a survey of 174 firms, many respondents from the services industry reported that skills shortages are affecting their plans for business expansion. This was mainly due to the lack of the right skills and right work experience among candidates; thus skill shortages were one on the major restraints on the services industry.
TBRC’s latest report will cover in depth understanding and calculated impacts of each market factor on a global as well as regional level, to analyze the best investment strategy for this market.
Companies included in the report are CBRE Group, Southern Baptist churches, Jones Lang LaSalle Inc, World Food Programme and Unicef.
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.
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