Commercial Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Commercial Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • January 2021 •
  • 400 pages •
  • Report ID: 6009754 •
  • Format: PDF
Major companies in the commercial services market include Adecco Group; Randstad Holding; Manpower Inc; Waste Management Inc and Iss A/S.

The global commercial services market is expected to grow from $3858.88 billion in 2020 to $4366.32 billion in 2021 at a compound annual growth rate (CAGR) of 13.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5864.34 billion in 2025 at a CAGR of 8%.

The commercial services market consists of sales of commercial services by entities (organizations, sole traders and partnerships) that perform support activities for the day-to-day operations of other businesses or organizations. Examples include office facilities management services, travel arrangement services. The commercial services market is segmented into 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; and other support services.

Asia Pacific was the largest region in the global commercial services market, accounting for 30% of the market in 2020. Western Europe was the second largest region accounting for 29% of the global commercial services market. Africa was the smallest region in the global commercial services market.

Artificial intelligence is widely being used by business organizations in customer support activities as it considerably reduces operational costs. Artificial intelligence systems perform tasks that normally require human intelligence such as speech recognition, translation between languages, visual perception, decision-making. This technology enables handling of customer grievances and other interactions without human intervention, thereby increasing efficiency and reducing operational costs. It also helps manage support tickets in bulk, provides multi-language support and auto responding of bulk emails. According to a study by Oracle, nearly 8 out of 10 businesses have already implemented or planning to adapt artificial intelligence in customer support by 2020. Some of the companies using artificial intelligence in customer support include China Merchant Bank, Fiat Argentina, Toshiba France, KLM airlines.