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

February 2021 •
300 pages •
Report ID: 6025317 •
Format: PDF

Summary
Table of contents

Major companies in the business support services market include Tata Consultancy Services Limited; Hewlett Packard Enterprise Co; Genpact Ltd; A.T. Kearney and Grant Thornton LLP.

The global business support services market is expected to grow from $466.71 billion in 2020 to $521.77 billion in 2021 at a compound annual growth rate (CAGR) of 11.8%. 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 $679.67 billion in 2025 at a CAGR of 7%.

The business support services market consists of sales of business support services and related goods by entities (organizations, sole traders and partnerships) that provide business support services such as document preparation, telephone call centers, telephone answering, telemarketing bureaus and other contact centers, and private mail centers. The business support services market is segmented into document preparation services; telephone call centers; business service centers; collection agencies; credit bureaus and other business support services.

Western Europe was the largest region in the global business support services market, accounting for 39% of the market in 2020. Asia Pacific was the second largest region accounting for 30% of the global business support services market. Africa was the smallest region in the global business support 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, and 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.

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