The services industry comprises of organizations that offer their knowledge and time to improve productivity, sustainability and performance of the economy. The end products of the industry are the services instead of physical goods. The global services industry can be broadly segmented into business services, financial services and tourism & leisure.
Business services play a crucial part in an organization’s growth by providing support solutions to its core businesses. Support services such as human resources, IT solutions, logistics, security, facility management, customer support and others are increasingly being outsourced in order to cut down the capital cost and increase the operational efficiency. There has been a shift in the preference for outsourcing from offshoring to nearshoring due to its comparative advantages such as reduced communication gap along with minimal differences in culture, government regulations and physical distance.
Financial services industry is transforming with the growth of digitization. Financial service providers are leveraging the benefits of advanced software and applications to automate their operations as well as improve customer experiences. Emerging technologies and methods such as big data, business intelligence and analytics are being implemented in order to automate quantified data and provide risk-free decision making through accurate assessment of a business and its potential risks. On the other hand, banking services are expanding their services by offering other value added solutions such as insurance, mortgages, mutual funds, etc.
The global tourism and leisure market is primarily driven by rising disposable income. Furthermore, government bodies and organizations are taking various initiatives to promote tourism which are going to drive the growth of tourism and leisure industry. In addition to that, new trends such as medical tourism, adventure tourism and ecotourism are further driving growth of the market. However, the tourism and leisure industry is facing challenges such as rising oil prices and growing environmental concerns due to rising carbon footprint caused by air transport.
ASDReport.com has an extensive collection of reports on services market. The reports cover various topics and products related to market like financial services, tourism, leisure, outsourcing, legal services, media and communication services and much more.