The global business services industry include companies that provide support services to businesses such as human resources, security, logistics, outsourcing, consulting, marketing, facility management and leasing. The industry is largely fragmented with no particular service provider dominating the market with bigger share. The global demand for business services is driven by business growth, increasing corporate involvement, job growth and rising disposable income.
Business services industry is segmented into accounting & corporate finance, education & training, international trade, legal services, marketing, business outsourcing, human resources, information & communication technologies (ICT) outsourcing, maintenance & cleaning services and research & development. ICT outsourcing market is one of the fastest growing segment, owing to the entry of small information technology (IT) consulting firms and increased adaptation of cloud computing. Growing use of smartphone devices along with the benefits offered by cloud computing such as scalability, cost reduction, adaptability to market demands and flexibility in payment methods are fuelling the market for cloud computing.
Increasing globalization along with growing competition have influenced international legal services to expand their business across various countries around the globe. The growing competition is also enforcing legal vendors to leverage the benefits of project management software and outsourcing. Factors such as increased competition, globalization, economic growth, commoditization and changing trends in foreign direct investments are driving the market for legal services globally. In addition to that, legal services market is also propelled by the rise of internet economy, alternative business structures and price competition.
The growing need for continuous skill development is driving the market for education & training worldwide. The companies are implementing blended techniques by merging traditional and digital learning formats in order to cut down the cost. Increasing adoption of online training and e-learning solutions is expected to lead to the emergence of the next-generation digital learning environment (NGDLE). There has been development in classroom training techniques as well.
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