Global Business Services Industry Trends

January 2022

The briefing examines how the business services industry is performing globally and in the largest countries in terms of business services output. The report also provides data for production, market size, imports, exports, industry costs, industry profitability and number of companies. The industry and market overview provides benchmarks against other countries in the relevant region.

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Examining Trends Shaping the Business Services Industry

Automation and AI

Accelerating digitalisation is expected to have a significant impact on the business services industry, increasing efficiency and improving quality. To provide appropriate business solutions to customers, as well as to stay ahead of competitors, extensive data analysis will be a must. The use of artificial intelligence, including machine learning, will allow for simpler, faster processes, automation of back-end tasks and real-time data interpretation.

Personalised offers

Taking advantage of AI, such as machine learning, as well as the use of big data will allow for more personalised and more relevant offers. Determining trends in data and offering better tailored services in accordance with individual needs will improve the customer experience and increase customer loyalty. Simultaneously, personalisation will lead to fewer follow up inquiries, further improving process efficiency.

Value-based business models

Low barriers of entry into the industry and rising competition levels will require companies to switch towards value-based model, or in other words, offering more for the same price. Similarly to personalised offers, customers of businesses with value-based models are expected to show higher loyalty and brand recognition, positively impacting revenues.

 

 

Scope
Examining trends shaping the business services industry
COVID-19: impact on business services
Business services among the fastest expanding industries globally
Production value recovery in 2021
US and China continue to dominate global business services industry
Cost discipline to continue as profits remain under pressure
Asia Pacific region to lead with the strongest growth rate in business services market
Deloitte to remain the major provider of business services globally
Total number of companies declines slightly, due to the COVID-19 outbreak
Remote working brings together specialists based in different locations globally
China, US and Eastern Europe to drive future production value growth
Eastern Europe and Asia forecast to swiftly recover from COVID-19 shock
Key future trends shaping the global business services industry
US: Business services industry to rebound quickly amid fast country’s economic recovery
Multi-billion dollar government stimulus packages to increase business confidence
China: The industry rebounded already in 2020
Investigation, surveillance, advertising and recruitment to grow at the fastest pace
Germany: Industry contracted moderately owing to COVID-19 shock
Country’s rapid economic recovery should increase demand for a variety of services
Japan: The pandemic hit the business services industry hard in 2020
Rising unemployment to constrain B2C demand for services over 2020-2025
France: Multiple lockdown periods resulted in decreasing production of business services
Business services industry to grow robustly, in line with healthy GDP growth
UK: The industry recovers in 2021 after the peak of COVID-19
Businesses will have to adjust to post-Brexit environment, but robust growth is anticipated
Australia : Industry to recover swiftly from the pandemic
The impact of COVID-19 pushed demand for recruitment and advertising services
Netherlands: Industry withstands the pandemic, due to government support
Recruitment agencies and office administration to lead production value growth
Italy: Industry shrank substantially due to early and prolonged COVID-19 outbreak
Industry’s recovery to be slow, but supported by the National Recovery Plan
Canada: The business services industry is set for quick recovery
Resilient economy and stable political system to nurture business services expansion
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