Global Overview of the Business Services Industry

Delivery

This report comes in PPT.

Key Findings

AI emerges as the main advancement in digital transformation

The rapid pace of digitalisation is poised to notably influence the business services sector, enhancing efficiency and elevating standards. Essential for delivering tailored business solutions and maintaining a competitive edge, comprehensive data analysis will become imperative. Leveraging artificial intelligence, specifically machine learning, will streamline operations, automate backend functions and facilitate instantaneous data analysis.

Global challenges drive innovation

In 2022, global economic development faced new challenges emphasising defence, security research, innovation and emerging technologies such as cybersecurity and sustainable initiatives. In response to these global challenges, the EU plans to allocate EUR95.5 billion for research and innovation until 2027 through the Horizon Europe EU funding programme.

Recruitment services surge

Medium-term improvements in labour market conditions are anticipated; however, the recovery may vary significantly among countries due to substantial differences in fiscal capacity for stimulating economic growth. With businesses facing challenges in filling open positions, the demand for recruitment agencies' services is rapidly expanding.

Businesses expect recession

Amid global economic slowdown in 2022, the business services sector is bracing for a potential recession. Companies within this industry are intensifying their focus on profit generation and adopting cost-containment strategies. The looming possibility of an economic downturn has prompted these businesses to prioritise financial stability.