Commercial Services Global Market Report 2024

The commercial services market size has grown rapidly in recent years. It will grow from $5732.26 billion in 2023 to $6306.01 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth observed in the historical period can be attributed to various factors, including corporate expansion, economic growth, globalization, regulatory changes, shifts in consumer behavior, increased demand for professional services, and real estate development.

The commercial services market size is expected to see strong growth in the next few years. It will grow to $9119.37 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The anticipated growth in the forecast period can be attributed to factors such as the continued growth of e-commerce, an increased focus on sustainability practices, rising concerns about cybersecurity, the adoption of flexible workspace solutions, and an emphasis on corporate social responsibility. Major trends expected in the forecast period include the prevalence of subscription-based models for services, the demand for digital transformation consulting services, the adoption of flexible work solutions, the utilization of data analytics and business intelligence, the implementation of AI-powered customer support, and the growth of e-learning and training services.

The growth of the commercial services market is expected to be fueled by increasing urbanization, driven by the pursuit of improved living standards and enhanced job opportunities. As more individuals migrate to urban centers, there is a corresponding rise in the demand for job creation, leading to higher disposable incomes. This urbanization trend contributes to the creation of more and better job opportunities, fostering an increased demand for commercial services companies. According to estimates from the United Nations, the global urban population is projected to rise from 55% in 2018 to 68% by 2050. Consequently, the expanding urban population is anticipated to be a key driver for the growth of the commercial services market.

The proliferation of commercial buildings is another factor expected to boost the commercial services market. Commercial buildings, encompassing structures used for retail, service provision, or food services, necessitate efficient management and maintenance. Commercial services companies play a vital role in ensuring businesses derive maximum benefits from these buildings. In 2023, the Center for Sustainable Systems reported that the floor space of commercial buildings is forecasted to reach 124.6 billion square feet by 2050, reflecting a 35% increase from 2021. This rise in commercial buildings contributes significantly to the growth of the commercial services market.

The integration of artificial intelligence (AI) in customer support activities by business organizations is a prevalent trend, driven by its ability to substantially reduce operational costs. AI systems perform tasks traditionally requiring human intelligence, such as speech recognition, language translation, visual perception, and decision-making. This technology facilitates the handling of customer interactions and grievances without human intervention, leading to increased efficiency and cost savings. AI systems excel in managing support tickets in bulk, offering multi-language support, and automating responses to bulk emails. Forbes reported in April 2023 that 64% of businesses believe AI enhances overall productivity, emphasizing its positive impact on customer support activities.

Major companies in the commercial services market are leveraging innovative services based on 5G IoT satellite technology to drive market revenues. 5G IoT satellite technology involves the use of low earth orbit (LEO) satellites to provide 5G connectivity for Internet of Things (IoT) devices. For instance, in April 2023, OQ Technology, a Luxembourg-based satellite services provider, announced its inaugural commercial contract, featuring the OQ Secure product. This groundbreaking offering utilizes the world's first LEO satellite constellation to deliver 5G coverage for IoT devices. OQ Technology's commercial service, leveraging its 5G satellite constellation, ensures uninterrupted cellular coverage for assets and machines globally. This innovative approach enables customers to seamlessly connect their IoT devices to the satellite network while maintaining compatibility with existing infrastructure.

Major companies operating in the commercial services market report are Apple lnc., Accenture PLC, Veolia Environment SA., Recruit Holdings Co.Ltd., Randstad Holding NV, CBRE Group, Visa lnc., Adecco Group, Mastercard Inc., Jones Lang LaSalle Incorporated, ManpowerGroup Inc., Waste Management Inc., TUI Group, WPP PLC, Omnicom Group, Publicis Groupe, Dentsu Group, S&P Global Inc., Interpublic Group of Companies lnc., Cushman & Wakefield PLC, Securitas AB, Teleperformance SE, Equinix Inc., Experian PLC, Equifax Inc., Colliers International Group, TransUnion, Savills PLC, Nielsen Holdings PLC, Knight Frank Pvt. Ltd., Travel Leaders Group, BCD Travel India Pvt. Ltd., First Data India Pvt Ltd.

Asia-Pacific was the largest region in the commercial services market in 2023. Western Europe was the second-largest region in the commercial services market. The regions covered in the commercial services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the commercial services market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa. The commercial services market consists of revenues earned by entities that provide services such as business management services, hospitality management services, health management services, maintenance services, reception services, document preparation services, and security systems services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The primary types of commercial services include office administrative services, facilities support services, employment services, business support services, travel arrangement and reservation services, waste management and remediation services, investigation and security services, services to buildings and dwellings, and other support services. Office administration involves a range of day-to-day operations related to the maintenance of office space, financial management, record-keeping and billing, personal development, physical distribution, and logistics. These services can be provided through various modes such as online and offline, offering different service types including hard services, soft services, and other miscellaneous services.

The commercial services market research report is one of a series of new reports that provides commercial services market statistics, including commercial services industry global market size, regional shares, competitors with a commercial services market share, detailed commercial services market segments, market trends and opportunities, and any further data you may need to thrive in the commercial services industry. This commercial services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.