Key Business Support Services Market Trend 2024-2033: Focus On Introducing Advanced Digital Business Support Services

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The business support services sector has shown promising growth in recent years. Rising from $683.92 billion in 2023 to an estimated $747.94 billion in 2024, this represents a compound annual growth rate CAGR of 9.4%. Factors contributing to the growth in the historic period include globalization, evolving outsourcing trends, competitive business landscapes, and the entrepreneurial spirit that thrives in today's economy.

What Will Be The Market Size And Growth?

The future for the business support services market looks robust. The market size is forecasted to reach $1052.92 billion in 2028, with a compound annual growth rate CAGR of 8.9%. This growth in the forecast period can be attributed to advances such as the adoption of remote work, a focus on sustainability, data analytics and AI integration, regulatory and compliance shifts, and increased supply chain resilience. Significant trends coming up in the forecast period include digital transformation, cybersecurity concerns, technological advancements, tailored business solutions, and expanding outsourcing.

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What's Driving The Growth Of The Business Support Services Market?

An essential driver of the business support services market is the increase in the establishment of new businesses. Business support services offer a suite of services that aid newly established businesses. For instance, the US Federal Statistical System's Bureau of the Census data shows that in the United States alone, approximately 5.4 million new business applications were registered in 2021. This represents an increase of 22.7% over the previous year, when new business applications totaled 4.4 million. As such, the continued growth in the establishment of new businesses will undoubtedly steer the business support services market forward.

For a more in-depth view of the market, visit the full report: https://www.thebusinessresearchcompany.com/report/business-support-services-global-market-report

Who Are The Major Players In The Business Support Services Market?

Key industry players operating in the business support services market include Apple Inc., S&P Global Inc., Teleperformance SE, Sagiss Inc., Moody's Corporation, Equifax Inc., Flexport Inc., TransUnion, VXI Global Solutions Inc., and Trend Micro Inc. Companies such as Integra Global Solutions Inc., Zenoti Inc., Farmers Business Network Inc., Influx Corporation, and SkyCom Corporation are also operating in this space. More noted players include Working Solutions Inc., the Small Enterprise Development Agency SEDA, and Sabrina's Admin Services LLC.

What Are The Emerging Trends In The Business Support Services Market?

In the era of digitization, artificial intelligence AI is being extensively adopted by businesses for customer support activities. AI considerably reduces operational costs as it performs human intelligence tasks such as speech recognition, language translation, visual perception, and decision-making. This technology enhances efficiency and reduces operational costs by managing customer grievances and other interactions without human intervention, managing support tickets in bulk, providing multi-language support, and auto-responding to bulk emails. Adobe Inc., a US-based computer software company, reported in July 2023 that top-performing enterprises showed a strong inclination for leveraging AI technology in marketing, with a utilization rate of 28%, compared to just 12% among identical enterprises. Furthermore, the study found that nearly half 47% of digitally mature organizations reported having well-defined AI strategies, highlighting the growing importance of AI in modern business strategies.

How Is The Business Support Services Market Segmented?

The business support services market covered in this report is segmented:
1 By Type: Document Preparation Services, Telephone Call Centers, Business Service Centers, Collection Agencies, Credit Bureaus, Other Business Support Services
2 By Organization Size: Large Enterprises, Small and Medium Enterprises
3 By Mode: Online, Offline

Regional Insights: The business support services market was the most substantial in Western Europe in 2023; with Asia-Pacific as the second-largest region. The report covers the following regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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