The Business Research Company’s Commercial Services Global Market Report 2021: COVID-19 Impact and Recovery to 2031
LONDON, GREATER LONDON, UK, January 7, 2021 /EINPresswire.com/ — New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
Artificial intelligence is widely being used by business organizations in customer support activities as it considerably reduces operational costs in the commercial services and supplies industry. AI systems perform tasks that normally require human intelligence such as speech recognition, translation between languages, visual perception, decision-making. This technology enables handling of customer grievances and other interactions without human intervention, thereby increasing efficiency and reducing operational costs. It also helps manage support tickets in bulk, provides multi-language support and auto responding of bulk emails. According to a study by Oracle, nearly 8 out of 10 businesses have already implemented or were planning to adapt artificial intelligence in customer support by 2020. Some of the companies using artificial intelligence in customer support include China Merchant Bank, Fiat Argentina, Toshiba France, and KLM Airlines.
The global commercial services market is expected to grow from $3.85 trillion in 2020 to $4.36 trillion in 2021 at a compound annual growth rate (CAGR) of 13%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5.86 trillion in 2025 at a CAGR of 8%.
The commercial services market segments by type are 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, other support services and by mode are online and offline. Subsegments covered are business management services, hospitality management services, health management services, other office administrative services, maintenance services, security & guard services, reception services, other facilities support services, employment placement agencies, executive search services, temporary help services, professional employer organizations, document preparation services, telephone call centers, business service centers, collection agencies, credit bureaus, other business support services, travel agencies, tour operators, convention and visitors bureaus, other travel arrangement and reservation services, waste collection, waste treatment and disposal, remediation services, other waste management services, investigation, guard, and armored car services, security systems services, exterminating and pest control services, janitorial services, landscaping services, carpet and upholstery cleaning services, other services to buildings and dwellings, packaging and labeling services, convention and trade show organizers, all other support services.
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