Service industry is the largest revenue generating niche in the world. There are basically two sub-sections of the business category - Business2Customer (B2C) and Business2Business (B2B). There are massive numbers of companies working in providing several kinds of service to different business categories. Some of them cater directing to the end-user wherein most working with sub-service companies that manufactures products. The industry is one of the very few business category that has posted a notable share on a consistent basis. US being a country with the largest service market in the world houses around 400,000 service companies posting an annual business of about $815 billion.
The performance of the global service industry tends to rise and dip according to the economic status of a nation. USA and Europe have held the positions of being the primary service markets; recently countries like India, Mexico, Indonesia and parts in Africa are cited to be the fastest growing service sectors.
Trends in Service Sector for 2016
Real Estate/ Landscaping-
Real estate sector around the globe has been a pretty gloomy one for the last few years. However, experts indicate that 2016 and beyond may bring good relief. Growing world economies is expected to raise demands within the industry and thus hike the pricing; more importantly it is predicted to bring in some action in the otherwise static sector.Janitorial Service-
Janitorial service is heavily dependent on how commercial places behave; a recession time is a curse for the sector as there is inactiveness and massive unemployment season for the employees from this particular segment. This happened during the 2009 global meltdown but things are looking better now as in the US alone there are 765,000 companies (including all small and big enterprises); the annual market reaches beyond $50 billion and there are about 1 million workers employed in the commercial janitorial service jobs.Pest Control-
Pest control is probably the only service sector which has an uplifting market even at the worst of economic crashes. Hence, pest control industry is also popular known as the ‘recession proof sector’ especially the US. The sector has posted a steady increase of around 6% for every year in the last 20 years span. This is understandably an impressive growth rate provided that no other industry (service or non-service) has been able to display such a track record. However, the commercial space and revenue is comparatively small and 70% of the total annual revenues roots in from the housing-residential clients.So, as per the early indications 2016 is most likely to be an active year with a brighter start for the service sector industries, these trends represent both the developed nations as well as the developing ones with the later nations having a bigger share of contribution in enhancing the sector.
