Top 10 Business Services Worldwide

In our modern world, where everything is becoming digital and business is happening across borders, there is a big need for good business services.

Businesses, whether big or small, well-known or more specialized rely on a range of services to work well and operate efficiently. 

In this article, we will take a look at some of the top business services worldwide based on their market size, geographic research, revenue and growth, and more. We will also discuss business services industry challenges and finally how they can help businesses succeed. 

Let’s get started!

What is business service?

Firstly we will begin by defining business service.

Business service is something a company does to support a business. It can be anything from advice and support to manufacturing and selling products. Business services are like the building blocks of a successful business, helping it make money and serve its customers effectively. In return, the company providing the services is paid.

Exploring the Top Business Services

Some of the business service examples include but are not limited to Consulting Services, Legal Services, Accounting and Financial Services, HR Services, IT and Tech Support, Marketing and Advertising Services, Supply Chain and Logistics Services, Event Management, and Graphic Design Services.

These services can be provided on a variety of bases, including:

• On-site

• Remotely

• On a hybrid basis

Of course, each business chooses its services based on its own specific needs, however, some of the most common top business services from around the world are outlined below.

IT Services

IT services short for Information Technology services cover a variety of services that use technology to support the needs of a business.

These include hardware, software, networking, cybersecurity, data management, etc. It can be provided by internal IT departments, managed service providers (MSPs), or cloud providers.

According to Gartner Glossary, IT services help organizations create, manage, and optimize information and business processes by applying business and technical expertise.

The global IT services market size was estimated at USD 1114.22 billion in 2021 and is expected to reach USD 1771.00 billion by 2028 according to Statista. The IT services market is highly competitive with several major players dominating the industry.

Some of the most notable IT services companies are IBM, Accenture, DXC Technology, HP Enterprise, Microsoft, Google, and Amazon Web Services (AWS) etc.

Businesses of all sizes in all countries rely on IT services to operate, however, the IT services are in high demand in North America Western Europe, and Asia Pacific. If we narrow it down to countries, then we can highlight the United States, United Kingdom, Germany,  China, India, and Japan as the largest players in this market.

IT services help businesses improve efficiency, reduce costs, and increase revenue but at the same time, it comes with challenges such as adapting to new technologies, training employees, and managing cybersecurity risks. Businesses need to carefully consider their needs and choose the right IT service provider.

To have a better understanding of IT services as business services, here are some key statistics you should be aware of:

• 91% of customers are satisfied with their IT service provider. 

• IT service providers generally receive high customer reviews and ratings. For example, on TechBehemoths, the average rating for IT services providers is 4.8 out of 5 stars.

Financial and Accounting Services

Financial and accounting services are used by businesses to manage their finances. 

These services include bookkeeping, accounting, tax planning, financial analysis, auditing, financial reporting, and so on. In this way, financial and accounting services help businesses 

• Save time and money

• Make better financial decisions

• Improve their profitability

• Reduce the risk of financial losses.

In 2023, the global financial services market was valued at $28,115.02 billion. By 2027, experts predict it could grow to $37,484.37 billion, at a rate of 7.5% per year.

Even if the financial and accounting services are provided globally,  the United States is the largest market, followed by the United Kingdom, Japan, and China.

According to a report by the International Federation of Accountants (IFAC), there are also some regional variations in terms of the types of services that are in demand, for example, in the United States, there is a strong demand for tax preparation and planning services, while in Europe, businesses are more likely to outsource their bookkeeping and accounting functions.

Some of the most notable players in the global financial and accounting services market are Deloitte, PwC, KPMG, Grant Thornton, and BDO Global, but smaller businesses providing the same services could be suitable for corresponding companies and organizations.

Finding a financial and accounting firm that is a good fit for the business may be challenging, however, the main challenge of this service is the cost, since qualified professionals are expensive. Despite the challenges, the benefits overweight, most customers value the accuracy, timeliness, and expertise of financial and accounting professionals.

According to a survey by the American Institute of Certified Public Accountants (AICPA), 85% of businesses say that their accountant is essential to their success.

Business Consulting Services

Business consulting is about professional guidance provided by experienced consultants to help businesses improve their performance, identify challenges, solve problems, and achieve their goals. Consultants work closely with businesses and offer advice on a wide range of business topics like strategy, operations, and marketing.

The global consulting market is estimated to be worth US$ 307.62 billion in 2023 and is probable to reach US$511.88 billion by 2028.

The market for business consulting services is quite diverse, with many consulting firms of different sizes and areas of expertise. Some of the biggest and most renowned companies are McKinsey & Company, Boston Consulting Group, Bain & Company, Deloitte Consulting, and PwC Consulting.

It is interesting to know that business consulting services are prevalent worldwide but have a stronger presence in major business hubs such as New York, London, and Hong Kong.

Business consulting services are quite expensive, but the benefits are worth the money. However, it is important to have realistic expectations about what a consultant can do for your business. Consultants cannot guarantee success, but they do their best to improve your chances of success by providing guidance and support.

If you are interested in working as a business consultant or need a price estimation for the cost of business consulting services, you should know that according to Glassdoor the yearly average salary that a US business consultant gets is around $140,792.

Human Resources Services 

Human resources (HR) is a business service that is responsible for managing the workforce. What this means is that it encompasses everything from recruitment and onboarding to performance management, training and development, compensation and benefits, and employee relations.

HR services are important for businesses of all sizes and help them attract and retain top talent, improve employee productivity, create a positive work culture, and ensure compliance with employment laws and regulations.

The last one is one of the biggest challenges facing HR services because HR professionals must stay up-to-date on the latest changes to employment laws in order to ensure that their clients are in compliance.

HR services are in demand worldwide, with the United States, Europe, and Asia being significant markets. The most notable HR services companies are ADP, Paychex, TriNet, Insperity, UKG, and Gusto. At the same time, some of the most important platforms and tools HR agencies and managers use are Glassdoor, Indeed, Jooble, and Xing. The list extends depending on the region though.

At the same time, it’s good to know that the HR services industry is growing rapidly, and there is a high demand for qualified HR professionals. The global HR services market is expected to reach $56.15 billion by 2030, according to a report by Grand View Research, expanding at a CAGR of 12.7% from 2023 to 2030.

If you are planning to hire or work with HR companies or professionals, you should also keep in mind the following stats:

• 79% of recruiters use social media

• HR managers consider Tuesday the most productive day of the week.

Customer Services

Customer service is the support a company provides to its customers, either before, during, or after a customer purchases a product or service. These support services ensure that customers have a positive experience with the company.

There are various channels through which customer service can be provided, such as phone, email, chat, social media, and in-person. But regardless of the channel used, the goal is the same to build customer loyalty and increase customer satisfaction. At the same time, customer service contributes to sales increase and brand recognition.

Even though there are challenges like demanding customer expectations, keeping up with the latest technologies and customer trends, and efficiently resolving customer- all these are crucial for business success.

The top five companies that provide customer service software are Salesforce, Zendesk, Freshdesk, HubSpot, and Zoho. The United States is the largest market for customer service software, followed by the United Kingdom, Canada, Australia, and Germany.

Some of the companies that are known for their excellent customer service include Amazon, Apple, Disney, Ritz-Carlton, Starbucks, Zappos, and more.

The global customer service software market size was valued at USD 10.5 billion in 2021 and is set to reach a market size of USD 58.1 billion by 2030, with a CAGR of 21.1% between 2022 and 2030. The Asia Pacific region is expected to be the fastest-growing customer service market in the coming years.

Also, what’s interesting about Customer services is that 93% of customers say that they are more likely to repeat another purchase after excellent customer service and 58% of customers say that they would switch companies if they had a negative customer service experience. 

Security Services

Security services are aimed at protecting businesses from various threats. These can be physical, digital, or financial.

• Physical security: guards, patrols, access control systems, video surveillance systems, alarm systems

• Digital security: cyberattacks, firewalls, intrusion detection systems, network security, data security, awareness training

• Financial security: stocks, bonds, notes, equities debts, etc.

According to Grand Review Research, the global security market size was valued at USD 119.75 billion in 2022 and is expected to reach an annual growth rate (CAGR) of 8.0% from 2023 to 2030. This growth is explained by increasing numbers of cyberattacks and the need for business protection. 

Additionally, the growth of smart cities has created an increased need for security systems. In this connection, security services are becoming increasingly important today as the threat landscape evolves and businesses need to invest in security services.

Some of the most notable security services companies are ADT, SimpliSafe, Vivint, Frontpoint, G4S, Allied Universal, Securitas, Prosegur, IBM Security, and Cisco Security. 

The largest share of security services on the geography base is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

Security services can be expensive, especially for small businesses. This is one of the biggest challenges, followed by a shortage of skilled workers, which results in finding a qualified security service provider is difficult, but not impossible. Important to remember, that security is an essential part of any business. 

If you are still thinking about securing your business from a digital perspective, be aware that cybersecurity stats reveal 2,200 daily attacks, one every 39 seconds. In the US, data breaches cost $9.44M on average, and cybercrime is estimated to reach $8 trillion by 2023.

 Real Estate Services

Real estate services are a variety of services that include the buying, selling, leasing, and management of the real property. 

These services are provided by a variety of professionals, such as real estate agents, brokers, and property managers who help businesses with spaces they need to operate. This can include office space, retail space, warehouse space, or manufacturing space.

In this way, real estate professionals help businesses locate in areas that are convenient for their customers, employees, and suppliers, and provide businesses with access to a variety of amenities, such as parking, conference rooms, and gyms, making them more attractive.

At the same time, they care about the quality of the real estate and its image. A well-maintained and attractive property often being seen as more successful and credible. 

Real estate services can be divided into two categories:

1. Brokerage services, which help people buy, sell, or lease real property.

2. Property management services are about managing rental properties on behalf of owners.

The real estate services industry is becoming increasingly competitive, as new companies enter the market and existing companies expand their offerings. The global real estate market is valued at over $280 trillion, making it one of the largest asset classes in the world.

The top real estate companies are Keller Williams Realty, CBRE Group, JLL, Cushman & Wakefield,  Newmark Group, and more.

The real estate services market is concentrated in developed countries, with North America and Europe accounting for the majority of the market.

However, real estate services face a number of challenges, such as laws and regulations, which can be difficult to keep up with, and new technologies such as online real estate platforms and mobile apps that are disrupting real estate services. 

If you are planning to take advantage of any type of real estate services, note that the average real estate agent earns a commission between 4% - and 6% on the sale price of a property sale price.

Translation Services

Translation services are professional services that translate written and spoken content from one language into another and are important, especially for businesses that operate in multiple languages or have customers or partners who speak different languages.

By using translation businesses have the possibility to reach new markets and expand their customer base, connecting efficiently with customers, partners, and employees. Translation services help businesses to comply with international regulations and at the same time to build trust and credibility. 

Beyond these translation services can also be important for businesses in specific industries, for example, the tourism industry, as they need to communicate with tourists from all over the world, or a software company can use translation services to translate its software into multiple languages so that it can be used by customers from different countries, another example could be a marketing agency which use translation services to translate its marketing materials in order to reach a wider audience and so on.

The global translation services market is expected to reach $27.8 billion by 2027 and the largest market for translation services is the United States, followed by the United Kingdom and Japan.

Companies such as TransPerfect, Lionbridge, Language Line Solutions, Lingvo House Translation Services Ltd., and Gengo, are well-known for their translation services

Now, if you wonder which languages are in the highest demand for translation, be ready to find out that these are English, Spanish, Chinese, French, German, Italian, Japanese, Korean, Portuguese, Russian, and Turkish.

Either translation service can be expensive and require a deep understanding of both the source and target languages it is essential for businesses that want to operate globally.

Here are some important Stats and Facts about translation services that might be useful to you:

• According to most translators, Spanish stands out as the easiest language to translate

• A professional translator can translate approximately 250 words per hour. 

Remarkably, translation service has a history spanning over 2,000 years!

Legal Services

Legal services provide advice and representation to businesses on a variety of legal issues.

These services are provided by a qualified lawyer whose responsibility is to protect businesses from legal risks and ensure that it is in compliance with all laws and regulations.

Legal services are important for businesses of all sizes. It includes everything from drafting and reviewing contracts to representing businesses in litigation and providing employment law support.

The global legal services market is worth over $700 billion. The United States is the largest market for legal services, accounting for over 40% of global revenue.

The demand for legal services varies widely depending on the location of a business. For example, businesses in big cities tend to have a higher demand for legal services than businesses in rural areas.

Important to mention is that the market for legal services is highly fragmented, with no single firm dominating it. However, some of the largest law firms in the world are DLA Piper, Baker McKenzie, and Clifford Chance.

The challenges that the legal industry faces are

• The constant change of law and it’s difficult to keep up with the latest changes.

• Legal services can be costly, especially for small businesses.

• Lack of transparency, it is hard to compare prices and services among different law firms.

However legal services are an essential part of the business world in order to protect their interests.

Below are some useful stats and facts about legal services:

• The most common types of legal services that businesses use are contract law, corporate law, and employment law.

• According to ContractsCounsel's marketplace data, the average hourly rate for a lawyer in any legal field is $250 - $350.

Marketing Services

Marketing Services are used by businesses to promote their products and services. 

Different types of services are provided by marketing: advertising, branding, social media marketing, content marketing, search engine optimization (SEO), pay-per-click (PPC) advertising, email marketing campaigns, lead generation campaigns, and so on.

Some of the reasons why businesses use marketing services are:

• Reach new customers 

• Increase brand awareness

• Build customer loyalty

• Generate leads and sales

• Improve customer satisfaction

The marketing service industry continues to extend, making it difficult for small businesses to stay competitive. In this connection, it is important to mention that the worldwide digital marketing services market is expected, to grow at an annual rate of 16.8%, and by the year 2028, the total market value will be $78.6 billion.

Some of the most notable marketing services companies are Accenture Interactive, PwC Digital, IBM ix, Deloitte Digital, and more. As we see the main marketing services companies are from the USA, UK, and Japan, thus North America, followed by Europe and Asia Pacific are the largest market services markets.

 Even if the effectiveness of marketing services can be fairly expensive and some marketing campaigns are difficult to measure these services have a generally positive reputation, with many satisfied customers and a well-deserved place among top business services.

Stats and Facts

• Customer testimonials and case studies are regarded as the most effective content marketing tactics. 

• More than 90% of B2B marketers use LinkedIn for organic social marketing.

Summing up

So, in short, business services are behind-the-scenes heroes for companies.

They help companies with 

• IT

• Money

• Customer Happiness

• Security

• Legal stuff

• HR

• Finding a place to work

• Talking to people in different languages

• And making sure everyone knows about the cool stuff a company does (marketing).

Even though there are challenges, most companies are happy with these services. 

Businesses that can use these services wisely will do great going forward!