Global Business Support Services Market Expected to Reach $1,052.92 billion by 2028

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Overview and Scope

Business support services refer to those outsourced administrative services that help business organizations in the smooth functioning of their operations. These means establishments primarily engaged in rendering services to business establishments on a fee or contract basis, including, but not limited to, advertising and mailing, business maintenance, and management and consulting services.

Sizing and Forecast

The business support services market size has grown strongly in recent years. It will grow from $683.92 billion in 2023 to $747.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to globalization, outsourcing trends, market competition, entrepreneurial landscape.

The business support services market size is expected to see strong growth in the next few years. It will grow to $1052.92 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to remote work adoption, sustainability focus, data analytics and ai integration, regulatory and compliance changes, supply chain resilience. Major trends in the forecast period include digital transformation, cybersecurity concerns, technological advancements, customized business solutions, outsourcing growth.

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Segmentation & Regional Insights

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 Organisation Size: Large Enterprise, Small and Medium Enterprise

3) By Mode: Online, Offline

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

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Major Driver Impacting Market Growth

An increase in the establishment of new businesses is expected to propel the growth of the business support services market. Business support services help newly established businesses by providing a range of services. For instance, according to data by the Bureau of the Census, an agency of the U.S. Federal Statistical System of the US Government, nearly 5.4 million new business applications were filed in 2021 in the US, increasing by 22.7% over the previous year from 4.4 million new business applications in 2020. Therefore, the increase in the establishment of new businesses is expected to drive the business support services market going forward.

Key Industry Players

Major companies operating in the business support services market report are Apple Inc., S&P Global Inc., Teleperformance SE, Sagiss Inc., Moody’s Corporation, Equifax Inc., Flexport Inc., TransUnion, VXI Global Solutions Inc., Trend Micro Inc., Intrum AB, WNS (Holdings) Limited, PRA Group Inc., Freshworks Inc., Helpware Inc., Quatrro Inc., Integra Global Solutions Inc., Zenoti Inc., Farmers Business Network Inc., Crexendo Inc., FirmsDesk Inc., Influx Corporation, SkyCom Corporation, Transcom WorldWide AB, Sykes Enterprises Inc., Working Solutions Inc., Small Enterprise Development Agency (SEDA), Sabrina’s Admin Services LLC, Badabusiness IBC Kanpur, Landlord Support Services LLC, The London Business Support Service Ltd.

The business support services market report table of contents includes: