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Service Industries

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The service industry market research report and industry analysis involve those sectors that provide services to consumers. The types of services include education and training, household cleaning, and child daycare services. The service industry also comprises of other fields as well like engineering, online services, and science-based sectors. In the recent times, the popularity of online services has grown immensely as many people carry out everyday activities through the internet and save a considerable amount of time and research in the process. These services include shopping, paying bills, and banking. The hurdles in growth that the consumer service companies come across include global competition and the intrinsic difficulties exhibited by developing activities of businesses in the overseas market. The customers are also becoming extremely conscious about value for money factor, compelling the companies to provide high-quality service and market their product more aggressively. The global education and training service industry has displayed impressive growth with private tutoring sector reaching $100 billion in 2017 in the U.S. Along with private tutoring, online tutorials have also grown significantly that helps in filling the gap of formal education. As both children and parents are now accustomed to the use of the internet and the range of services provided by it. Online tutorial is also known as e-tutorial, which is an easy option for education for the students who can log in at home or at school at their selected tutorial course. India is one of the leaders in online tutorial outsourcing. The United States is the largest market for India to outsource it online tutorial solutions. The service sector plays a very dominant part of India’s GDP and also an attractive industry for foreign investment. This sector provides employment on a large scale. The service sector in India covers multiple things such as financing, insurance, real estate, trade, hotel and restaurants, transport, storage and communication, business services, community, social, and personal services. The service industry report also contains critical information related to industrial services. The industrial services are influenced as the wider service portfolio that is given recognition by the service solution providers. The main factors that are driving the growth of the industrial services are the use of strategies, which includes service contracts and service agreements, partnerships, product developments, and expansions. The global industrial services market is anticipated to reach $ 35. 46 billion by 2024 at the rate of over 5% CAGR. It is due to the increasing need for operational quality, rising equipment complication, increase in demand for maintenance as service and product developments. On the basis of this industry, in 2017, the oil and natural gas industry held the largest market share and it is expected that it will continue to maintain the same status in the next five years as well because of the demand to minimize unexpected downtime and surge the use of industrial services. In the next five years, there could be significant growth in the APAC region because of industrial automation growth and related services in countries like India, China, and Japan.