Business Services

Business services are the intangible assets that help a business to perform its functions. They differ from products in that they do not produce a tangible commodity but rather satisfy the needs and wants of a consumer. A variety of sectors can be classified as part of this industry, including information technology, engineering, architecture, law, advertising, marketing, staffing and facilities management.

Because a service business cannot be sold or stored like a physical product, it has to be offered through different channels. This can include an online portal, system or mobile application. The emergence of technology and digitalization has made this industry very competitive. Many startups have emerged with new ideas and business solutions. This has made it possible for companies to outsource work that does not fall within their expertise or capability.

The professional and business services sector is one of the largest and most diverse service-providing industries in the world. It contributes around 11% of EU GDP and plays a critical role in Europe’s’servitisation’ economy, offering innovative combinations of services to boost the value of goods and services in both the manufacturing and services sectors.

As the sector evolves, there is growing demand for a more integrated and holistic approach to managing the complexity of the supply chain. The industry is also facing challenges such as low average productivity and persisting legal barriers. However, the internal market’s legislation and policy actions aim to remove these obstacles and stimulate competitiveness in the sector.

These specialized business services provide support and expertise in the areas of accounting, law, IT, engineering and construction. They can be provided by private businesses or government agencies. In addition, they can be delivered in the form of consultancy, education and training, facility management, human resources, or risk and insurance services.

Business services have a broad range of applications in various industries, from manufacturing and retail to hospitality and healthcare. They can be used to provide an extra layer of protection for customers and employees, or to streamline the workflow of a company. They can also be used to reduce costs and improve efficiency by focusing on core business activities.

Whether the company is providing a technical support solution or an animal control service, business services are essential for any organization to operate successfully. They allow employees to focus on their work and avoid wasting time on other tasks. For example, a computer-related problem can be resolved quickly by a tech support service provider, which helps to prevent employee downtime and loss of productivity.

The professional and business services industry has an important impact on jobs, income and economic growth. The following tables present employment and unemployment statistics for the industry, as well as gross job gains and losses and projections of occupational employment change in this supersector. This data is sourced from employer or establishment surveys and from the national survey of households. It is aggregated to produce industry and subsector totals, as well as regional and national estimates.