Business services are a broad group of services that are primarily consumed by organizations. These services are characterized by their intangible nature, which differentiates them from other types of services (like consumer goods and utilities). The main business service providers include technology service providers, consulting firms, and professional service providers such as legal counsel or accounting assistance.
Many of these services are based on the provision of additional functions or higher quality than comparable consumer products. This enables businesses to meet the unique needs of their consumers, such as additional security or data redundancy. It’s also common for business services to offer a range of different products with varying features, so that businesses can tailor them to their specific needs.
Examples of business services are cleaning services, pet control, maintenance services and tech support. Companies use these services to save time, improve their workspace and enable employees to focus on more important tasks.
The industry has evolved rapidly in recent years, with technology playing a major role in how business services are provided. New platforms and systems have enabled service providers to deliver their services on demand, providing companies with greater flexibility to change their operational processes. This has also led to new competitors entering the market and offering innovative business services that are more flexible and cost-effective than existing options. This trend is expected to continue into the future. The EU’s Internal Market legislation and policy actions are aimed at removing barriers that inhibit the competitiveness of the sector.