Business Support Services Global Market Report 2021: COVID-19 Impact And Recovery To 2031

The Business Research Company’s Business Support Services Global Market Report 2021: COVID-19 Impact and Recovery to 2031

LONDON, GREATER LONDON, UK, January 4, 2021 /EINPresswire.com/ -- Artificial intelligence is widely being used by business organizations in customer support activities as it considerably reduces operational costs. AI systems perform tasks that normally require human intelligence such as speech recognition, translation between languages, visual perception, and decision-making. This technology enables handling of customer grievances and other interactions without human intervention, thereby increasing efficiency and reducing operational costs. It also helps manage support tickets in bulk, provides multi-language support and auto responding of bulk emails. According to a study by Oracle, nearly 8 out of 10 businesses have already implemented or planning to adapt artificial intelligence in customer support by 2020. As per the business services sector report, some of the companies using artificial intelligence in customer support include China Merchant Bank, Fiat Argentina, Toshiba France, KLM airlines.

The global business support services market is expected to grow from $466.71 billion in 2020 to $521.77 billion in 2021 at a compound annual growth rate (CAGR) of 11.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The business services market is expected to reach $679.67 billion in 2025 at a CAGR of 7%.

The global business support services market is segmented by type into document preparation services, telephone call centers, business service centers, collection agencies, credit bureaus, other business support services, by organization size into large enterprise, small and medium enterprise, and by mode into online and offline.

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