Sector report: services
Having historically taken over manufacturing and agriculture in importance, business services play a dominant role in most emerging and mature economies today. According to consulting firm Research and Market, the global professional services market was estimated at $5.02 trillion in 2020 and forecast to reach over $7 trillion in size by 2025 in the post-pandemic world, implying a compound annual growth rate (CAGR) of 7.03%.
Global Corporate Venturing’s broad definition of “services” covers a wide range of subsectors – from accommodation and travel and real estate through education, human resources and consulting to logistics and others. It is imperative to consider in each in order to properly understand the trends in the sector data.
With the covid-19 pandemic travel and tourism suffered an unprecedented decline in 2020. According to the UNWTO World Tourism Barometer, international tourist arrivals plummeted by 72% between January and October 2020. The report estimated that this…
