The size of the global food service market reached 2.52 trillion U.S. dollars in 2021. This figure was forecast to grow to 4.43 trillion U.S. dollars in 2028, showing a CAGR of 9.9 percent from 2021 to 2028.

According to Cognitive Market Research, the global business information service market size will be USD 51245.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 20498.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 15373.56 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 11786.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 2562.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1024.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
The BFSI category is the fastest-growing segment of the business information service industry.

Market Dynamics of Business Information Services Market

Key Drivers for Business Information Services Market

Rising Need for Data-Driven Decisions to Boost Market Growth

The business information service market is increasing because the importance of data in the development of plans and effective operation is being recognized by more and more firms, which is driving demand for business information services to stay ahead of the competition in today's market, businesses need rapid and reliable information to see patterns in the market, analyze customer behavior, and improve internal operations. Moreover, to meet this demand, companies are investing in business intelligence solutions, reporting tools, and advanced analytics so that they can make better decisions that boost productivity and profits. Businesses are always searching for new ideas to improve their responsiveness, which is driving market growth. For instance, Infosys, a global leader in next-generation digital services and consulting, and IBM launched a global alliance to help businesses use the IBM public cloud to speed up their digital transformation. By using the IBM public cloud’s security, open innovation, and enterprise features, the partnership will help businesses, even those in highly regulated fields like healthcare, financial services, and insurance, move, update, and change their business workloads and apps.

Technological Advancements to Drive Market Growth

The business information service industry has been expanding at a steady rate, propelled by innovations in technology that improve the capacity to gather, analyze, and report on data. Companies can now swiftly handle massive volumes of data and get useful insights due to advancements in AI, ML, and big data analytics. Additionally, decision-makers find it easier to comprehend data because of the advent of visualization tools and dashboards that are easy to use. With the rise of cloud-based solutions, businesses are able to access analytics and data in real time, which improves collaboration and allows for more informed decision-making. Furthermore, businesses are better able to respond to shifting market conditions as a result of this technical growth, which in turn is leading to the business information service market expanding.

Restraint Factor for the Business Information Service Market

High Initial Investments Will Limit Market Growth

A major obstacle to market growth in the business information service sector is due to high starting costs for technology deployment and infrastructure development. Many businesses, particularly smaller and medium-sized ones, find the high prices of purchasing sophisticated software, hardware, and data analytics tools to be too much to bear. Additionally, a major obstacle in the business information service sector is the shortage of trained workers; many companies have trouble finding people who can properly analyze and understand complicated data. Further straining budgets are continuing expenditures associated with data protection, staff training, and system maintenance. The market's overall growth could be slowed due to the financial load.

Impact of ...

The global information technology (IT) IT services and business services market is worth more than one trillion U.S. dollars annualy. With 555 billion U.S. dollars of revenue for 2021, the majority of revenue is generated in the Americas region. Overall, the market is forecast to experience growing revenues over the next four years after declining revenues in 2020 due to the coronavirus pandemic.

The Global Service Integration and Management Market is Segmented By Component (Solutions, Services), Organization Size (Small and Medium Enterprises, Large Enterprises), End-user Industry (BFSI, IT and Telecom, Healthcare, Retail), and Geography.

Global Information Services market size is expected to reach $245.33 billion by 2029 at 6.9%, segmented as by type, news syndicates, libraries and archives, all other information services

According to Cognitive Market Research, the global IT Services market size was USD 984.8 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 8.70% from 2023 to 2030. What are the Key Opportunities Influencing the IT Services Market?

Increasing Number Of Smart Cities Supports Industry Growth

Governments throughout the world are investing in the creation of smart cities. With research money and environmental aims for member countries, the European Union supports smart city activities. Smart cities are also becoming more popular in developing countries. Around 300 smart city pilot projects are being developed in China and India alone. These objectives necessitate the implementation of cutting-edge IT infrastructure.

The emergence of AI is significantly driving the IT Services Market

This will be a big future growth driver for the IT services industry. Tencent also pledged a $70 billion investment in artificial intelligence, cloud computing, and cybersecurity between 2022 and 2030. Chinese firms have shown a significant desire to establish themselves in India through investments.

(Source:www.cnbc.com/2020/05/27/china-tech-giant-tencent-pledges-70-billion-investment-in-ai-cloud.html)

Still, their condition has deteriorated as New Delhi's attitude toward Chinese technology and investment in its domestic market has shifted. This will be a major future growth driver for the IT services sector.

Market Dynamics of IT Services Market

Key Drivers for IT Services Market

Quick Digital Change in All Sectors: Businesses in a variety of industries, including manufacturing, retail, healthcare, and finance, are quickly digitizing their processes to boost productivity, customer satisfaction, and competitive standing. This change is driving up demand for IT services including software integration, infrastructure management, and cloud migration, particularly from businesses implementing automation and data-driven tactics. Growing Use of Hybrid IT Models and Cloud Computing: IT service providers are in great demand for consultation, implementation, and managed services as companies shift from on-premise infrastructure to cloud-based solutions. Recurring revenue opportunities in deployment, migration, security, and optimization services are being created by the growth of hybrid and multi-cloud solutions.

Key Restraints for IT Services Market

High labor costs and a lack of talent: The ability of service providers to grow is being constrained by the worldwide lack of qualified IT workers, particularly in the fields of artificial intelligence, cybersecurity, cloud architecture, and DevOps. Profit margins are also being strained by the high expense of recruiting and keeping skilled workers, especially for mid-sized businesses. Privacy and Data Security Issues with Outsourcing: Because of worries about data breaches, third-party access, and regulatory issues, businesses are still hesitant to outsource critical activities. These issues may cause businesses that handle sensitive or proprietary data to postpone or cut back on their use of outside IT service providers.

Key Trends for IT Services Market

Rise of Automation, AI, and Integration with AIOps: In order to boost predictive maintenance, automate repetitive processes, and improve decision-making, AI and machine learning are being included into IT service delivery models. Infrastructure management is being revolutionized by the emergence of AIOps (Artificial Intelligence for IT Operations), which enables proactive problem solving and efficient resource utilization. Growth in As-a-Service and Managed Offerings: Managed services and "as-a-service" models (such as SaaS, IaaS, PaaS, and Security-as-a-Service) are rapidly replacing traditional IT support. These models are appealing to both major corporations and small businesses due to their predictable costs, scalability, and decreased internal IT burden.

Impact of the COVID-19 Pandemic on the IT Services Market:

The epidemic has expedited digital transformation across industries, as firms have had to adjust to distant work and online operations. This raised demand for IT services such as cloud computing, cybersecurity, and digital transformation consultancy. Companies needed to quickly integrate remote collaboration solutions, improve their cybersecurity procedures, and optimize their digit...

This statistic shows the global market size of outsourced services from 2000 to 2019. In 2019, the global outsourcing market amounted to **** billion U.S. dollars. The global outsourcing market - additional information The revenue of the global outsourced services industry has been unsteady over the last few years. In 2016, the industry market size dropped to **** billion U.S. dollars, the lowest figure seen in a decade. The largest share of revenue for this industry came from the Americas, followed by Europe, the Middle East and Africa. A much smaller share of global revenue came from the Asia Pacific region. Outsourcing involves the contracting out of business processes to third parties, usually in order for the business to avoid certain costs, such as taxes. In 2019, business process outsourcing contributed a much smaller proportion of the industry’s global revenue than information technology outsourcing, generating ** billion and **** billion U.S. dollars respectively. Other outsourcing segments within the global industry include business services, energy, healthcare and pharmaceuticals, retail, travel and transport, and telecom and media. In 2016, the leading driver for using outsourcing services, according to business executives, was to cut costs. Other drivers included, enabling focus on core business and solving capacity issues.

Global Market Research Services market size is expected to reach $109.67 billion by 2029 at 4.1%, segmented as by type, marketing research and analysis services, public opinion and election polling

Market Expansion Service Market Outlook

The global market size of the Market Expansion Services (MES) sector was valued at approximately USD 1.1 trillion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2032, reaching an estimated USD 2.1 trillion by the end of the forecast period. This robust growth can be attributed to the increasing demand for efficient market entry and expansion strategies across diverse industries, coupled with the growing globalization of businesses seeking new market opportunities.

One of the primary growth factors driving the MES market is the increasing need for companies to penetrate new markets and expand their geographical footprint. The global economy is becoming increasingly interconnected, and businesses are looking to leverage this interconnectedness by entering new international markets. MES providers offer invaluable support in this regard, providing crucial market research, marketing and sales, distribution and logistics, and after-sales services that enable companies to establish and grow their presence in new regions effectively. Additionally, the rise of digitalization has made it easier for MES providers to offer innovative solutions that streamline market entry processes.

Another significant factor contributing to the growth of the MES market is the rising demand for specialized services in industries such as healthcare, consumer goods, industrial, technology, and automotive. These industries often require tailored market expansion strategies that consider regulatory requirements, cultural nuances, and local consumer preferences. MES providers offer industry-specific expertise and customized services that help businesses navigate these complexities and achieve successful market entry and expansion. Furthermore, the increasing focus on customer-centricity and personalization has led companies to seek MES providers that can deliver localized marketing and sales efforts.

The growing trend of outsourcing non-core business functions is also a critical driver of the MES market. Companies are increasingly outsourcing market entry and expansion-related activities to MES providers to focus on their core competencies and achieve operational efficiency. By partnering with MES providers, businesses can leverage their local expertise, established networks, and comprehensive service offerings to accelerate market entry and expansion while minimizing risks and costs. This trend is particularly prevalent among small and medium enterprises (SMEs), which may lack the resources and expertise to manage market expansion independently.

From a regional perspective, Asia Pacific is expected to dominate the MES market during the forecast period, driven by the rapid economic growth, expanding middle class, and increasing urbanization in countries such as China, India, and Southeast Asian nations. North America and Europe will also experience significant growth due to the presence of established multinational corporations seeking to expand their operations further. Latin America and the Middle East & Africa regions, while currently smaller markets, are projected to show notable growth as businesses increasingly recognize the untapped potential in these regions.

Market Research Analysis

Market research is a fundamental pillar of the MES market, providing companies with the critical insights needed to make informed decisions about market entry and expansion. Market research services encompass a wide range of activities, including competitive analysis, consumer behavior studies, market sizing, and trend analysis. These services enable businesses to understand the market landscape, identify opportunities and threats, and develop strategies that align with local market conditions. The demand for market research services is rising as companies increasingly recognize the importance of data-driven decision-making in achieving successful market entry and expansion.

One of the key drivers of growth in the market research segment is the proliferation of big data and advanced analytics. The availability of vast amounts of data from various sources, including social media, e-commerce platforms, and IoT devices, has transformed the market research landscape. MES providers are leveraging big data analytics, machine learning, and artificial intelligence to provide deeper insights and more accurate market forecasts. These technological advancements enable companies

B2B Information Services Market size was valued at USD 900.02 Million in 2023 and is projected to reach USD 1238.91 Million by 2030, growing at a CAGR of 6.6% during the forecast period 2024-2030.

Global B2B Information Services Market Drivers

The market drivers for the B2B Information Services Market can be influenced by various factors. These may include:

Digital Transformation: One important factor is the continuous digital transformation that is occurring across sectors. In order to simplify operations, businesses are depending more and more on digital platforms and technologies, and B2B information services are essential for supplying the data and insights that are required.

Data analytics and business intelligence: The need for B2B information services has increased due to the growing significance of data-driven decision-making. Businesses are looking for business intelligence and advanced analytics technologies to help them glean insights from massive amounts of data.

Globalisation of Businesses: As companies grow internationally, they need to have precise and thorough knowledge of foreign markets, laws, and rivals. Global coverage B2B information services are highly sought after.

Regulatory Compliance: Organisations must be up to date on compliance obligations due to the constantly shifting regulatory environment. Organisations can better manage complicated compliance challenges by using B2B information services that offer current regulatory information.

Risk Management: Effective risk management is a growing area of concern for businesses. To help businesses reduce operational risks, B2B information services that include risk assessment, market knowledge, and assistance with due diligence are crucial.

Artificial Intelligence and Machine Learning: By incorporating cutting-edge technologies like AI and machine learning into business-to-business information services, businesses can improve their capacity for data analysis, trend prediction, and automated decision-making.

Industry-specific Solutions: Customised B2B information services are becoming more and more popular. Examples of these include healthcare, banking, and manufacturing. These sector-specific solutions assist corporate strategies and offer focused insights.

Demand for Real-time Information: As corporate processes move more quickly, there is an increasing need for real-time information. The value of B2B information services that can provide pertinent and timely data is growing.

Cybersecurity Concerns: Businesses are being increasingly watchful of cybersecurity as cyber threats continue to change. Organisations need B2B information services that provide cybersecurity intelligence and threat assessments in order to safeguard their digital assets.

Economic and Market Trends: The requirement for ongoing observation of economic indicators and market trends stems from variations in the global economy and market dynamics. Businesses are assisted in making wise decisions by B2B information services that offer insights into these variables.

Global Social Services market size is expected to reach $7416.42 billion by 2029 at 7%, segmented as by type, educational services, social assistance

The global food service market size was worth $3,486.58 billion in 2024 is projected to grow from $4,027.61 billion in 2025 to $6,810.86 billion by 2032

Global Managed Services market size is expected to reach $520.79 billion by 2029 at 13.8%, segmented as by service type, managed security services, managed network services, managed data center and it infrastructure services

Managed Services Market is Segmented by Deployment (On-Premises, Cloud), Service Type (Managed Data Center, Managed Security, Managed Communications, and More), Enterprise Size (Small and Medium Enterprises, Large Enterprises), End-User Vertical (BFSI, IT and Telecommunication, Manufacturing, and More), and by Geography. The Market Forecasts are Provided in Terms of Value (USD).

Global Device-as-a-Service (DaaS) Market size is estimated to grow at a CAGR of around 25.75% during the forecast period 2024-30, the increasing digitalization across the healthcare sector is one of the growth opportunities driving the daas market.

Stay updated with Market Research Intellect's Service Desk Tools Market Report, valued at USD 5.5 billion in 2024, projected to reach USD 10.2 billion by 2033 with a CAGR of 8.2% (2026-2033).

The graph illustrates the global market for IT services and software in the service industry from 2008 to 2010.

Get key insights from Market Research Intellect's Service Mapping Market Report, valued at USD 2.5 billion in 2024, and forecast to grow to USD 6.8 billion by 2033, with a CAGR of 14.8% (2026-2033).

The global outsourced testing services market is projected to be valued at approximately USD 44.8 billion in 2025 and is expected to expand to USD 92.0 billion by 2035, registering a CAGR of 7.5% during the forecast period. In 2024, the market was estimated at USD 42.1 billion.

Attributes	Key Insights
Historical Size, 2024	USD 42.1 billion
Estimated Size, 2025	USD 44.8 billion
Projected Size, 2035	USD 92.0 billion
CAGR (2025 to 2035)	7.5%

Semi-Annual Market Update for Outsourced Testing Services

Particular	Value CAGR
H1 (2024 to 2034)	8.5%
H2 (2024 to 2034)	8.0%
H1 (2025 to 2035)	7.5%
H2 (2025 to 2035)	7.1%

Country-wise Insights in the Outsourced Testing Sector

Country	Value CAGR (2025 to 2035)
United States	4.6%
Germany	5.3%
UK	5.0%
France	5.8%
China	7.6%
South Korea	6.9%
India	8.2%

Stay updated with Market Research Intellect's Transportation Cleaning Services Market Report, valued at USD 5.2 billion in 2024, projected to reach USD 8.1 billion by 2033 with a CAGR of 6.3% (2026-2033).