The report below gives a good overview of the Summer 2021 M&A activity in the Business Services Industry Sector. The global business services industry is projected to grow at a CAGR of 1.8% till 2022 as per research published by FranchiseHelp Holdings LLC. The business services industry has been severely impacted by the COVID-19 pandemic. However, vaccine rollout progression, and improving global economic conditions in 2021 is expected to partially offset the contraction that the industry endured in 2020. Global demand for technology and business services has continued to increase in the second quarter of 2021, due to COVID-19 induced digital transformation and cloud-based services, as per report published by Information Services Group.
The global combined Annual Contract Value (ACV) for business services, which is a measure of outsourced contracts, reached a record $19.1 billion, in the second quarter of 2021, which was up by 32 % over 2020. The cloud-based as-a-service market reached a record $11.2 billion while Managed services reached $7.9 billion, in the second quarter of 2021. Recruitment agencies are increasingly relying on artificial intelligence to simplify recruitment process as it can automate the process for effective screening and assessment of candidates. Consequently, the employment services are expected to reach $1,677.8 billion in 2025, growing at a CAGR of 9% as per research published by ResearchAndMarkets.com.