The service sector is a critical component of any economy. It encompasses everything from banks to airlines to cleaning services and software companies, and it’s responsible for a large portion of GDP in many countries. But the industry is also constantly evolving. New technologies and the proliferation of online communication channels have given rise to a new breed of business services. These services may be offered in person, on a mobile app, or by some other method. They can be delivered locally or globally, and they can be provided by a team of employees or a remote workforce.

What Are Business Services?

A business service is any activity that supports or performs an activity for a customer or company in exchange for payment. This can be anything from educating kids at school to running an ad campaign for a client. The service business can be small, like a corner store or a one-person operation, or large, such as a global airline or hotel chain. But it must be based on a valuable skill and an intangible product.

Business-to-business (B2B) services are a form of business service that takes place between two trade organizations. For example, a car manufacturing company performs B2B transactions with wholesalers to purchase the tires, rubber hoses and other materials needed to build cars. Another example is an IT service provider that works with multiple companies to help them solve tech issues. Generally, B2B services are more expensive than other types of business services but offer greater efficiency and reliability.