Probably one of the most important new business developments is the way the interaction between services and industry is changing. To some extent it is a trend which has been going on for years with, for example, increased outsourcing by industrial firms of certain “non-core” functions.
Therefore, the importance of Business Services should be adequately reflected in the Europe 2020 Strategy according to a report which the High Level Group on Business Services delivered today.
Business services are services provided by businesses to other businesses. Typical examples include: management consultancies and legal services, design, engineering and technical maintenance services, recruitment, security and industrial cleaning. Business services are an integrated part of our industrial value chains and essential for European competitiveness, a strong Single Market and an industrial renaissance.
The global business services market is estimated at more than €3.5 trillion and is believed to have doubled in size in the last decade. In Europe, business services account for 11.7% of our GDP and 12% of employment (1 in 8 jobs in Europe is in business services). Furthermore, since 1999, business services have been growing more than twice as fast (2.4% yearly average growth rate) as the average of all other EU sectors (1.1%).