Artificial Intelligence Works Intelligently In Business Organizations

Artificial intelligence is widely being used by business organizations in customer support activities as it considerably reduces operational costs. Artificial intelligence systems perform tasks that normally require human intelligence such as speech recognition, translation between languages, visual perception and decision-making. This technology enables handling of customer grievances and other interactions without human intervention, thereby increasing efficiency and reducing operational costs. It also helps manage support tickets in bulk, provides multi-language support and auto responding of bulk emails. According to a study by Oracle, nearly 8 out of 10 businesses have already implemented or planning to adapt artificial intelligence in customer support by 2020.

THE BUSINESS RESEARCH COMPANY EXPECTS THE GLOBAL COMMERCIAL SERVICES MARKET TO GROW TO MORE THAN $5.5 TRILLION BY 2021

North America was the largest region in the commercial services market in 2017, accounting for one-third of the total market share.

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The chart below shows the year-on-year growth of the global commercial services market during 2017 - 2021.

According to The Business Research Company’s Consultant, Nitin Gianchandani, staffing agencies are increasingly using technology to effectively recruit and manage candidates. These technologies offer features such as passive activity tracking, integration with email platforms and maintains candidate databases. This reduces recruitment time, improves placement quality, and strengthens relationship with clients. Recruitment analytics software also provides helpful business insights for staffing agencies.

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Adecco Group was the biggest player in the commercial services market in 2017, with revenues of about $25 billion in 2017. Adecco is teaming up with companies in the technology sector with both niche start-ups and large multinational corporations; through these partnerships the company looks to establish commercial relationships, direct investments, joint ventures or even acquisitions.

The commercial services market is segmented into Other Support Services, Employment Services, Waste Management And Remediation Services, Travel Arrangement And Reservation Services and Office Administrative Services.

Other Support Services include packaging and labeling services, convention and trade show organizing and other services.

Employment Services include executive search services, employment referring and placement, temporary help services, and listing employment vacancies.

Waste Management And Remediation Services include waste collection, treatment and disposal services, remediation services, materials recovery facilities, septic tank and related services.

Travel Arrangement And Reservation Services include services provided by tour operators, travel agencies, convention and visitors bureaus.

Office Administrative Services include billing and record keeping, financial planning, personnel management, billing, record keeping, logistics for others.

Commercial Services Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $6000 for an individual user. To use across your office, the price is $9000 and $12000 if you wish to use across a multinational company.

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The Business Research Company is a market research and intelligence company, which excels in company, market and consumer research.