Business services are intangible goods that are primarily sold to organizations. They range from the simplest utilities such as an internet connection to more complex work such as consulting advice or legal services. The business service industry encompasses all of the support activities that help a firm to perform its trade activities, such as IT services, warehousing, marketing, and communication. It also includes a wide range of activities that are not related to production, such as accounting, human resources, and logistics. The industry has low barriers to entry, and many small firms compete with larger companies.

Some examples of business services include training services, software services, event planning services, consulting services, insurance services, and communication services. A common distinction between goods and services is that goods can be stored for future use, but services must be consumed as soon as they are needed. The inseparability of a service is another distinguishing factor, as the provider and consumer interact directly during the service delivery process.

In order to provide a high-quality service, the business services industry needs a skilled workforce. It is important for governments to encourage and promote vocational education and training, and to regulate the industry to ensure fair competition and protect consumers. The industry also needs to keep pace with technological developments, and be able to adapt quickly to new customer demands.

The business service industry has a large impact on the economy. It is a significant component of the GDP in most countries, and it provides jobs for millions of people worldwide. In the United States, it is one of the largest sectors in terms of revenue, with around $950 billion in sales annually. It is a highly competitive sector, and the profitability of individual companies can vary significantly depending on their ability to attract customers, maintain good relationships with them, and respond quickly to changes in customer demand.

It is estimated that the global market for business services will double by 2020. This increase is due to the rise of the digital economy, increased consumer spending on services, and a shift in consumer preference towards customized products and solutions. In addition, the development of business services in emerging economies is increasing the demand for these services.

Mapping technical services to business services is a useful tool for incident responders, as it provides them with context on an incident’s impact to the organization. It can be done in a number of ways, including on an external status page, within a service catalog or CMDB, or by referring to existing health metrics from a monitoring tool. Admin, Manager, and Global Admin base roles can create or edit a business service. Users with Manager level access to the Team associated with a business service can also add or edit supporting services.