The service industry is a compilation of sectors wherein companies or institutions are rendering services to the consumers in profiteering or non profiteering basis. This ranges from transportation, postal and warehousing, information sector services, banks, securities, commodities and other financial investment services, catering, rental and leasing services, civic affairs, cable TV, insurance, law, telecom, aviation, administrative and support services, waste management and remediation, health care and social assistance and arts, entertainment and recreation services etc.
With the increase in industrialization and population, the need for the service industry has also escalated. Today no industry can exist without the assistance of the service industry. It has become an essential part of our everyday life. Service industry generally thrives on the needs of the people. The most important factor in the services is of the quality and the delivery time used by the service providers. As the economy of many nations in today’s date chugs on the growth of the service sector as it is contributing a substantial part to the GDP of a nation, hence it is a vital worldwide business prospect. As per service industry reports of a global survey, it has become a multibillion dollar industry worldwide. The service industry is today not only a one point function but have multiple tasks included in it. It gives you access to various other utility functionaries as most of the services are interconnected today i.e.: Just by calling your cell phone operator you can also access your movie tickets, travel planners and online shopping portals.
Therefore it won’t be wrong to say that the service sector has today become a prominent feature for the smooth flowing of the economy of a nation as huge volumes of business just depend on this sector.
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