Why is service sector growing so fast? Give reasons.
describe In long ( 8 mark)
Answers
Answer:
Tertiary sector is growing rapidly because: ...
As income level increases certain sections of people start demanding many more services like eating out, tourism, shopping, private hospital etc. Certain new services have emerged like information and communication technology which have become important.
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@PrincessPalak ✌
Demand for services is on the rise with a stable middle class and growth in upper-income families. A sector of the economy becoming less concerned about material needs. ... Outsourcing services allows a business to concentrate on the activities that are critical to its success.
Professional services help small businesses thrive in an increasingly complex outsourcing market.
The service industry or sector includes a wide swath of the market. Business that do not deal in the extraction or manufacture of raw materials fall into the service category. The service sector has seen massive changes in recent history, many being attributed to outsourcing, automation and digital based business that have altered traditional business models.
Companies are also recognizing how professional services such as consultancy, training or marketing can help them improve their business performance. That’s good news for small businesses that provide these types of services, and also for the larger companies that use their services.
The diverse service industry is seeing a general growth of services trend and Market Research forecasts the majority of job growth in the United States will come from this sector between 2016 to 2020, with a 5.4% overall growth rate being projected in the time period. The service-driven economy accounts for a large number of jobs in the United States in general