The report below gives a good overview of the Winter 2023 M&A activity in the Business Services Industry Sector. The global business services industry has changed dramatically in recent years due to economic uncertainties and the rapid advancement of technology. The industry has been impacted by persistent inflation and sluggish economic expansion. Rising real wages are causing fewer job openings and more layoffs in global labor markets. Companies are implementing cost-cutting strategies through hiring freezes or potential job cuts. For example, major companies such as Amazon, Meta, and Twitter have announced layoffs due to broader economic uncertainty. The supply and demand for applicants are predicted to equalize in 2023. It is anticipated that the increased focus on sustainability by businesses, rapid development of online collaboration tools, and an innovative use of 3D technology in advertising by businesses will continue to fuel growth of the business services industry. Furthermore, global web hosting services have evolved in response to rising business demands and expectations. Major web hosting trends, such as multiple cloud hosting and green hosting, are examples of adaptations. The global web hosting market is estimated to be valued at $79.2 billion in 2022 as per research published by Statista. This market is expected to reach $144.4 billion by 2027, growing at a CAGR of 12.7%, during the period 2022-27, as per the same research. Additionally, the business services revenue is expected to grow at 5.2% in 2023, according to a report published by Business Wire.
Posted by Brad Purifoy.