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Dec 28 th, 2015
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What Else will Service Industry Include in Coming Times?

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Brief Overview

The meaning of service industry as shown by google

“A business that does work for a customer, and occasionally provides goods, but is not involved in manufacturing”

Starting from taxi industry to entertainment avenues like malls, multiplex to restaurants, hotels, local cafes; banking, trading, internet etc. all comes under service industry.

An interesting fact:
“Over the roads trucks are built to last. They are designed to travel more than one million miles per year.”

From this fact you can consider the importance of trucking industry with credibility, because service is like never ending supportive work for making other things possible.


List


A service industry involves a lot of types of work, for giving a brief idea I have given below a list of probable number of workers every human being deal with at some point of time in his/her daily life viz.

With the initiation of the E-age the service industry has brought revolution in improving and making life simple for human beings.

Every day the biggest tech giants are working hard, day-night to improvise and make such products which can bring another level of easiness in the life of people.


Monetary Importance


Although, you might be aware of it’s importance and has got somewhat idea of about how it has impacted our life. But, after having a brief look at it’s monetary value and share in GDP of an economy, the idea of it’s importance will become more clear.

The above figure shows the share of three sectors of an economy with their share in GDP of India. Figure clearly shows that the share of service industry becomes almost 3 times in 2010 in comparison to it’s value in 1950.

Interesting facts:

In terms of brand value the companies with highest brand value in the world are:

Data clearly says that it’s more of a service industry led list.


Some more References


In an article All the best people have worked in the service industry, the author has even quoted that all the best people have worked in the service industry.

Working in this industry is not easy, because people have to deal with customers face to face regularly and these are the people who actually deals with problems on the spot and finds innovative solutions for it quickly.

Can also read: Things Everyone Worked in Service Industry Understands


Advantages


Some of the other advantages of working in service industry are:

a. You learns to improvise and dealing with multiple complex problems at the same time
b. You never runs out of inspiration and can opt for creative field in future
c. You deal with a lot of people and it helps you find the reason behind people’s urge for higher wages
d. You learn that it does not matter which school or college you are from, all that matters is whether you have that spark to get things done

You can read more about it at: 12 Reasons why working in the service industry after college is incredibly worthwhile


Conclusion


So, we can conclude that

  • Service industry is sector having maximum share in India’s economy,
  • A large number of people are dependent on it for employment,
  • A lot of other things are dependent on it for their proper functioning,
  • It keeps your creative side alive,
  • It brings a better experience and path for learning in your life, and

All together is a self-realization course where you have to develop your skills at every point and become better than your competitor to remain best in the market.

Source:
[1]http://blog.trippak.com/2015/01/09/top-10-interesting-facts-trucking-industry/
[2]Wikipedia
[3]http://www.gktoday.in/gk-current-affairs-october-4-2015/
[4]www.sixsigmadaily.com

2 Comments on this article

  • Kuldeep Tiwari December 31, 2015
    As far as the Indian sercise industry is show its mobality , will be share 62% of GDP by 2020 which is now around 52%. The good point has shown in this artical that present technology erra making good impact toward service industry in India. Apps and website maintain services became more easy to understand and the computer software industry growing as the rate of 35% per year and will be more rapidly in future.

    Reply

    • admin January 1, 2016
      Thanks Kuldeep for researching and putting some data in here. Readers will have a better chance of comparison. And yeah service industry is growing very fast and is innovating day-by-day to bring new level of services and products on table for our consumers helping to bring a new level of easiness in their life. Some good examples to quote here can be of: uder, ola, laundary services, flipkart, amazon, online banking services, trading online, stock marketing etc. have made life much easier than before and has changed the way of doing business in a very short time.

      Reply

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