Industrial services
In developed economies, the service sector makes up for the majority of the market in comparison to primary and secondary sectors. Looking back at the past century, the more developed economies have transformed from being manufacturing based to a service-oriented market.
With the advancement of technology, labor productivity has tremendously increased, which lead to a bigger output of resources while less labor is required. This imbalance results in a very competitive market environment in which firms need to make use of the latest technological progress to stay competitive. Additionally, as incomes continue to rise, the demand becomes less materialistic, shifting to services such as health, education, and entertainment.
The issue in comparison with the primary and secondary sector is that these jobs majorly cannot majorly be replaced by machines, making it more expensive. This highlights once again the importance of IT, allowing individuals to improve their productivity. The days in which IT was just considered a tool are over and the importance of business IT alignment is now put into the spotlight of nearly every operating company.
