What is the importance of service industry?

Answer 1

From the following points we can find out the growing importance of services. 1. There has been an increase in demand for the services of professionally qualified technicians with establishment of technical institutes.

2. Communication services like entertainment, education and the right to information by the public is more important.

3. Due to increasing standards in education there is an increasing demand for educational services. Primary, secondary, higher secondary schools, junior degree collgese are the institutes which are in great demand. As the number of students goes up the demand for private classes, tutions, etc. also increases.

4. Banking services have become necessary to meet financial requirements of the public and the national industrial sector.

5. Personal care services are essential to develop potentiality of an individual for a perfect personality and positive image.

6. Electricity services are required for the benefit of society, industry and so on.

7. With the increasing amount of trade and business, done by road there has been a demand for transport services which benefits various automobile manufacturers. Large section of population prefer having their own vehicles, proving a good business propositions for automatic industry.

8. The tourism has geared itself to make the tourists enjoy the holiday seasons in the places of their choice and take them away from monotonous existence of cities.

9. Adequate hospital services are essential for the well being of the society.

10. Hospitality services work on the strategies to satisfy the business class through their service in terms of comfort and satisfaction. The above activities have left the management scientists, professionals and socio-economic thinkers ti analyse and understand that managing services need attention, to stay in business.

11. As the Natural Resources are depleting and need for conservation is increasing we see the coming of service providers like pollution control agencies, car pools etc.

12. The development in information technology has given rise to services like pager service PCOs, world wide web etc.

Professional requirements need a change when technology develops and evolves. This necessitates proficiency in the management level by giving a boost to abilities.