Importance of Service Industry

Importance of Service Industry

Generally, the Service industry is an industry that provides services rather than tangible objects. It is a business that does work for a customer, and occasionally provides goods but is not involved in manufacturing. Examples of this include accounting, education, health care, and hospitality.

From the following points we can find out the growing importance of services:

(1) Technical services: There has been an increase in demand for the services of professionally qualified technicians with the establishment of technical institutes.

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

(3) Education services: There is an increasing demand for educational services. Primary, secondary, higher secondary schools, and universities are the institutes which are in great demand.

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

(5) Personal care services: Personal care services are essential to developing potentiality of an individual for a perfect personality and positive image.

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

(7) Transport services: With the increasing amount of trade and business, done by road there has been a demand for transport services which benefits various automobile manufacturers. Most people prefer having their own vehicles, proving a good business offer for the automatic industry.

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

(9) Hospital services: Adequate hospital services are essential for the well being of society.

(10) Pollution control services: As the natural resources are reducing and the need for conservation is increasing we see the coming of service providers like pollution control agencies.

(11) Information technology services: The development in information technology has given rise to services like pager service PCOs, World Wide Web etc.

So, there are various services for which the service industry is important for a country.