Multiple factors have been at play in driving us towards the inevitable era of the service economy.
From the industrial perspective, the movement towards servitization has been growing steadily over the last decade. From a societal viewpoint, the experiential economy has been nurtured and shaped by household brands like Amazon, Ube, and Apple, while simultaneously, the lines between business and consumer services are becoming increasingly blurred. Financially, as we continue to tentatively make our way out of an ongoing global downturn, service once again becomes the backbone of revenue and profitability, and as a golden age of technology begins to mature, we find ourselves able to embrace these shifts in a way we could never have thought possible even just a decade ago.
As with all change, opportunities, and threats are present in equal measure, and with the sheer volume of seismic shifts manufacturers and service providers in all industries are moving through at present, it will be those who are prepared for a new service economy-led paradigm that will thrive and flourish, while others inevitably will fall away.