The service sector is the lifeline for the social-economic growth of a country. The service industry is made up of companies that primarily earn revenue through providing intangible products and services i.e (the service industry is an industry that provides a service for people but does not result in the production of goods).
Service industry companies are involved in retail, transport, distribution, food services as well as other services dominated businesses.
The service industry is one where no goods are produced, is a part of the economy that creates services rather than tangible objects.
The service industry can be termed as a tertiary sector of the industry, to an economist it involves the provision of services to businesses as well as final consumers, such as accounting, tradesmanship (mechanic, plumber), computer services, restaurants, tourism, entertainment, transport, etc.
As of today, service is the fastest and largest growing sector globally, in an advanced economy, the growth in the primary and secondary sectors are directly dependent on the growth of the service industry.
In some cases, manufacturing will not become more productive without more specialised services like Banking, Insurance, Trade, Commerce, Entertainment, Advertisement, Communication, etc.
The proportion of the world economy devoted to service grew steadily during the 20th century, in the early 21st-century service industry accounted for more than 60% of the global GDP and employed more than one-third of the labour force worldwide. Goods production has become increasingly mechanised as a result of an increase in this industry. The knowledge-based workers including, professionals, technical service, information technology service, banking, insurance, and education are the driving forces behind the transformation of the service sector.
The growth of the services industry in the past two decades has prompted a number of questions about the sector. The service industry employed about twice as many individuals compared to what the manufacturing industry and government can employ.