The number of companies making their way into the fast-growing ‘service industry’ has doubled in the past five years, according to the latest industry data.
In a statement, the UK’s biggest transport services companies said they now had more than 3,000 “service-oriented” businesses with annual revenue of £1.7 billion.
It is a sign that the boom in the services industry is on the up.
The industry is forecast to reach £9.2 billion in 2019, up from £5.4 billion in 2018.
“The industry is growing rapidly and our industry continues to expand.
This year, the industry is expected to reach over 3,200 services-oriented businesses with an annual revenue worth £1 billion,” said Simon Dennison, Chief Executive of the Transport for London, in the statement.”
The number of service-oriented companies is on a constant up and the number of people in the service industry is increasing at an unprecedented rate.”
The report also found the number and size of service businesses has grown at an even faster rate in the last two years than in the previous five.
It said the number has grown by more than 100% since 2010.
The number was up from 2,100 in 2014 to 3,100 last year.
“Our industry is now the fastest-growing sector of the economy in Britain, and the service sector is seeing an unprecedented rise in revenue growth, which is helping drive demand and investment in new businesses and services,” said Mr Denniss.
The report said services were the third largest employer in the UK, after the health and social care sectors.