Business Services Propel European Economic Transformation

The business services industry is emerging as a key driver of Europe's economic resurgence. Employing 40 million, it contributes EUR 3.5 trillion, representing 20.4% of the EU 27's GDP. The latest ABSL report provides transformation scenarios and a roadmap for policymakers and business leaders toward 2030.

The industry's evolution is marked by the 3Ts: Talent, Technology, and Transformation. From cost centers, the sector has become a dynamic engine of growth, fostering diversification and cross-border collaboration across Europe.

Talent shortage remains a bottleneck, particularly for smaller ecosystems, despite Europe leading in exporting knowledge-intensive business services. The report highlights a shift from Global Business Services to GenBS, adapting to challenges with hyper-automation and platformization.

Business services now drive innovation in key industries like banking, pharma, and automotive, underpinning digital initiatives and promoting new business models. Europe's strategic coordination and investment in AI and workforce transformation are pivotal for becoming a global business services hub by 2030.