The Importance of Service Sector Development

Abstract

At present, the development of the service sector holds significant importance in the economy. The service sector has become a vital field of professional activity. It is formed through the integration of scientific knowledge, intangible collections, information technology, and entrepreneurial activities, and is considered one of the key factors of economic growth. This sector of the economy includes various types of activities within itself and contributes to increasing production efficiency. Unlike other sectors, the end result of service activities is not a tangible product, but rather the services themselves.

Services can be provided not only to businesses but also to individuals—making them accessible to final consumers.