A service industry is an economic segment that provides certain intangible activity that fulfills a particular need. Companies within this industry perform tasks that are useful to their customers.
The service industry is very wide in its nature. It covers a large range of activities that add value to businesses and individuals but the output is not a physical product, instead this industry enhances, maintains, repairs, shapes and perform different alterations to physical items. It also covers activities such as transportation, medical services, education, banking, insurance, waste disposal, telecommunications services and other complex activities that are crucial to a society’s proper functioning.