In today's business ecosystem, many companies are engaged in the provision of services. Even enterprises traditionally regarded as manufacturers have transformed themselves into a Product-as-a-Service business model: IBM expanded from computer manufacturing into business and technology consulting in as early as the 90s, and Philips has pivoted from a product-oriented company into a tech and healthcare service provider, to name a few examples. The service economy has thus risen as the powerhouse of many economies around the globe since the late 20th century.

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