The article reveals the key characteristics of the service sector, as well as the areas of interaction of a number of factors that have determined positive changes in the service sector of the economy. This article shows that the role of the service market as one of the most important sectors of the economy today is very large and relevant and saturation of the market with new goods require rapid growth in scientific and technological progress, as well as in the service sector.

At the turn of the 20th and 21st centuries, the global economy was dominated by developed countries, primarily located in Europe and North America. Economic development in the G7 (later G8) countries was determined by the efficient use of natural resources and long-term scientific and technological progress. Resource and energy efficiency were paramount in these countries. For example, the United States experienced significant growth in production throughout the 20th century. At the same time, despite industrial development, high prices were due to the expansion of the service sector and the emergence of new industries based on the scientific and technological revolution

In the modern global economy, changes in the market occur rapidly. As a result, the terms of updating products offered to the market by business entities have been reduced. The spread of new products in the markets and their constant improvement create problems for market participants associated with product innovations. The spread of technological progress throughout the world has led to the convergence of the quality and technical characteristics of products manufactured in different regions. In such circumstances, the role of costs in achieving a competitive advantage and sustainable development has increased. There is a need to use costs economically and manage them effectively. The use of modern cost management methods is a particularly urgent task for the purpose of effectively organizing costs and increasing the competitiveness of products. Today, scientists in developed countries have developed a number of modern methods of planning and managing costs, and a comprehensive study of these methods and their application to the activities of business entities is an important task. This scientific work attempts to understand the modern methods of cost management currently used.