The global relocation services market is currently valued at around USD 68 billion and is expected to surpass USD 80 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on public relations services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global relocation services market during the forecast period. Some of the top vendors listed in this industry analysis include Graebel Companies Inc, Global Mobility Solutions, Mobility Services International, Santa FE Relocation Services, and Agility Logistics.
In terms of geographical analysis, North America is the largest shareholder in the global market with a market share of around 45%. EMEA and APAC are the other key revenue generating geographical segments of this market.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “Service providers operating in the global market for relocation services are currently focusing on product differentiation to keep pace with the competition. As a result, increased investments are being made in evolving technologies such as big data and cloud to improve the efficiency of freight operations, enhance capacity and asset utilization, synchronize transportation schedules, and enhance their capability to cater to requirements effectively.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increased cost of living in native countries
The rise in the cost of living in native countries is the fundamental driving force behind the growth of the global relocation services market. For instance, Argentina and Switzerland have a high cost of living, mainly due to the weakening of their currencies against the US dollar, prompting more individuals to move toward Latin America and Eastern Europe.
Need for regulatory compliance
Companies that provide HR benefits administration services have developed extensive expertise in the field of regulatory compliance (for instance, ACA compliance). New regulatory requirements make benefits administration more complex, expensive, and time-consuming. Most of the time, organizations do not have the required talent in their HR teams to ensure adherence to regulatory norms, augmenting the need for relocation services in the global market.
Demographic shifts in population
There is a noticeable increase in the global mobility programs due to the aging workforce (baby-boomer generation), especially in regions such as North America and Europe. Multinational organizations are investing heavily in regional talent so that they are not affected by the gap in demand and supply of labor.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Relocation Services – Procurement Market Intelligence 2017’.
