The global immigartion services market was valued at almost USD 141 billion in 2016 and is expected to surpass USD 194 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on immigration services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the immigration services market during the forecast period. Some of the top vendors listed in this industry analysis include PricewaterhouseCoopers, Ernst and Young, Deloitte, KPMG, and Baker McKenzie.
In 2016, APAC accounted for 41% of the global immigration services market. Major factors contributing to the growth of the market in this region are the need for high wages and better job opportunities and enhancement in the standard of living.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The rise in the movement of business travelers across borders is prompting governments to increase regulatory scrutiny of rules associated with business travelers. This step was initiated predominantly to minimize security threats associated with unlawful activities like terrorism as well as provides buyers clarity about the regulations to be adhered to.”
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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.
Increase in globalization at a fast pace
Fueled by factors such as elimination of trade barriers, global expansion of the internet, and developments in the technological landscape that resulted in evolution of the immigration services industry, globalization of the businesses is increasing at a rapid pace. Other key factors that have a positive impact on the migration services market include international and domestic inequalities, increase in demand for high and less skilled migrant labor in the segmented labor markets, lack of opportunities, and population growth.
The need to remain competitive in the global economy
The continuous ability of employers to acquire and develop global talent plays a vital role in helping the country to remain competitive in today’s fast-paced economy. This also involves developing the right skills to move seamlessly across an enterprise. Buyers are faced with the increased need to create formal strategies to enable continuous global growth including global employee mobility with the increased expansion into the international marketplace.
Employer’s focus on acquiring and retaining talent via immigration-related perks
Employers across the globe are now offering immigration-related perk packages that include paying for travel, housing, and dependent visa and green card applications for family members. For instance, in 2016 approximately 38% of employers spent USD 16,000 or more on immigration-related perks for each individual. This trend is becoming increasingly popular, resulting in the growth of the global immigration services market.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Immigration Services – Procurement Market Intelligence 2017’.
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