LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global real estate professional services market is expected to grow at a CAGR of 5% over the next five years due to the high demand owing to the strong global economic growth and increase in the commercial activities especially in the APAC market.
The research report titled ‘Global Real Estate Professional Services Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The increase in demand from individuals or businesses to manage multiple numbers of properties from single locations is a key driver for the market growth,” says lead Technavio procurement specialist Vemula Sharanya for category spend intelligence. “The rising focus on improving customer and employee experience is set to increase the overall revenue growth,” adds Vemula.
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Cost saving opportunities in the global real estate professional services market
The adoption of various cost-optimization levers helps buyers of real estate professional services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global real estate professional services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology
Suppliers of real estate professional services adopt technologies such as digital mapping, digital transaction management, 3D technology, and cloud technology to satisfy the buyer requirements.
Digital mapping technology is used by suppliers to virtually locate the property and access data related to the infrastructure and environment around the property.
Optimization of procurement practices
Suppliers of real estate professional services optimize their procurement practices to provide buyers with savings up to 12% of the total category spend.
The market uses a center led procurement model and an outsourced sourcing model. The suppliers provide long-term, multi-year contracts with the pricing calculated based on the model adopted.
Bundling of services
The bundling together of services such as property purchasing and leasing services saves up to 15% of the total category spend for the buyers of real estate professional services.
Buyers expect suppliers to provide property management services such as temporary lease agreements, property maintenance, ensuring unnecessary access to facilities, and have the right to provide access to the property in case any pre-construction work is required.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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