LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global government relations services market is expected to grow at a CAGR of 7.19% over the next five years as the adoption of new technologies has led to the availability of improved services.
The research report titled ‘Global Government Relations 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.
“Growing volume of data, complicated regulatory environments, increase in use of social media, and growth of transnational companies have created the need for government relations services,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Healthcare and financial industries are expected to fuel the growth of the global government relations services market during the forecast period,” adds Angad.
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Cost saving opportunities in the global government relations services market
The adoption of various cost-optimization levers helps buyers of government relations 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 government relations 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 saving aspects
Service providers are providing online digital tools, mobile applications, and social media tools to help businesses develop strategies to organize data, facilitate grassroots campaigns, mobilize supporters, and ensure regulatory compliance. Also, Big Data analytics is being used in data-driven communications and advocacy campaigns.
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Optimization of procurement practices saving aspects
Buyers prefer to engage with suppliers that have expertise in other segments of public affairs such as third-party coalition building, issues management, grassroots outreach, crisis communication, media outreach, issues advertising, public opinion polling, and digital campaign management. Suppliers' expertise in related public affairs segments enables buyers in availing additional services when required with low switching costs and effort.
Bundling of services saving aspects
Buyers engage with a service provider for a select common set of PR and communication practices to ensure that it can get a bundled set of services at discounted rates, saving up to 12% of the total bundled spend.
Service providers are bundling together offerings such as policy advocacy, public engagement, and stakeholder engagement to expand their consumer base.
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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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