LONDON--(BUSINESS WIRE)--According to the latest procurement market intelligence report from Technavio, the global immigration services market is expected to grow at a CAGR of almost 7% over the next five years due to the employer's focus on acquiring and retaining talent via immigration-related perks.
The research report titled ‘Global Immigration 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.
“Global immigration services market is fragmented with the presence of immigration players across regions. The major regions that attract immigration service providers are APAC and Europe,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Buyers are looking for integrated solutions that include counseling on compensation and tax solutions along with immigration,” added Angad.
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Cost Saving Opportunities in the Immigration Services Market
Adoption of cost optimization levers allows buyers of immigration services to 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 immigration 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
A growing number of service providers are increasingly adopting proprietary technologies to simplify complex immigration processes that help in providing information via one-stop-shop. For example, Fragomen's proprietary and state-of-the-art case management technology helps buyers to gain a detailed view of their case matters and acts as a central source for information transfer and documentation upload and storage.
Immigration management platform increases the efficiency of the immigration process by automating the application process and increasing the transparency in the process by employing a centralized communication among employees, HRs, and the attorneys. It also helps to manage the global workforce via a global workforce dashboard that provides an at-a-glance view of all employees and their work status.
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Optimization of procurement practices saving aspects
Advances in technology have allowed immigration suppliers to work closely with buyers to develop new applications to assess, track, and monitor immigration compliance as a seamless part of their business travel and assigned programs.
Bundling of services saving aspects
It is imperative for buyers to comply with employment verification requirements to manage operational risks associated with flawed record retention procedures. Therefore, buyers want service providers to offer customized employment verification solutions, including audits, guidance, training, and advanced technology tools.
Buyers seek availability of value-added services along with the core immigration services. This includes a range of benefits such as timely immigration alerts, robust reporting, and strategic planning, and enhanced program and service experience by utilizing global experience.
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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, re-sellers, and end-users.
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