LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global design agencies market is expected to grow at a CAGR of 7.6% over the next five years.
The research report titled ‘Global Design Agencies: Procurement Intelligence Report 2016-2020’ 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 suppliers in the global design services market are witnessing intense competition and are increasingly investing to enhance their technological capabilities and remain competitive in the market,” said lead Technavio procurement expert Angad Singh for category spend intelligence research. “Growth in advertising expenditure and an increase in successful design projects have contributed to the growth of design services, particularly in the product packaging and promotions segment, across the world,” added Angad.
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Cost saving opportunities in the design agencies market
Adoption of various cost optimization levers helps buyers of design services not only realize direct cost savings but also enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the design agencies 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
The increasing need to improve user experience across a wide range of mediums and devices has forced suppliers to develop highly responsive designs using the SVG file format and advanced CSS versions.
Responsive identities build better brand experience by adapting to different devices and mediums and helping elevate brand freshness in customers’ minds. For instance, Pentagram has developed a new identity and a website with mobile responsive design for one of Europe’s leading venture capital firms.
Optimization of procurement practices saving aspects
Buyers generally prefer to engage with global suppliers that have expertise in working across a wide variety of sectors. However, when buyers need to target a market or geography, it is prudent for them to engage with regional service providers.
Thus, it is important for buyers to achieve the right mix of global and regional suppliers to ensure no overlaps in engagements.
Bundling of services saving aspects
Buyers engage with suppliers capable of providing one-stop solutions that bundle various design services such as comprehensive branding, advertising and promotion, and online marketing and strategy. This allows buyers to negotiate better on service prices and reduce the operational risks involved in coordinating with multiple service providers.
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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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