LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global relocation services market and the market is poised to experience spend growth of more than USD 3 billion between 2018-2023 at a CAGR of over 3% during the forecast period. Request Free Sample Pages.
Read the 104-page research report with TOC and LOE on "The Global Relocation Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
The recent business scenario is dotted with a series of M&A activities. This is favoring an exponential demand growth in the relocation services market from MNCs as their employees are more likely to be transferred across the world.
In terms of spend growth, North America holds the largest share in the global relocation services market. The increase in the number of short-term assignments at the regional and international levels will bring investments in this market. The shortage of native skilled labor is compelling enterprises in the US to hire skilled professionals from foreign nations. This will act as one of the significant demand drivers in the relocation services market in the region. Meanwhile, in Europe, the potential impact of Brexit is anticipated to drive the highly-regulated pharmaceutical, air travel, e-commerce, and banking sectors from the UK to other European and APAC countries. This will work in favor of spend growth in the relocation services market.
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Insights into the market pricing trends
Suppliers will experience a major hike in the OPEX owing to their increasing expenses on logistics which is the result of a rise in the prices of fuel and energy. The increase in their OPEX is usually passed on to the buyers in the form of high service costs.
- The increase in the prices of commercial property across the world has increased the maintenance and operations costs associated with warehouses used for storing employees’ goods and products. This will increase suppliers’ OPEX which will have an inflationary impact on buyer’s procurement expenditure in the relocation services market.
What are the strategies to adopt to optimize procurement spend in this market?
Compliance issues such as tax compliances, visa complexities, and immigration requirements make the relocation process costly and challenging. Buyers are advised to engage with suppliers who have an in-house compliance team that can handle complex compliance-related issues. This will save buyers the expense of appointing a third-party vendor to execute the compliance-related tasks.
- Currency fluctuations can have both positive and negative effects on international employee compensation and on the cost of the international assignment. Partnering with suppliers who have an in-depth understanding of the market conditions and currency fluctuation nuances enables buyers to lessen the impact of financial changes on their relocation activities.
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Some of the key topics covered in this report are:
- Relocation services market spend segmentation by region
- Total cost of ownership analysis in the relocation services market
- Regional spend opportunity for relocation services suppliers
- Relocation services suppliers cost structure
- Relocation services pricing models analysis
- Relocation services procurement best practices
- Category management objectives
- Cost saving opportunities in the relocation services market
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