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| Global Corporate Relocation Service Market |
Corporate Relocation Service Market Overview:
The global Corporate Relocation Service Market is estimated to be valued at US$ 17.66 billion in 2023 and is
expected to exhibit a CAGR of 7% over
the forecast period 2023 - 2030, as highlighted in a new report published by
Coherent Market Insights. Corporate relocation services assist companies in
transferring employees and their families from one location to another. These
relocation services take care of all logistical needs of the transferring
employees including finding accommodation at the new location, transportation
of goods, school admission for children etc. This reduces stress and
administrative responsibilities on transferring employees allowing them to
focus on their work. The demand for corporate relocation services is driven by
growing globalization and need for talent mobility across countries and
regions.
Market key trends:
One of the key trends in the corporate relocation services market is the
growing reliance on software and online platforms to streamline relocation
processes. Leading service providers are developing customized online
relocation management software to digitally manage all aspects of employee
relocation from one centralized platform. This includes online homesale
programs, rental property search portals, school admission assistance
databases, expense tracking etc. The digital transformation is allowing for
faster, transparent and hassle-free relocation experiences. Another notable
trend is customized hybrid relocation options that give employees flexibility
to work both from home and office. This is relevant in the current hybrid work
environment post pandemic. Service providers are curating flexible programs to
encourage global talent mobility while addressing employee work-life balance
needs.
Porter’s Analysis
Threat of new entrants: The Global
Corporate Relocation Service Market has moderate barriers to entry due
to high capital requirements and the need for extensive distribution networks.
Bargaining power of buyers: Buyers in this market have significant bargaining
power due to the availability of substitutes and bulk buying power of large
corporations.
Bargaining power of suppliers: Suppliers of goods and services to the
relocation industry have moderate bargaining power given the availability of
alternative supply options.
Threat of new substitutes: The threat of substitutes is moderate as other
moving service providers and do-it-yourself relocation methods can be
considered alternatives.
Competitive rivalry: The corporate relocation service market exhibits high
competitive rivalry due to the presence of several global players.
Key Takeaways
The global corporate relocation service market is expected to witness high
growth, exhibiting CAGR of 7% over
the forecast period 2023 - 2030, due to increasing globalization of businesses.
The market size is projected to reach US$
17.66 billion in 2023.
The North America region currently dominates the corporate relocation service
market holding more than 35% share in 2023 due to high corporate mobility in
the US. Asia Pacific is expected to be the fastest growing region owing to
rising international companies relocating to countries like China and India.
Key players operating in the corporate relocation service market are Graebel
Companies, SIRVA, Relocation Management Company (RMC), Crown Worldwide, Santa
Fe Group, FIDI Global Alliance, MSI Global Talent Solutions, Cartus, Atlas Van
Lines, Allied Van Lines, NorthAmerican Van Lines, Arpin Van Lines, Wheaton
World Wide Moving, United Van Lines, Mayflower Transit, Bekins, Beltmann Relocation
Group, Corrigan Moving Systems, Clark & Reid, and Eclipse Relocation. These
players are focusing on mergers and acquisitions to expand their global
footprint.
Regional analysis related content comprises The Asia Pacific region is
projected to witness the fastest growth during the forecast period due to
rising number of multinational companies expanding and relocating to countries
like China, India, Japan, and Australia in the region. China and India offer
low-cost skilled workforce and manufacturing facilities, attracting several
foreign players. Furthermore, growing intra-regional corporate mobility is
another factor contributing to the regional market growth.
Read More: https://www.trendingwebwire.com/global-corporate-relocation-service-market-size/