Corporate Relocation Services Is Estimated To Witness High Growth Owing To Opportunity Of Increasing
Author : Ashish Thapa | Published On : 17 Jan 2024
Corporate relocation services refer to services provided by agencies to organizations for relocating their employees with families, who are being transferred to a new location or country for work purposes. Relocating employees face issues related to finding suitable accommodation, schooling for children, transport arrangement, cultural assimilation at new location etc. Corporate relocation service providers help companies by undertaking complete arrangements for employees' relocation of household items, immigrating their families, and settling them in a new city or country.
The global Corporate Relocation Service Market is estimated to be valued at US$ 50 Billion in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
With growing number of small and medium enterprises (SMEs) entering global markets, the demand for corporate relocation services is anticipated to rise substantially over the coming years. SMEs constitute over 90% of businesses worldwide and are increasingly adopting global business strategies to tap opportunities in foreign markets. However, SMEs face resource constraints for undertaking employee relocation processes on their own. Corporate relocation service providers offer cost-effective and specialized solutions for all relocation needs of SMEs' employees. This presents lucrative market opportunity for service providers to partner with growing SMEs and capture increasing demand. Advanced service offerings and affordable packages specifically designed for SMEs can help providers gain significant market share in the corporate relocation service industry.
Porter's Analysis
Threat of new entrants: The corporate relocation service market experiences moderate threat of new entrants as it requires significant investment and expertise to manage corporate relocation projects.
Bargaining power of buyers: Buyers have moderate bargaining power due to the specialized nature of services. However, availability of multiple service providers provides buyers options.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of alternative sourcing options for the various needs of corporate relocation projects.
Threat of new substitutes: Low threat of substitutes as corporate relocation services offer customized solutions based on client needs.
Competitive rivalry: High as the market is fragmented with presence of multiple regional and global players competing on cost and service differentiation.
SWOT Analysis
Strengths: Strong domain expertise, global network, and ability to handle complex corporate relocation needs.
Weaknesses: High dependency on economic cycles and client investment budgets.
Opportunities: Growth in globalization of business, emerging markets and remote working culture.
Threats: Economic downturn and disruptions impacting client investment decisions.
Key Takeaways
The global Corporate Relocation Service Market Demand is expected to witness high growth over the forecast period supported by rapid globalization of businesses. The global Corporate Relocation Service Market is estimated to be valued at US$ 50 Billion in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030.
North America is estimated to dominate the market in 2024 accounting for over 30% share driven by growing startup environment and corporate mobility. Europe followed by Asia Pacific also provide significant growth opportunities for service providers.
Key players operating in the corporate relocation service market include Santa Fe Group, Codan , Allied Van Lines, United Van Lines, and U-Pack. Regional relocation companies are also strengthening their presence through partnerships and M&A activities.
Explore more related article on this topic: https://www.ukwebwire.com/corporate-relocation-service-market-share-analysis/
