14 October, 2019
RALEIGH, North Carolina, October 14, 2019 - The global employee relocation management market is currently estimated to be worth around $31.5 billion and is forecasted to grow at a CAGR of 3–4 percent till 2021, according to Beroe Inc, a procurement intelligencefirm. The increasing number of international assignments in the US, Western Europe, Australia, Singapore, Japan, India, and China are driving the relocation services market.
The market size of employee relocation management is the largest in North America, currently worth $15.6 billion and growing at a rate of 2-3 percent while the APAC, having a valuation of has the fastest growth of 7–8 percent. High market maturity regions are the US, UK, Australia, and Western Europe while medium market maturity regions are Brazil, China, and Singapore. Low market maturity regions are North Korea, Vietnam, Indonesia, African countries, Chile, Colombia, and Peru.
The rise in the number of international and domestic assignments has been the major driver for the growth of employee relocation services market in North America and Europe. The increasing number of IT and consulting assignments, and the expansion of operations of Fortune 500 organizations in developing economies have accelerated the outsourcing of relocation services to global service providers. The challenges faced by the employee relocation management market include compliance, difficulty with service delivery channels, costs of international assignments, and tiered policies.
The trends that are expected to have the most relevance until 2020 are the usage of technology, an increase in female assignees, adoption of data analytics, level of outsourcing, and consecutive assignments. International assignments are increasing in APAC and Middle East accelerating the demand for relocation services in this region while buyers in North America and Europe are outsourcing relocation services to global players that can offer end to end solutions. The pressure for cost reduction of relocation program is high which is typically attained by shortening the tenure of the international assignment
The research methodology adopted for the report included:
For small contracts, ranging in value from $5–25 million service providers have higher bargaining power while for medium to large contracts worth more than $25 million, buyers have higher bargaining power. The major KPIs for service providers are transferee satisfaction, on-time delivery, service evaluation return rate, and consultant’s knowledge and responsiveness.
The report also includes:
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits and reduced risk. Beroe has been providing these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc., please visit: http://www.beroeinc.com
Product Demo: Minimize Risk, Maximize Opportunity with Beroe LiVE.Ai, 8 September