The 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.
Market Overview:
Corporate relocation services help companies to efficiently transfer employees and their families to new locations domestically as well as internationally. These services involve logistical coordination of household goods shipping, temporary housing, selling and buying of homes, taxes, and immigration related paperwork. With growing globalization and increased intra-country mobility of skilled workforce, the demand for professional relocation services is rising significantly.
Market Dynamics:
Growing globalization is one of the key drivers boosting the corporate relocation service market growth. As companies expand their operations globally through mergers and acquisitions or opening new offices, the need for relocating employees across countries is increasing rapidly. Furthermore, rapid urbanization in developing economies is leading to higher migration of workforce within countries. This has significantly increased the demand for domestic relocation services as well. Moreover, hectic modern lifestyles have made relocation process quite stressful and complex for individuals and families. Hence, companies prefer outsourcing their relocation needs to professional service providers for smooth and hassle-free coordination of the entire relocation process. Professional relocation service providers offer customized packages and one stop solutions for all relocation requirements including visa assistance, home selling/buying assistance, spouse employment and children school search and enrolment.
SWOT Analysis
Strength: The Global Corporate Relocation Service Market provides efficient services that help save costs and time for companies and their transferring employees. Services related to house hunting, temporary accommodation, visa and immigration procedures ease the relocation process. Well established players in the industry have strong portfolios and global network that ensure smooth relocation globally.
Weakness: The market is highly fragmented with many regional and local players. Lack of standardization and quality control across different service providers can lead to inconsistent customer experience. Rising costs of house rentals, flights, and transportation negatively impact profit margins of relocation service companies.
Opportunity: Growing globalization and increasing number of international business expansion plans create robust opportunities for corporate relocation services. Developing economies witnessing rapid urbanization present new regional markets. Digitization of services helps improve customer experience, accountability and maximize opportunities.
Threats: Economic slowdowns and protectionist policies pose risks to cross-border relocation demands. Spread of COVID-19 pandemic significantly disrupted mobility of expatriates and corporate talent transfer plans temporarily. Intensifying competition from new market entrants offering customized packages threatens market share of existing players.
Key Takeaways
The global corporate relocation service market is expected to witness high growth, exhibiting CAGR of 7% over the forecast period, due to increasing trend of global talent mobility among multinational companies.
Regional analysis: The US dominates the market with the largest share due to high number of expatriates and overseas assignments. Asia Pacific is fastest growing region owing to rising number of multi-national companies in countries like India, China expanding internationally. Europe is another major market supported by strong intra-company employee transfers within the EU region.
Key players: 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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