by Relocation services assist employees by providing temporary accommodation, finding new housing, shipping household items, school admission assistance for children, visa assistance and other logistical arrangements. With the growing trend of globalization, many multinational companies are expanding their operations internationally which increases the need for corporate relocation services. Relocation assistance helps transferring employees and their families to settle down smoothly in the new location.
The global Corporate Relocation Service Market is estimated to be valued at US$ 20.35 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increasing globalization is one of the key driving factors for the corporate relocation service market. Many large enterprises are expanding globally to reach untapped markets and customers. This leads to frequent international transfers of skilled employees across various countries. According to United Nations Conference on Trade and Development, the number of multinational enterprises with foreign affiliates has increased rapidly from 7,000 in 1970 to over 82,000 in 2017. Relocating employees and families abroad involves significant logistical challenges. Corporate relocation service providers help in managing the entire relocation process smoothly through their expertise in immigration rules, understanding local cultures and efficiently transferring employees. This eases the stress for businesses from relocating workforce internationally and allows them to focus on their core operations. The demand for international relocation services is expected to increase substantially owing to growing needs of multinational companies operating globally.
Porter’s Analysis
– Threat of new entrants: The corporate relocation services market has moderate threat from new entrants due to requirement of expertise in relocation services and established clientele.
– Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various corporate relocation service providers.
– Bargaining power of suppliers: Suppliers have low bargaining power due to presence of several supplier firms providing raw materials and services.
– Threat of new substitutes: Threat of substitution is low as there are limited substitute products and services for corporate relocation services.
– Competitive rivalry: High due to presence of several regional and global players.
SWOT Analysis
– Strength: Wide service portfolio and expertise in relocation planning.
– Weakness: High operational costs and dependency on economic growth.
– Opportunity: Developing economies offering tax incentives and Rising global mobility.
– Threats: Technology disruptions and Increased global uncertainties.
Key Takeaways
The Global Corporate Relocation Service Market is expected to witness high growth due to increasing globalization of business operations.
Regional analysis shows that Asia Pacific dominates the market currently due to rapid infrastructural development, low wages and availability of skilled workforce in countries like India and China. North America also captured significant market share due to early adoption of corporate relocation services.
Key players operating in the corporate relocation service market are TestoFuel., GNC Holdings, LLC, SMPNutra.com, Hybrid Nutraceutical, VH Nutrition LLC, Roar Ambition Ltd, Ultra Testo Rush, EVLUTION NUTRITION, Zoic Pharmaceuticals., Uniraylifesciences, BL Bio Lab LLC, and Nutritjet.com. These players are adopting organic and inorganic growth strategies like mergers & acquisitions, partnerships and new service launches to expand their market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
