Immigration Services Market Analysis

The immigration services market is expected to witness category spend growth of more than USD 47 billion between 2018-2023, with spend momentum accelerating at a CAGR of 5.51% during the forecast period. This increasing spend will be primarily attributed to the pressing need to hire skilled professionals from foreign countries to fill the widening gap in the existing talent pool across some of the key geographies. While doing so, buyers are preferring to hire professionals via immigration-related perks. Dynamism in the immigration system is also resulting in frequent shifts in a company's hiring and retention strategies. These factors are necessitating the utilization of specialized immigration services that can cater to the buyer's unique needs. Meanwhile, the immigration service providers are offering bundled services such as counseling on compensation and tax solutions, assistance in data privacy issues, effective document services, and employment verification services. This is boosting the demand for these services, thereby impacting the global immigration services market size during the forecast period.

APAC houses one of the fastest-growing and the largest immigration services market which is expected to continue growing at a CAGR of 5.97% during the forecast period. Migration of a large volume of the population from countries like India and China to the US will impact the immigration market size in APAC. The growing stringency of documentation with respect to immigration activities within the region will further drive the procurement of immigration services in APAC. On the other hand, the presence of employment opportunities is attracting a large number of foreign nationals in North America but is restricting the moving out of the population from this region. This will impact the demand for these services and will reduce the immigration services market size in this region. Europe, which is accounting for the second-largest share in the global market after APAC, is witnessing the growing demand for immigration services. This growing demand is chiefly attributed to the large-scale recruitment of a global workforce by companies to compensate for the shrinkage in the workforce in the region.

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Insights Offered in this Immigration Services Market Report

Written from the perspective of the buyers and suppliers, this procurement intelligence report offers comprehensive coverage of the latest immigration services market trends and factors driving spend across various regions and helps buyers to identify opportunities for cost savings. To help buyers procure immigration services at cost-effective rates, an analysis of the pricing outlook and supplier cost structure is also offered in this report.

Our portfolio of reports on the corporate services category help buyers understand:

• Global and regional spend potential for immigration services for the period of 2018-2023
• Top immigration services suppliers and their cost structure
• Immigration services market size in the US
• Immigration services market prices, price trends and forecasts
• Cost drivers influencing the Immigration services market share

Immigration Services Market Pricing Trends

This procurement intelligence report contains in-depth pricing insights for the procurement of immigration services. These pricing insights provide an overview and comparison of pricing models, supply chain margins, and the volume and cost drivers impacting pricing:

• Immigration services costs tend to vary based on factors which are the source country, the destination of immigration, types of services involved, and taxes and inflation.
   
• The increasing demand for employees with requisite skills to handle tasks pertaining to visa-related issues will shoot up the employee expenses borne by suppliers. These costs will also tend to fluctuate due to various flexible immigration models adopted by service providers, such as mobility SPOC, global immigration SPOC, and direct management model.
   
• The growing need for technology and strategy-related innovations are expected to increase service providers' overall cost. This increase in demand is due to the need to have a streamlined immigration process and effective immigration solutions within shorter TAT.

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Optimize Category Spend for Immigration Services

To offset the potential rising costs for the procurement of business application testing, category managers must adopt the best procurement practices and strategies to efficiently optimize their spend. For instance, this market is governed by some of the important laws such as immigration and work permits, tax and social security laws, and employment laws. Thereby, it is recommended for buyers to collaborate with service providers that have the requisite expertise in immigration laws and procedures which will aid the buyers in curbing their additional operating cost.

To help category managers optimize spend on immigration services, this report also offers:

• Immigration services category management strategies and objectives
• Supplier and buyer KPIs
• Outsourcing category management activities
• Risk management
• Cost-saving opportunities

Build Strategies for Effective Supplier Selection

Buyers should prefer to engage with service providers that have a wide service portfolio that should include the ability in handling immigration services associated with key destination countries for corporates, international employment law, program and policy development, updating buyers about the developments in immigration laws.

This immigration services market procurement intelligence report identifies the major costs incurred by suppliers and provides additional information on:

• Cost-benefit analysis of pricing models
• Supplier relationship management practices
• Technology-facilitated procurement metrics

Devise Effective Category Management Strategies for the Immigration Services Market

One of the critical category management objectives for buyers is to prioritize the quality of services while determining the feasibility of partnering with suppliers. In this respect, some of the factors that they must consider are efficacy in collecting and reviewing documents, level of completion of process steps, compliance of policies, and visa rejection rate.

Key insights offered in this procurement intelligence report on the immigration services market will help the buyers identify:

• Supplier margins and selection criteria
• Buyer ecosystem and factors influencing the procurement process
• Strategic sourcing and category management strategies

Information on the top suppliers, and immigration services market buyer and supplier insights are highlighted in this procurement intelligence report on the immigration services market.