Corporate Relocation Service Market, By Services (Policy Administration and Counselling, Real Estate Service, Move Management, Temporary Living, Destination Services, Immigration and Global Tax Services, Expense Management), By Location Type (Domestic, International), By Period (Long-term, Short-term/Assignment basis), By End use Industry (Discrete Manufacture, Consumer Goods, Government, Technology, Finance, Oil and Gas, Pharma), By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published In : Nov 2023

Code : CMI6203

Pages :150

Formats :

Excel and PDF

Industry : Smart Technologies

Corporate Relocation Service MarketSize and Trends

The global corporate relocation service market size is expected to reach US$ 28.35 Bn by 2030, from US$ 17.66 Bn in 2023, at a CAGR of 7% during the forecast period. Corporate relocation services refer to end-to-end solutions offered by third-party vendors to assist in relocating employees domestically or internationally. It covers services such as home marketing assistance, household goods moving, visa processing, school search, cultural training, and more. The growth in the global corporate relocation service market is driven by rising job transfers, increasing expatriate assignments, and a surge in immigration rates globally.

The global corporate relocation service market is segmented by services, Location Type, Period, and End-User Industry. By services, the real state segment accounted for the largest market share in 2023. The growth in this segment is attributed to the rising number of job transfers and the increasing expatriate workforce.

Global Corporate Relocation Service Market Trends

Adoption of Cloud-based Relocation Management Systems: The corporate relocation industry is increasingly adopting cloud-based management platforms to enhance process efficiency, access, and collaboration. Cloud-based systems allow all stakeholders–employers, transferees, case managers, and suppliers – to access real-time information and track progress through a centralized dashboard. The anytime, anywhere access enhances transparency and allows quicker query resolution. Other benefits include reduced IT costs, flexible scalability, easy integration with other tools, and a minimal learning curve. More firms are thus shifting towards cloud-based relocation management systems.
Big Data and Analytics Driving Decisions: Corporate relocation service providers are leveraging big data and analytics to gain insights that can inform strategic decisions and future investments. By tracking metrics across the relocation process, firms can identify pain points and enhance service delivery.
Data also enables accurate policy benchmarking, program performance measurement, and the demonstration of year-on-year ROI improvements to clients. Analytics uncovers cost-saving opportunities and helps optimize overall program spending. For instance, AI-powered analytics by Equus identify duplicate claims and exceptions. Data thus drives smarter decisions. According to Deloitte, 77% of relocation managers rely on analytics to optimize their programs.
Focus on Mental Wellbeing: Traditionally, concentration in relocations has centered on logistics, but the industry is now increasingly focusing on transferee mental wellbeing. Relocations can be emotionally challenging for employees. Leaving friends and family, culture shock, and language barriers can significantly impact mental health.
More relocation firms are partnering with psychologists, therapists, and mental health coaches to provide counseling and emotional support when needed. Others offer access to meditation apps and mental health solutions to help transferees adjust better. Providing resources to help employees cope with anxiety and stress is critical for successful assignments. Thus, psychological and emotional wellness are gaining prominence.
Self-service and Relocation Apps: Advances in technology are enabling greater self-service options and relocation mobile apps for transferees. Apps provide guidance, real-time tracking of shipments, document uploads, expense reporting, and chat support during relocations. For instance, in September 2022, HappyLocate, a tech-based one-stop relocation platform, announced the launch of its relocation app. With this announcement, the company further plans to strengthen its services.