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The global immigration services market and the market is estimated to experience a growth at a CAGR of around 5% during the forecast period 2021-2027. The market growth is majorly attributed to increasing importance to mobility. The industrial growth is supported by rise in demand for foreign talents from the countries like US, UK, Canada and others. However, strict immigration laws by regional governments hinders the growth of the global marketplace.
In its recent announcement on immigration plans, Canada is expecting around 1,233,000 new permanent residents over the next three years, i.e., by 2023 to help in economic recovery after the hit of pandemic. As per the survey conducted by Word Education Services (WES), Canadian immigration industry is witnessing an increasing interest in immigration.
Internal demographic factors drive the demand for immigrants in Canada. The country has an aging population and a low birth rate. As per the statistics, by 2030, more than 9 million baby boomers will reach the age of retirement and the birth rate in the country is ~1.6 babies per couple, which is considered as low when it should be 2.1 to maintain the size of current Canadian population. Due to COVID-19, birth rate in Canada may witness a decline due to the economic uncertainty.
Hence, the combination of issues such as demographic, lack of talent availability in domestic region and increasing wages are boosting the demand of immigrants, turning into growth of the global immigration services market.
Segmentation Overview of the Global Immigration Services Market
The Global Immigration Services Industry is categorized on the basis of Service Type, Pricing Model, Destination and Customer Type. These segments are further segmented to study the market in detail.
On the basis of Service Type
On the basis of Pricing Model
On the basis of Destination
On the basis of Customer Type
Regional Overview of the Immigration Services Industry
On the basis of regional share, the immigration services industry is segmented into North America, Europe, Asia-Pacific, Middle East & Africa and South America. The Asia-Pacific immigration services market is anticipated to grow at significant growth rate, as countries in APAC region are accounting for high degree of immigration to developed economies such as US, Canada, UK and others to seek better education and job opportunities.
Competitive Landscape of the Global Immigration Services Market
Research study on the Global Immigration Services Market has enlisted the top companies that offers immigration services, the chapter include detailed research on suppliers and their cost structures, negotiation strategies, SLA terms and selection criteria. Some of the key companies are Baker & McKenzie International, Berry Appleman and Leiden LLP, Deloitte Touche Tohmatsu Ltd., Ernst & Young Global Ltd., Foster LLP, Fragomen, KPMG International Cooperative, Mayer Brown, Morgan Lewis & Bockius LLP, PricewaterhouseCoopers International Ltd.
Suppliers in the immigration services industry have moderate bargaining power due to mid-level availability of substitutes and moderate threat from new market entrants.
On the other hand, buyers in the immigration services market place can choose their preferred pricing models after identifying the cost-saving potential of the service chosen.