Immigration Services Market to Grow at a CAGR of 5% During 2021-2027
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Any type of assistance or procedure to help with immigration concerns is referred to as an immigration service and is offered by various government agencies as well as by private or corporate organizations. For example, the US Citizenship and Immigration Services is the government agency in charge of immigration services in the US.
Nonetheless, a number of functions are contracted out to private businesses, even while USCIS continues to serve as the last arbiter when it comes to immigration. Processing visa applications, removal or deportation hearings, keeping track of application status updates, employment, naturalization and other citizenship confirmation concerns, immigration matters, etc., are some of the services offered by an outsourced immigration service provider. The demand for immigration services is steadily rising as migration increases, particularly in nations like Canada and the US.
Market Dynamics
The market's expansion is mostly related to mobility's rising significance. A rise in the demand for foreign talent from nations like the US, UK, Canada, and others is supporting industrial expansion. In a recent declaration regarding immigration intentions, Canada stated that it anticipates welcoming approximately 1,233,000 new permanent residents over the following three years, or by 2023, to aid in the economy's recovery from the pandemic's impact. According to a poll done by Word Education Services (WES), interest in immigration is rising in the Canadian immigration sector.
Over the past ten years, there have been more and more onsite options to relocate to another country in search of employment. Due to employment prospects, people prefer to relocate to the US, Middle Eastern nations like Dubai, Saudi Arabia, Oman, etc., West European countries, or southeast Asian nations. As a result, there is a rise in the demand for service providers who assist the government in handling tasks like processing visas and work permit applications. As a result, economic opportunities for providers of immigration services are growing.
The demand for immigrants in Canada is driven by internal demographic variables. The population is aging, and the birth rate is low. The birth rate in the country is 1.6 births per couple, which is deemed low when it should be 2.1 to sustain the size of the existing Canadian population, and by 2030, more than 9 million baby boomers will reach retirement age. Owing to COVID-19, the birth rate in Canada could decrease as a result of the uncertain economy.
As a result, factors including demographics, a shortage of talent in home regions, and rising wages are working together to increase demand for immigrants, which is driving the expansion of the global immigration services market.
However regional governments' tight immigration regulations impede the expansion of the world market.
Service Type Insights
The work permit segment is the market leader and will grow with the highest CAGR during the forecast period. Since work permits increase revenue for immigration service providers. These particular immigration service functions are the only ones that a few service providers specialize in.
Regional Insights
The Asia Pacific region dominated the global immigration services industry and will expand at a considerable growth rate, as nations in the APAC region take into account, many people migrate to developed economies like the US, Canada, the UK, and others in search of better employment and educational possibilities. Currently, Indians are the second-largest immigrant group in the US, after Mexicans and ahead of Chinese and Filipinos, according to the Migration Policy Institute. As of 2021, there were 2.7 million Indian immigrants living in the United States, making up approximately 6% of the total population who were born abroad.
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Leading Companies
The notable competitors operating in the global immigration services market are:
Berry Appleman and Leiden LLP
Baker & McKenzie International
Ernst & Young Global Ltd.
Deloitte Touche Tohmatsu Ltd
Fragomen
Foster LLP
Mayer Brown
KPMG International Cooperative
PricewaterhouseCoopers International Ltd.
Morgan Lewis & Bockius LLP
Other Prominent Players
Segmentation Outline
The global immigration services market segmentation focuses on Service Type, Pricing Model, Destination, Customer Type, and Region.
On the basis of Service Type
Visa Application
Work Permits
Residency Permits
Documentation Management
Others
On the basis of Pricing Model
Transaction-Based Model
Subscription-Based Model
Hourly-Based Model
On the basis of Destination
Intra-Region
Inter-Region
o North America
o Europe
o Others
On the basis of Customer Type
Individual/ Private
Enterprise
Small
Medium
Large
On the basis of Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
South Korea
ASEAN
Rest of Asia Pacific
Middle East & Africa
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Argentina
Brazil
Rest of South America
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