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Pharmacy benefit management market
INTERMEDIARY SERVICE MARKET REPORT OVERVIEW
The global intermediary service market size expanded rapidly in 2021 and will grow substantially by 2028, exhibiting a prodigious CAGR during the forecast period.
An intermediary service is a medium that helps two or more parties to communicate and carry out transactions with each other. The system of intermediaries is much like bridges permitting the conversation that would probably be inaccessible or not practical apart. In multiple sectors including finance, e-commerce, and telecommunications such as bridging the gaps, intermediaries are very important. They bring value to the stakeholders by creating efficiencies, reducing complexity and frequently becoming the guarantors of security or trust between participants. It consists of such platforms as payment processors in e-commerce, investment brokers in financial markets, and tourism agencies in the tourism sector. Through intermediary services, functionalities of the technology can be diversified covering transaction processing, information aggregation, dispute resolution and risk management. Participation of different agents in transactions generally improves the overall transaction effectiveness, thus making markets efficient and enabling economic activities.
The intermediary service market has been experiencing upsurge that is triggered by the action of multiple factors influencing consumers’ behaviour and changing business processes. This category includes all trading activities that have intermediaries or middlemen that provide services, such as connecting the parties involved in the transactions. Growth of the sector is mainly driven by complexity of transactions in both the consumer and business to business sector. With increasing intricacy in transactions, there is a growing need for professional knowledge and help to deal with these complexities. The intermediaries actually fill this gap by offering their expert skills and resources to facilitate transaction between the parties as well as to mitigate risks. Consequently, the process of digitalization has significantly caused a commotion in the market of intermediation services. Digital platforms along with technological devices have equalized access to many services that are used to render intermediaries able to reach a large number of people and to serve them much faster.
COVID-19 Impact: Market Growth Hampered by Pandemic due to Widespread Lockdown and Supply Chain Disruptions
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The intermediary service market, which includes segments such as travel agencies and event planning, and real estate, witnessed negative effects in the wake of the COVID-19 outbreak. The lockdowns, travel restrictions, and social distancing measures themselves caused a serious decline of demand for such services which in result caused their widespread cancellations and postponements. Decreased consumer spending and doubts made the business cycle sluggish by affecting the transaction between middlemen while many had to close down their business. Besides, the growth of remote working and virtual events, which used to involve intermediary services, caused the demand for such services to decrease. The protracted nature of the pandemic worsened the financial stresses, forecasts of recovery remaining uncertain. Although some sectors have managed to stay in business by embracing ecommerce platforms, most of them still suffered from decreased revenue because of which there is need for innovation and resilience to make new business strategies that will be able to handle the current hurdles.
LATEST TRENDS
"Rise of Digital Platforms to Drive Market Growth"
The intermediary service market is growing dynamically as the result of rapid technological changes, changing consumers' tastes and behaviours, and regulatory processes which are also changing. One of the important growth factors is the development of online platforms that serve as intermediaries in different spheres of the economy. These platforms make links between service providers and consumers easier, resulting in a simplified online process and higher availability to customers. Therefore, the old ways of supplying products to the consumer are changing, stimulating the leading market players to adjust to the new trends. Another essential trend is the implementation of personalized experiences. Customers are demanding more individualized services that are tailored to cater to such users' specific needs and habits. Intermediary services are increasingly being data-driven and AI-driven to provide relevant tailored recommendations and services, becoming highly valued by consumers and resulting in binding loyalty. Moreover, a trend of an increasing attention to sustainability and social responsibility has appeared in the primary business field. Customers are seen to be more conscious about issues of sustainability and ethics and hence, it forces the intermediaries to integrate sustainability into their undertakings and products.
INTERMEDIARY SERVICE MARKET SEGMENTATION
By Type
Based on type the global market can be categorized into Leasing Service, Buying and Selling Service, Mortgage Service, Others.
- Leasing Service: This section comprises contracting parties for the utilization of common assets or properties on a rental basis. It could imply renting machinery, cars, property or any other real physical assets.
- Buying and Selling Service: This role entails functioning as an intermediary between sellers and buyers across several transactions. It covered brokerage services for real estate, automobiles, stocks, or any other products, which facilitated the buying and selling process of both parties.
- Mortgage Service: This section highlights the process in which we assist in securing loans between lenders and borrowers. It comprises mortgage activities like origination, processing, underwriting, and servicing, thus allowing people to access funds through the real estate buying process.
- Others: These services cover a spectrum of intermediary operations, which may feel loose and not as structured as the previous ones. Such services may include the escrow services, insurance broking, investment advisory services, or any other intermediation activities that help in transaction between parties.
By Application
Based on application the global market can be categorized into Real Estate, Consumer Goods, Others.
- Real Estate: The activities of intermediary services in the real estate field include the procession of transactions and leases, as well as management services of property. They are the means of connecting people and closing deals, linking landlords with the tenants and investors with the profitable deals.
- Consumer Goods: In the case of manufacturers and suppliers in consumer goods industry, intermediary services create a channel that connects them with retailers and end-consumers. These services include delivering, transportation, advertising, keeping in touch, and managing channels.
- Others: Intermediary services which exist in many other industries are specific and customizable. Such a category may include segments that include financial intermediaries, technology intermediaries and service intermediaries and more.
DRIVING FACTORS
"Globalization and International Trade to Boost the Market"
Globalization is a process that promotes intermediary service market growth. With the growing trend in the globalization among businesses and the need of intermediaries to understand international laws, cultures and markets is inevitable. Intermediary service providers offer knowledge in global trade, logistics and cross-border transactions to help companies in growing and diversifying their markets and businesses. Also, intermediate service market depends heavily on technology and the way technology determines the future of the market. The digital space has been changed dramatically by the speed of the development of digital technologies. New business opportunities are making their appearance while at the same time old challenges are appearing. Intermediaries use digital tools to simplify operations, improve communication, and solve customer issues in the most innovative way possible. From cloud computing platforms to data analytics tools, technology assists intermediaries in providing value-added services that suit the growing needs of businesses in a world that continuously becomes more digital.
"Increasing Focus on Cost Optimization and Efficiency to Expand the Market"
In addition to the previous issue, another key factor that contributes to the growth of the intermediary services market is the rising emphasis on cost saving and efficiency. In the present competitive business space, businesses are obliged to find ways of increasing their profits and improving efficiency by reducing costs. Intermediaries are specialized in cost-effectiveness by benefiting from the economy of scale and successfully becoming an important part of the supply chain, as they will have good deals with products providers and deal with their processes. The intermediary agents help business in significantly reducing the costs in either on the basis of through outsourcing non-core functions or streamlining procurement processes which leads to their overall competitiveness too. In addition, the advancement and development of outsourcing and specialization lead to the increment in the market demand for these services. Many companies tend to outsource specific functions to professional agencies instead of doing that job themselves. In the context of the IT services, human resources or financial management, business outsourcing enables organizations to concentrate on their main expertise while relying on the excellence of specialized mediators. This leads to the opportunity to use such intermediary service providers as a workforce that can offer the desired solutions as within the constraints of the business.
RESTRAINING FACTORS
"Regulatory Compliance to Impede Market Growth"
As a major limitation in intermediary services market is regulatory compliance. In almost every country all financial intermediaries must comply with stringent regulations. Banking companies, investment groups, and insurance companies are required to be regulated to secure consumer protection, market stability and fairness. Compliance with these regulations would be a costly affair. It would demand enough human resource expenditures of both time and amount of effort to raise the operational costs. Moreover, regulatory specifications are usually different from one jurisdiction to the other which is complicating for intermediaries for operating in different areas. As a result, these regulatory demands may restrict new players from entering the service provider market and hinder the expansion of existing players' services.
INTERMEDIARY SERVICE MARKET REGIONAL INSIGHTS
"Asia Pacific Dominating the Market due to Presence of a Large Consumer Base"
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
Asia Pacific has emerged as the most dominant region in the global intermediary service market share. The scale and diverse nature of Asia Pacific market are the main reasons of the intermediary services existence. In a developing world, the population is increasing at a fast pace while the economies are also growing, thus requiring the best intermediaries who will efficiently move trade, finance, logistics and other services across borders. The area is rapidly adding technology based services leading to innovation and a new model of the intermediary services. The digitalization of nations like Chine and South Korea has pushed the growth of e-commerce platforms, digital payment systems, and fintech infrastructures. This digital change is leading this market up to new peaks, making transactions smoother and improving the overall market efficiency.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
The intermediary service market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in intermediary service, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.
List of Market Players Profiled
- Colliers (Canada)
- CBRE (U.S.)
- Okay (U.S.)
- Radian (U.S.)
- The Agency (U.S.)
- VINGT Paris (France)
- Neho (Switzerland)
INDUSTRIAL DEVELOPMENT
August 2023: CBRE launches its security program of Smart Facilities Management (FM) Solutions which have demonstrated an adeptness and swiftness in problem-solving in the operation of more than 20,000 Global Workplace Solutions client sites, covering an area of 1 billion sq. ft.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
Frequently Asked Questions
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Which is the leading region in the Intermediary service market?
The Asia Pacific is the prime area for the Intermediary service owing to the presence of key industry players in the region.
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Which are the driving factors of the Intermediary service market?
Increasing complexity of transactions, the growing demand for specialized expertise and facilitation and advances in technology are some of the driving factors of the Intermediary service market.
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What are the Intermediary service market segments?
The Intermediary service market segmentation that you should be aware of, which include, Based on type the intermediary service market is classified as Leasing Service, Buying and Selling Service, Mortgage Service, Others. Based on application the intermediary service market is classified as Real Estate, Consumer Goods, Others.