Prices have been steadily rising due to rising demand from businesses and healthcare services, along with rising wages.
Los Angeles, CA (PRWEB) June 17, 2014
Editing and proofreading services have a buyer power score of 3.6 out of 5, signifying that buyers have a relatively high amount of negotiating power in this market. This score reflects a large number of suppliers, very low market share concentration, little specialization, low switching costs and low price volatility within the market. Factors limiting buyer power, however, include a lack of substitutes and rising prices. Prices have risen consistently in the three years to 2014 and are forecast to continue rising at a slightly higher rate through 2017, says IBISWorld analyst Michelle Hovanetz. Price increases are the result of a recent rise in demand stemming from increased health expenditure and a growing number of businesses. Demand from the private business and healthcare sectors is anticipated to increase substantially as the economy continues to recover, thereby causing price increases in the future. A large number of suppliers and increased foreign competition have helped to moderate rising prices.
The number of suppliers of editing and proofreading services has grown drastically as internet usage has increased. The majority of suppliers are nonemployers. The internet has made it simple for independent editors to find work and has also increased the accessibility of editing services to buyers, thus expanding the market. The large number of competitors and extremely low market share concentration help to boost competition, moderate price increases and provide buyers with leverage when negotiating, continues Hovanetz. Major suppliers in this market include Cactus, Papercheck LLC and Scribendi Inc.
Buyers also benefit from a low level of price volatility. The most significant cost to suppliers is wages. Labor is the primary input, and suppliers do not rely heavily on other inputs that could significantly alter price. Wage growth has been negligible in recent years, and labor shortages are not a concern. Thus, there is little risk in the supply chain, and prices are unlikely to fluctuate rapidly. For more information, visit IBISWorld’s Editing & Proofreading Services procurement category market research report page.
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IBISWorld Procurement Report Key Topics
This report is intended to assist buyers of editing and proofreading services. Editing and proofreading services are used across all fields to correct grammar and language usage and to improve the readability of reports, articles, business plans, brochures, presentations, advertisements, websites and any other text documents. Proofreading services include corrections to grammar, punctuation and spelling. Editing services are more comprehensive and will generally correct errors in grammar, punctuation, syntax, spelling, consistency and formatting, often making more substantial changes to the written work. This report excludes letter or resume writing, word processing, desktop publishing and other secretarial services.
Recent Price Trend
Product Life Cycle
Total Cost of Ownership
Supply Chain & Vendors
Supply Chain Dynamics
Supply Chain Risk
Market Share Concentration
Buying Lead Time
Key RFP Elements
Buyer Power Factors
About IBISWorld Inc.
IBISWorld is one of the world's leading publishers of business intelligence, specializing in Industry research and Procurement research. Since 1971, IBISWorld has provided thoroughly researched, accurate and current business information. With an extensive online portfolio, valued for its depth and scope, IBISWorld’s procurement research reports equip clients with the insight necessary to make better purchasing decisions, faster. Headquartered in Los Angeles, IBISWorld Procurement serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.