Court Reporting Services Procurement Category Market Research Report from IBISWorld has Been Updated
Los Angeles, CA (PRWEB) January 28, 2015 -- Court reporting services have a buyer power score of 4.6 out of 5, which reflects very favorable market conditions for buyers and a high amount of buyer negotiating power. Factors increasing buyer power include a flat recent price trend, low price volatility, the presence of viable substitutes and very low market share concentration. “Thanks to these factors, the market is in prime condition for buyers looking to purchase court reporting services,” says IBISWorld procurement analyst Michelle Hovanetz.
A flat recent price trend, largely due to declining demand for court reporting services stemming from reduced government expenditure and falling crime and incarceration rates, has benefited buyer power as suppliers compete to gain business. Low and steady price growth is expected in the coming years due to increased government expenditure and, therefore, higher court budgets. “Although this price growth slightly reduces buyer power, the increase is minimal and is not significant enough to impact the overall positive purchasing environment for buyers,” adds Hovanetz. “Furthermore, low price volatility allows buyers to accurately budget for purchases.”
Services are fairly standardized, which increases competition. Because most suppliers are comparable, switching costs are very low. The majority of suppliers are freelance or very small businesses. A large number of suppliers and low market share concentration among service providers help to moderate price increases and provide buyers with leverage in negotiations. Additionally, the availability of substitutes, such as in-house reporters and electronic reporting, further boosts competition and enhances buyer negotiating power.
In addition, price shock due to supply chain problems is not expected. Suppliers rely on few inputs to provide court reporting services, labor being the most critical. The wide availability of labor due to prevalent educational and training programs has led to a stable supply chain. This supply chain, along with a large number of vendors, ensures the availability of services to buyers. For more information, visit IBISWorld’s Court Reporting Services procurement category market research report page.
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IBISWorld Procurement Report Key Topics
This report is intended to assist buyers of court reporting services. Court reporters create word-for-word transcriptions of legal proceedings and public events from stenotype shorthand. This report includes stenographers who provide real-time closed captioning of meetings, conferences, live television broadcasts and other events. Non-live television and film subtitling are not included within this report.
Executive Summary
Pricing Environment
Price Fundamentals
Benchmark Price
Pricing Model
Price Drivers
Recent Price Trend
Price Forecast
Product Characteristics
Product Life Cycle
Total Cost of Ownership
Product Specialization
Substitute Goods
Regulation
Quality Control
Supply Chain & Vendors
Supply Chain Dynamics
Supply Chain Risk
Imports
Competitive Environment
Market Share Concentration
Market Profitability
Switching Costs
Purchasing Process
Buying Basics
Buying Lead Time
Selection Process
Key RFP Elements
Negotiation Questions
Buyer Power Factors
Key Statistics
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.
Gavin Smith, IBISWorld Inc., +1 (310) 866-5042, [email protected]
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