Portland, OR, Oct. 10, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the tax advisory services market generated $34.6 billion in 2021 and is projected to reach $97.1 billion by 2031, growing at a CAGR of 11.2% from 2022 to 2031. changing market trends, market size and estimates, value chain, key investment pockets, drivers and opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, early adopters and stockholders in introducing necessary strategies for the future and taking essential actions to significantly strengthen and increase their position in the market.
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Report coverage and details:
| Report cover | Details |
| Forecast period | 2022–2031 |
| base year | 2021 |
| Market size in 2021 | $34.6 billion |
| Market size in 2031 | $97.1 billion |
| CAGR | 11.2% |
| Number of pages in the report | 403 |
| Segments Covered | Organization type, size, vertical, and region |
| Drivers | Increased adoption of tax advisory services to reduce additional tax costs and optimize operations |
| Digitization in the business tax advisory services sector | |
| Opportunities | Broadband internet penetration |
| Increased need for automation of tax advisory processes | |
| holds back | Risks of data breaches and cyberattacks |
COVID-19 scenario:
- The COVID-19 outbreak has negatively impacted the growth of the global tax advisory services market, owing to the prevalence of economic recession in developing and developed countries across the globe.
- Thus, there has been a drop in the demand for these services, which has greatly impacted the growth of the market.
- Apart from this, the instability in the financial sector and the overall decline in investments further compounded the impact on the market. However, tax advisory service providers have taken many steps to position themselves for the post-COVID future as they begin their recovery.
- Additionally, the COVID-19 pandemic has heightened the importance of digital transformation systems in tax advisory services. Technology-driven tax advisory startups are increasingly offering their clients long-term, digitized tax filing services through robo-advisors.
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The report offers detailed segmentation of the global tax advisory services market on the basis of type, organization size, industry vertical, and region. The report provides a comprehensive analysis of each segment and their respective sub-segment using graphical and tabular representation. This analysis can essentially help market players, investors and new entrants to determine and design strategies based on the fastest growing and highest revenue generating segments mentioned in the report.
By type, the direct tax advice segment held the largest market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leading status during the forecast period. The indirect tax advice segment, on the other hand, should cite the Fastest CAGR 13.2% over the forecast period.
Based on organization size, the large enterprise segment held the major market share in 2021, holding almost three quarters of the global market share, and is expected to maintain its leading status during the period of forecast. The small and medium business segment, on the other hand, is expected to quote the fastest CAGR of 14.0% during the forecast period.
Based on the industry vertical, the BFSI segment held the largest market share in 2021, holding more than a quarter of the global market share, and is expected to maintain its leading status during the period of forecast. The healthcare segment, on the other hand, is expected to quote the fastest CAGR of 16.8% during the forecast period.
Based on the region, the North America market held the largest market share in 2021, holding almost two-fifths of the global market, and is expected to maintain its leading status during the forecast period. The Asia-Pacific region, on the other hand, is expected to quote the fastest CAGR of 14.5% during the forecast period.
Key players analyzed in the Global Tax Advisory Services Market report include Accenture Inc., Aon PLC., Bank of America Corporation, Citigroup Inc., CGI, Inc., Cognizant, CSC consulting services, CREDIT SUISSE GROUP AG, Deloitte, Goldman Sachs, JPMorgan Chase & Co., Morgan Stanley, Northern Trust Corporation, PWC, Wells Fargo & Company, Tax Scouts and Taxfyle.
The report analyzes these key players in the global tax advisory services market. These market players have effectively used strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is useful for analyzing recent developments, product portfolio, business performance, and operating segments of major market players.
MAIN BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of market segments, current trends, estimates and forecast dynamics of the Tax Advisory Services Market from 2021 to 2031 to identify existing market opportunities.
- The market study is offered with information related to key drivers, restraints, and opportunities in the Tax Advisory Services market overview.
- Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Tax Advisory Services market segmentation helps determine the current opportunity of the Tax Advisory Services market.
- Major countries in each region are mapped according to their revenue contribution in the global market.
- The positioning of market players facilitates benchmarking and provides a clear understanding of the current position of market players.
- The report includes analysis of regional and global Tax Advisory Services market trends, key players, market segments, application areas and market growth strategies.
Key market segments
Organization size
- Large companies
- Small and medium enterprises
Type
- Direct tax advice
- Direct tax advice
- Income tax
- Corporation tax
- property tax
- Capital gains tax
- Others
- Direct tax advice
- Indirect tax advice
industry vertical
- IT and Telecom
- Manufacturing
- Retail and e-commerce
- Public sector
- BFSI
- Health care
- Others
By region
- North America (US, Canada)
- Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Singapore, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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About Us
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market research reportsand “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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