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karls scott
3 months ago (E)
Tax Advisory Services Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

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The global tax advisory services category is anticipated to grow at a CAGR of 9.3% from 2023 to 2030. Key factors that drive this growth include the rising significance of risk management and compliance, focus on tax optimization and planning, growing intricacy of tax laws, rising number of international transactions, and advancements in technology. Compliance has been a key responsibility for firms due to stringent rules and increased scrutiny from tax authorities. Services offered in the category support business enterprises in lowering the risk of fines and legal proceedings by assisting them in ensuring compliance with tax laws and regulations. However, concerns such as the scarce supply of qualified professionals, challenges of security and privacy of data, and cost restraints for small & medium-sized businesses enterprises (SMEs) may hinder the category’s growth.

Due to improved money management and wise investment choices, the number of high-net-worth individuals (HNWIs) is rising globally. High-net-worth people also need extra services from wealth managers and financial advisors because of their significant holdings. For HNWIs, services offered in the category encompass assistance with trusts and estates, hedge funds, private equity firm access, and tax filing & advice. In addition, over 12.9% of clients of tax advisors are considered high net worth. HNWIs are also in great demand for tax consulting services because maintaining and preserving their assets requires more labor to manage their money. These people typically require individualized estate and tax planning assistance, among other services. Therefore, the continuous rise of HNWIs is fueling the category’s growth.
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