Succession Advisory Market To Reach US$ 8.4 Billion By 2033

In 2023, the worldwide succession advice industry is expected to be worth US$ 5.2 billion. The market is predicted to grow to US$ 8.4 billion by 2033, developing at a CAGR of 4.8% between 2023 and 2033.Succession advice services account for around 1%-2% of the worldwide advising market, which is expected to become more organized over the next 10 years and account for up to 5% of all advisory services.The top 500 family-owned firms in the world produce over US$ 7 trillion in revenue each year. The success of family companies offers information about the status of the world economy.

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Many families experience problems when the first generation of company owners retires and wants someone from the following generation to manage the firm. This is where a professional succession advice business comes in. They counsel these wealthy large family business owners on matters such as firm succession, property succession, business/unit succession, and so on.

Some succession consulting firms assist their clients in replacing executive or management-level resources. When businesses need to employ a CEO, CFO, or C-suite executive, they turn to specialist organizations to assist them find the most qualified and best-suited candidate for the job.

Competitive Landscape:
The global succession consulting market is competitive as there are no or minimal barriers to entry, and many tech-enabled companies are entering the marketplace and are trying to eat out the share of well-established players.

In August 2021, Russell Reynolds Associates, a global advisory and executive search firm, completed the acquisition of the cultural analytics business of Workplace Analytics, LLC.

In April 2021, Heidrick & Struggles International, Inc. completed the acquisition of Business Talent Group, LLC for US$ 62.6 million.

Key Players:
• Rodl & Partner
• SUCCESSION EXECUTIVE SEARCH
• Cowen Partners
• Russell Reynolds
• Integrated Work
• Stranberg Resource Group
• Egon Zehnder
• RefineValue
• Heidrick & Struggles International, Inc.
• Korn Ferry
• Spencer Stuart
• N2Growth
• Boyden
• Stanton Chase International
• DHR International
• FAMILY SUCCESSION ADVISORS PTE. LTD.
• Chr. P. Mitsides & CO LLC
• La Soleille Family Office (Suisse) SA

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Regional Analysis:

The United States will have the largest market share.
The United States is home to about one-third of the world's top 500 family-owned firms. These enterprises have an average age of 50 to 60 years. As a result, there is an extremely high demand for succession services. Across industries, corporations are preparing to transfer their businesses to family members so that they may retire.

Because there are so many small and medium-sized businesses offering these services in the United States, the market for succession consulting is quite competitive. The growing number of family-owned firms has created a high demand for the services of succession advisers. Market participants anticipate an increase in demand for their services as the number of new enterprises opens and the need for C-suite executives grows.

In the last two decades, the number of family enterprises in Singapore has increased. In comparison to the global average, family-owned firms in Singapore are relatively young, with just 10% to 15% of these enterprises held by the second or third generation, compared to the global average of 25% to 30%.

This opens up enormous opportunities for succession advice service providers. When compared to the global average, the chances of a family company being passed down to one of its members are likewise high in Singapore. Market participants anticipate a rise in demand in the coming years as many first generation founders reach retirement age and seek to transfer ownership to their heirs.

Key Segments of Industry:
• By Service:
o Executive Search
o Family Governance
o Mentoring & Coaching
• By Customer Type:
o Private Person Succession
o Business Succession

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This release was published on openPR.