Tax Advisory Market Size, Trends, Growth Analysis, and Forecast | Valuates Reports

Tax Advisory Market Size

The global Tax Advisory market was valued at US$ 39320 million in 2023 and is anticipated to reach US$ 57860 million by 2030, witnessing a CAGR of 5.7% during the forecast period 2024-2030.

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Tax Advisory Market Trends

There is a great need for professional counsel and assistance because tax rules and regulations are complicated and constantly changing. In order to efficiently manage the complex tax environment, minimize their tax payments, and guarantee compliance with evolving legislation, both individuals and businesses need to engage in strategic tax planning. The market is expanding as a result of the growing demand for specialist tax consulting services brought on by the complexity of tax legislation.

The intricacy of tax issues for multinational firms and people with overseas assets or activities has increased due to globalization and cross-border transactions. Tax advising services are essential in assisting customers in navigating the intricacies of international taxes, encompassing cross-border investments, transfer pricing, and adherence to different jurisdictional tax treaties and legislation. As companies continue to extend their activities abroad and globalization trends continue, there will likely be an increased need for specialized tax advising services that address foreign tax issues.

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Trends Influencing the Growth of the Global Tax Advisory Market

A prominent trend in the Tax Advisory market is the adoption of advanced technologies such as artificial intelligence and data analytics to enhance the accuracy and efficiency of tax planning and compliance processes. These technologies enable tax advisors to analyze large datasets, identify patterns, and provide more informed recommendations to clients. Another trend is the increasing focus on sustainability and green tax incentives, as businesses seek to align their tax strategies with environmental and social governance (ESG) goals. This includes advising clients on tax credits and deductions related to renewable energy investments and sustainable business practices.

Regulatory compliance continues to be a major focus, with tax advisory firms emphasizing the importance of adhering to evolving tax laws and reporting standards. This has led to the development of specialized services that help clients manage compliance risks and avoid penalties. Additionally, there is a growing demand for personalized tax advisory services that cater to the unique needs of different industries and business models. The rise of remote and virtual advisory services, accelerated by the COVID-19 pandemic, is also transforming the way tax advisors interact with clients, offering greater flexibility and accessibility.

The market is dominated by leading professional services firms such as Deloitte, PwC, EY, and KPMG, which hold significant shares due to their extensive global networks and comprehensive service offerings. These firms leverage their deep industry knowledge and technological capabilities to provide high-value tax advisory services to multinational corporations and large enterprises. Their ability to offer integrated solutions that encompass tax planning, compliance, and consulting further strengthens their market positions.

Tax Advisory Market Share

Key firms in the global tax advisory services sector include Deloitte, EY, PwC, KPMG, BDO, RSM International, and Grant Thornton. These firms are mostly based in North America, Europe, and Hong Kong, China. With Deloitte holding the greatest proportion of 11%, the top three firms hold over 30% of the market share.

Regarding product categories, income tax compliance services and indirect tax compliance services are the next two most popular, with a combined market share of 26%, held by tax dispute advisory.

Regarding applications, public businesses own a 40% market share, while private enterprises hold the greatest proportion at 45%.

By Type
• Income Tax Compliance Services
• Indirect Tax Compliance Services
• Cross-Border Tax Advisory Services
• Tax Dispute Advisory

By Application
• Listed Company
• Private Company

Key Companies
Deloitte, EY, PwC, KPMG, BDO, RSM International, Grant Thornton, Baker Tilly International, Crowe, CliftonLarsonAllen (CLA), CBIZ, Mazars, Moss Adams, Andersen, Plante Moran, Ryan, CohnReznick, BKD, Marcum, Alvarez & Marsal, Baker McKenzie, DHG, EisnerAmper, Vistra, WTS Global, DLA Piper, Allen & Overy, CMS, Dentons, Clifford Chance, Linklaters, Cherry Bekaert, FTI Consulting, Kroll

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This release was published on openPR.