Global Market For Family Business Advisory Services Is Expected To Rise At A CAGR Of 5.2% Through 2033

The global family business advice services market is expected to be worth US$ 589.1 billion in 2023 and US$ 978.0 billion by the end of 2033. The growing number of family-owned enterprises around the world is driving the market.

Family business advisors effectively assist in building and expressing a mission, vision, and values that benefit both families and corporate goals. They also provide services for the execution of conflict of interest regulations and clarify the duties of family members, the company board of directors, and others in order to maintain the firm’s structure and family harmony. Family business counselling services are in great demand due to the need of establishing a balance between family members and business in this field.

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Market growth is driven by the increasing number of family start-up businesses worldwide. Financial advisory and tax & legal services account for leading shares of the demand for advisory services in end-use industries.

Key Takeaways from Market Study

• Financial advisory and audit & assurance to account for more than 40% market share.
• During the forecast period (2023-2033), the market is projected to rise at a CAGR of 5.2%
• Among the regions, North America accounts for one-third market.
• Demand for family enterprise advisory services is expected to increase at CAGRs of 5.9%, and 7.1% in Europe and East Asia, respectively.

Segmentation of Family Business Advisory Services Industry Research

• By Service Type :
  • Succession and Transition Planning
  • Next Generation Coaching
  • Family Business Policy Development
  • Family Business Assessment
  • HR Consulting and Assessment
  • Managed Accounting and Family Office Services
  • Business Valuation
  • Audit & Assurance
  • Tax & Legal Services
  • Financial Advisory
  • Transaction Advisory & Restructuring Services

• By End-use Industry :
  • Consumer Markets
  • Energy and Natural Resources
  • BFSI
  • Government & Public Services
  • Life Science & Healthcare
  • Technology, Media & Telecommunications
  • Real Estate & Construction
  • Environmental, Social and Governance (ESG)
  • Food & Agriculture

• By Region :
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa

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Market Development

The family business advisory services market is highly fragmented with the presence of local and international market players in the industry. These market players are taking rigorous initiatives such as service launches and the opening of development centres, resulting in a highly competitive scenario in the market. A diverse range of services is offered by market players to capture a larger market share and develop a bigger consumer base in the industry.

Competitive Landscape

The market comprises various large and small players offering advisory services for family-owned businesses. Key initiatives such as the establishment of family business development centers and the launch of new services are being adopted by market players.

For instance:

• In August 2022, the leading financial center of the Middle East, Dubai International Financial Centre (DIFC), introduced the Global Family Business & Private Wealth Centre. The initiative is focused and committed to supporting the next generation of the economy.

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Key Companies Profiled

• Baker Tilly US, LLP
• Bessemer Trust
• Citrin Cooperman
• Deloitte
• EY
• Grant Thornton LLP
• Johnston Carmichael
• KPMG
• Mazars
• MCM CPA
• Mercer Capital
• Moore Global
• PwC
• RSM US LLP
• The Family Business Consulting Group
• UHY Hacker Young

This Press Release has been written with the intention of providing accurate market information which will enable our readers to make informed strategic investment decisions. If you notice any problem with this content, please feel free to reach us on mediarelations@xherald.com.

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