Rockville, Jan. 13, 2023 (GLOBE NEWSWIRE) -- The global family business advisory services market is estimated at US$ 589.1 billion in 2023 and is projected to reach US$ 978.0 billion by the end of 2033. The market is being driven by the rising number of family-owned businesses worldwide.
Family business advisors efficiently help in developing and communicating a mission, vision, and values favouring families as well as business goals. They also deliver services regarding the implementation of interest policies and elaborate the roles of family members, the company board of directors, and others to maintain the company’s structure and preserve family harmony. Family business counselling services are high in demand for maintaining an equilibrium between family members and business, which is a major factor in this space.
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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.
“Complexity associated with family businesses will drive demand for advisory services,” says a Fact.MR analyst.
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.
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
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global family business advisory services market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of service type (succession & transition planning, next generation coaching, family business policy development, family business assessment, HR consulting & assessment, managed accounting & family office services, business valuation, audit & assurance, tax & legal services, financial advisory, transaction advisory & restructuring services) and end-use industry (consumer markets, energy & natural resources, BFSI, government & public services, life science & healthcare, technology, media & telecommunications, real estate & construction, environmental, social and governance, food & agriculture), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Check out more related studies published by Fact.MR Research:
Legal Advisory Market: The global legal advisory market size has reached US$ 669.4 billion in 2022 and is expected to climb to US$ 1,049 billion by the end of 2032, expanding at a CAGR of 4.6%. In 2021, average annual spending by companies on legal services accounted for 0.23% of their total revenue. With increasing complexity and the need to adhere to the regulatory framework, enterprise-level spending is likely to increase substantially over the next ten years.
Corporate Restructuring Advisory Market: The global corporate restructuring advisory market is expected to reach a valuation of US$ 24.1 billion in 2023. For the forecast period 2023-2033, the market is expected to grow at a CAGR of 6.3% and reach a valuation of US$ 44.5 billion by the end of 2033. The corporate world, over the past three years, has experienced commotion in the process to manoeuvre around external factors led by COVID as well as wars, which has significantly impacted their performance.
ESG & Sustainability Advisory Market: The global ESG (environmental, social, and governance) & sustainability advisory market is poised to reach a valuation of US$ 39.3 billion in 2023. The market is estimated to grow at a CAGR of 6.3% and jump to US$ 72.4 billion by the end of 2033. ESG is a set of standards by which a company and its investors can measure the wider impact of its operations and long-term strategy. In 2021, ESG funds attracted investments worth over US$ 1 billion from corporates worldwide.
Succession Advisory Market: The global succession advisory market is set to reach a market value of US$ 5.2 billion in 2023. The market is further expected to climb to US$ 8.4 billion by 2033, expanding at a CAGR of 4.8% during the 2023-2033 study period. Succession advisory services account for around 1%-2% of the global advisory market, which over the span of the next ten years is likely to get more organized and account for a share of up to 5% of all advisory services.
HVAC Services Market: The global HVAC services market stands at US$ 71.1 billion in 2022 and is anticipated to progress steadily at a CAGR of 6.2% to reach US$ 129.8 billion by 2032-end. Together, North America and East Asia account for around 60% share of the global market. Rapid growth in construction activity worldwide coupled with increasing urbanization & infrastructure reforms is expected to drive HVAC services market growth during the forecast period (2022-2032). HVAC systems have substantial utility in providing thermal comfort and proper circulation of air inside buildings.
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