According to analysts at Vantage Market Research, the corporate tax consulting market is expected to reach USD 2.85 Billion by 2028, growing at a CAGR of 8.93% from 2021 to 2028. Corporate tax consulting services are beneficial for corporates that operate in different parts of the world and have to keep an account of it. These consulting services know better the laws and rules and help in evading taxes and saving as much as possible.
Corporate Tax Consulting Market Key Finding
- The Tax Compilation Services segment is projected to expand the fastest over the forecast period owing to the increasing awareness and availability of services that help in reducing or finding loopholes to save taxes.
- The services segment held a market share of around 38.5% in 2020. This share is further expected to grow as more and more corporates want to save as much they can.
- The North American region is expected to expand at a CAGR of over 11.1% from 2021 to 2028. This surge is attributed to the rising income of the millennials and willingness of people to save as much as one can on taxes.
Some of the key players in the corporate tax consulting market are Liberty Tax Services Inc., Instant Tax Service, S. Sharma Tax Inc., GGF LLP, Franchise Tax Board, Jackson Hewitt Tax Service, H & R Block Services Inc., Honthy & Zarlenga Financial LLC, Major Accounting and Tax Services, BDO LLP. among others. The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage.
The right business consultant will bring a higher level of expertise to your decision-making processes. Many consultants operate in a narrow business area and are authorities in the nuances of their field which is driving the growth. Most consultants are objective and neutral participants, free from the encumbrances of personal passions and interoffice politics; this too is driving the market. A good tax consultant understands tax laws and is able to advise strategies that minimize obligations while also reducing the chance of an audit that could lead to a conflict with the IRS or with a state tax agency. A tax consultancy is a business that provides expert advice to tax filers. Consultants generally cost more than direct hires, at least on an hourly basis. When project budgets are already running dangerously close to the margins, a consultant may not seem worth the investment. This is restraining the market.
North America region had the highest share in 2020 of about 33.2% and is poised to record the highest CAGR, owing to the increasing individual’s personal income. The U.S. alone is the fastest-growing counties in the real estate portfolio management solution market. However, as the number of competitors has grown drastically over the past few years and has created a sense of completion in the market for their share, has brought down the prices, which is expected to drive the deployment. However, the advent of domestic versions has brought down the prices, which is expected to drive the deployment.