Dublin, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The "Tax Preparation Services: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Tax Preparation Services Market to Reach $44.7 Billion by 2030
In the changed post COVID-19 business landscape, the global market for Tax Preparation Services estimated at US$33.4 Billion in the year 2022, is projected to reach a revised size of US$44.7 Billion by 2030, growing at a CAGR of 3.7% over the analysis period 2022-2030.
Tax Compilation Services, one of the segments analyzed in the report, is projected to record a 3.6% CAGR and reach US$20.8 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Tax Return Preparation Services segment is readjusted to a revised 4.3% CAGR for the next 8-year period.
The U.S. Market is Estimated at $11.8 Billion, While China is Forecast to Grow at 5.5% CAGR
The Tax Preparation Services market in the U.S. is estimated at US$11.8 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$4.6 Billion by the year 2030 trailing a CAGR of 5.5% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 3.5% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5.5 Billion by the year 2030.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 751 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $33.4 Billion |
| Forecasted Market Value (USD) by 2030 | $44.7 Billion |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Global |
MARKET OVERVIEW
- Evergreen Importance of Taxes as a Key Development Priority Provides the Foundation for the Growth of Tax Preparation Services
- Favorable Tax to GDP Ratio to Provide a Fertile Environment for the Adoption of Tax Preparation Services: Tax to GDP Ratio (In %) by Region as of the Year 2022
- What's Ahead for Businesses & Markets?
- Shaken by the War, Global Oil Prices Spiral & Feed Inflationary Pressures: Global Average Annual Brent Crude Oil Price (In US$ Per Barrel) for Years 2017 through 2022
- War-Induced Commodity Price Increases & Broad Based Price Pressures Mark the Return of Global Inflation in 2022: Global Inflation Rates (In %) for the Years 2019 Through 2022
- After the Pandemic, Global Economic Uncertainty Surges Amidst War, Inflation, Political Tensions & Supply Chain Disruptions Aggravated by China's Slowdown: World Economic Growth Projections (Real GDP, Annual % Change) for the Years 2020, 2021, 2022 and 2023
- Competition
- Tax Preparation Services - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Tax Preparation Services: Overview, Definition & Benefits
- World Brands
- Recent Market Activity
MARKET TRENDS & DRIVERS
- Struggling Labor Market is a Lost Opportunity for Growth in the Tax Preparation Market
- Persistently High Unemployment Rates Above Pre-COVID Levels Indicates Long-Term Scarring from the Pandemic, Wage Inequality & Weakening Economic Recovery: Global Number of Unemployed People (In Million) for Years 2019 Through 2023
- Growing Market for Employment Services Brings the Promise of Employment-Rich Economic Growth & Need for Professional Tax Planning and Filing Services
- With Employment Services Helping People Land Better, Well-Paying Jobs, There Will be a Parallel Need for Professional Services to Handle, Plan & Manage, Compliant Tax Strategies: Global Market for Employment Services (In US$ Billion) for Years 2022, 2024, and 2026
- Stricter Tax Rules Amid Growing Government Debt & Tax Evasions to Spur Demand for Tax Preparation Services
- Record High Global Public Debt Strengthens the Business Case for Tax Reforms Designed to Widen the Tax Net, a Move That Can Benefit Demand for Tax Preparation Services: Global Public Debt (% of GDP) by Region for Years 2019 Through 2021
- Role of AI in Tax Preparation Services Gets Bigger
- Growing Tax Complexity Strengthens the Business Case for Tax Preparation Services
- Increasing Tax Complexity Leads to Bigger Compliance Burdens Necessitating Businesses & Individuals to Seek Professional Services in Ensuring Compliance: Individual Income Tax Compliance Burden in the United States (In US$ Billion) for Years 2017 Through 2021
- Rise in Corporate Profit Despite Inflation Bodes Well for Adoption of Tax Preparation Services
- Growing Global Corporate Profit Bodes Well for Adoption of Professional Tax Related Services: Global Corporate Revenue (In US$ Trillion) for Years 1980, 2015 & 2025
- Growing Salaries and Wages Despite Inflation & Fear of Recession to Boost Tax Related Services for Individuals
- As Continued High Inflation & Talent Supply Challenges Take Salaries to Higher Levels, Pushing Employees into Higher Tax Brackets, Demand for Tax Preparation Services Will Grow to Meet More Complex Documentation Needs: Salary Increase in India (In %) for the Years 2020 Through 2022
- Growing Trend Towards Outsourcing Finance & Accounting Operations to Expand the Addressable Market for Tax Preparation Services
- Finance & Accounting Outsourcing Adoption (in %) by End-Use Markets as of the Year 2022
- Growing Preference for Outsourcing Finance & Accounting Related Obligations Bodes Well for Higher Adoption of Tax Preparation Services: Global Finance and Accounting Outsourcing Market (In US$ Million) for Years 2022, 2024 & 2026
FOCUS ON SELECT PLAYERS (Total 266 Featured)
- BDO Global
- Crowe Global
- Deloitte Consulting LLP
- Ernst & Young Global Limited
- H&R block, Inc.
- Intuit Inc.
- KPMG International Limited
- PricewaterhouseCoopers Company (PWC)
- RSM US LLP
- Ryan, LLC
GLOBAL MARKET PERSPECTIVE
Market Analysis
- Annual Sales Trends of Tax Preparation Services (2014-2030)
- Recent, Current, and Future Analysis for Tax Preparation Services by Geographic Region
- Geographic Regions Covered: USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East, and Africa
Service Types Analysis
- Tax Compilation Services: Revenue Analysis (Historic and Future)
- Tax Return Preparation Services: Revenue Analysis (Historic and Future)
- Other Service Types: Revenue Analysis (Historic and Future)
End-User Analysis
- Analysis of Revenues from Individuals for Tax Preparation Services (Historic and Future)
- Analysis of Revenues from Other End-Users for Tax Preparation Services (Historic and Future)
Market Perspective
- 16-Year Perspective on Tax Preparation Services Revenues (2014, 2023 & 2030)
- Percentage Breakdown of Value Revenues for Different Geographic Regions
- Percentage Breakdown of Value Revenues for Different Service Types
For more information about this report visit https://www.researchandmarkets.com/r/51crfy
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