April 19, 2024

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Global Tax Preparation Services Strategic Analysis Report

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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

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