DUBLIN, April 18, 2023 /PRNewswire/ -- 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

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.

Looking Ahead to 2023

The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel.

As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession.

Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

What`s New for 2023?

• Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
• Global competitiveness and key competitor percentage market shares
• Market presence across multiple geographies - Strong/Active/Niche/Trivial
• Online interactive peer-to-peer collaborative bespoke updates
• Access to digital archives and Research Platform
• Complimentary updates for one year

Key Topics Covered:

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?
• War-Induced Commodity Price Increases & Broad Based Price Pressures Mark the Return of Global Inflation in 2022
• After the Pandemic, Global Economic Uncertainty Surges Amidst War, Inflation, Political Tensions & Supply Chain Disruptions Aggravated by China's Slowdown
• Competition
• Tax Preparation Services - Global Key Competitors Percentage Market Share 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
• 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
• 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
• 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
• 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
• 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
• Growing Trend Towards Outsourcing Finance & Accounting Operations to Expand the Addressable Market for Tax Preparation Services
• Growing Preference for Outsourcing Finance & Accounting Related Obligations Bodes Well for Higher Adoption of Tax Preparation Services

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

For more information about this report visit https://www.researchandmarkets.com/r/4bzdu5

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