What is Family Business Services Market?
A family business, as the name implies, is a business that is actively owned, operated, and managed by two or more members of the family. Here, members can be involved by blood, marriage, or adoption. The family business plays an important role in the economy. In fact, it is the oldest extant economic system that contributes significantly to Gross National Product (GNP), total employment, and total exports. The family business services are support and advisory services in the form of governance, succession development, business continuity, next-generation education and transition, private wealth management, family offices, philanthropy, and values.
Highlights from Family Business Services Market Study
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | KPMG (Netherlands), Deloitte (United Kingdom), EY (United Kingdom), Mckinsey & Company (United States), Mazars (France), PWC (United Kingdom), BCG (United States), Egon Zehnder (Switzerland), Grant Thronton (United States) and Accenture (Ireland) |
The market has seen a massive technological advancement to grow digitization which has driven the market growth. Post pandemic as the majority of retailers did shift to online business we have seen many key entrances to grab this opportunity and hold a better position in the market. Whereas the big players have tried to develop by mergers and acquisitions and investments in developing better technology to keep up with the competition and hold a higher position in the market. Research Analyst at AMA predicts that Europe Players will contribute to the maximum growth of Global Family Business Services market throughout the forecasted period.
KPMG (Netherlands), Deloitte (United Kingdom), EY (United Kingdom), Mckinsey & Company (United States), Mazars (France), PWC (United Kingdom), BCG (United States), Egon Zehnder (Switzerland), Grant Thronton (United States) and Accenture (Ireland) are some of the key players profiled in the study. Family Business Services Market Segmentation:
Scope | Sub-Segments |
---|
Application / End User | Small business size, Medium business size and Large business size |
Type | Family-owned business, Family-owned and managed business and Family-owned and led business |
Services | Wealth,Governance,Business continuity,Strategic management,Digitization of business,Advisory services,Other |
On the basis of geography, the market of Family Business Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Digitization and Business Model Disruptions are Growing Family Business Service Market.
Market Growth Drivers:
Rapid Globalization and Technological Growth Has Been a Major Driving factor for Family Business Services Market. and Laws and Legislations Changes have also been a Factor Which Made a Major Contribution to Family Business Services Market
Challenges:
High Cost and Fast Technological Advancements.
Restraints:
Cyber Risk and Privacy Concerns.
Opportunities:
Rise of E-Commerce and Social Media Has Made Many Changes in Market and Post Pandemic the Supply Chain Crises Will be leading to Many Opportunities for Family Business Services Market.
Key Target Audience
IT Consultancy companies, New Entrants and Investors, Legalized Cannabis Distributors and Suppliers, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
Market Leaders & Development Strategies
KPMG and Microsoft join hands to deliver advanced cloud-based tax technologies for c-suits. As part of their multi-billion-dollar global alliance, KPMG and Microsoft are making significant investments to deliver advanced cloud-based tax technologies that are designed to help companies transform and lead amid continued market disruption. KPMG and Microsoft are helping companies enable their operations to be future-ready through AI, machine learning, automation, and data & analytics applications on the KPMG proprietary Digital Gateway platform, enabled by the Microsoft Azure cloud. The collaboration is resulting in a wealth of new technology capabilities for tax and finance leaders in more than 140 jurisdictions globally through the KPMG Tax Reimagined service offering.
Deloitte is exploring a plan to split its global audit and consulting practices, following an effort by fellow Big Four accounting firm Ernst & Young to potentially spin off its consulting arm, according to people familiar with the matter. The moves would mark the biggest shake-up in the accounting industry in decades, handing windfalls to tens of thousands of the firms’ partners and creating two new consulting giants and two stripped-down auditing firms.
Consulting Agreement for the United States typically used by independent consultants or consulting firms in the USA to establish the conditions of its service proposal to customers. This type of contract is mainly used for a specific project within a wide range of areas (management, market research, human resources, corporate strategy, engineering, IT, etc.). The Contract is drafted from the perspective of the consultant.