SpendEdge has been monitoring the global tax advisory services market and the market is poised to experience spend growth of over USD 10 billion between 2019-2024 at a CAGR of more than 9% during the forecast period. Request Free Sample Pages.
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Read the 139-page research report with TOC and LOE on “The Global Tax Advisory Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, top suppliers, supplier selection and negotiation strategies, and insights into best practices to optimize procurement spend.”
The current business landscape is marked with the rapid diversification of business modules by different industries. This will compel tax authorities to create new taxation regulations to bring the new business modules under their radar. This business phenomenon is expected to contribute to demand growth in the global tax advisory services market to a significant extent. The extensive adoption of blockchain-based payment methodologies such as cryptocurrency to enable faster B2B payments will result in the consequent introduction of taxation rules and guidelines by regulatory agencies. This will drive the demand for specialized taxation advisory services during the forecast period.
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Insights into the supply market
- The markets in North America, APAC, and Europe are highly mature. This is driving the tax advisory service providers in these regions to increase their investments in technologies such as AI, RPA, and data analytics to improve the efficiency of services, provide value-additions, and differentiate their offerings from their global competitors.
- Though regional tax advisory service providers do not have advantages such as economies of scale, technological capabilities, and brand value, they have expertise in the regional regulatory and legal nuances pertaining to tax advisory services. The cost advantage offered by these service providers is making them preferable, particularly to small buyers with operations limited to specific regions.
Insights into category management strategies that will help buyers to address their procurement complexities
Select service providers based on their portfolio of services
Buyers are advised to select service providers who have a wide portfolio of services pertaining to finance and tax-related activities, as this will allow the former to rationalize their supply base. Some services sought by buyers are tax strategy planning, risk advisory, and financial planning and analysis.
Assess service providers’ pricing models
It is recommended that buyers partner with service providers who are willing to engage on the basis of pricing models suitable for specific requirements. Buyers prefer different pricing models based on the length of the engagement and volume of requirements. For instance, hourly billing is best suited for short-term engagements, while the upfront retainer model is the best fit for long-term engagements in the tax advisory services market.
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Some of the key topics covered in this report are:
- Tax advisory services market spend segmentation by region
- Total cost of ownership analysis in the tax advisory services market
- Regional spend opportunity for tax advisory service providers
- Tax advisory service providers cost structure
- Tax advisory services pricing models analysis
- Tax advisory services procurement best practices
- Category management objectives
- Cost saving opportunities in the tax advisory services market
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