Rising Complexity in Businesses and Executive Hiring to Create Demand for Succession Advisory Services

Business

As stated in a newly published report by Fact.MR, a market research and competitive intelligence provider, the global succession advisory market is expected to reach a valuation of US$ 8.4 billion by 2033, expanding at a CAGR of 4.8% over the next 10 years.

Succession advisory services are expected to witness a rise in demand amid rising complex business situations across the world due to the adverse effect of COVID-19 on business financials. Enterprises across industries are facing tough market conditions and many companies are up for sale or may have witnessed management/CEO changes.

Professional service providers help their clients in looking for the best available talent for the required positions or a company that can buy them out of going bankrupt. The industry is also witnessing the entry of many other professional service providers into the succession advisory field. Earlier, it used to be a niche market and there were hardly any well-known established, specialized firms. However, things have changed and this space has garnered the interest of many big firms.

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Key Takeaways from Market Study

  • The global succession advisory market is expected to reach a valuation of US$ 8.4 billion by 2033.
  • Services related to family succession account for almost 47% share of the total market.
  • Demand for succession advisory solutions is expected to increase at a CAGR of 4.8% during the forecast period.
  • The East Asia market is expected to grow at a CAGR of 5.8% through 2033.
  • Demand for executive search services will grow the fastest among all the services.

“Increasing number of family-owned businesses will shape the future of the succession advisory market,” says a Fact.MR analyst.

Market Development

The industry is feeling the heat due to the entry of new market players as they are trying to capture the market share of existing players. The market has witnessed many HR professional firms entering into the C-suite level hiring market and large professional service providers entering the succession advisory market, which earlier was only captured by specialized succession consulting players. The industry has also witnessed a few notable mergers and acquisitions in the recent past.

  • In August 2022, Korn Ferry, a leading organization consulting firm, completed the acquisition of Infinity Consulting Solutions, a senior-level IT interim professional solution provider.
Succession Advisory Market

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