Estate Planning Service Market size is estimated to be USD 10.56 Billion in 2024 and is expected to reach USD 22.84 Billion by 2033 at a CAGR of 9.5% from 2026 to 2033.
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The estate planning service market witnessed significant shifts between 2018 and 2022, driven by changing demographics, tax reforms, and increased awareness of financial security. As we look ahead to the period from 2023 to 2033, market trends suggest a growing demand for personalized and technology-driven estate planning services.
During the years 2018-2022, the estate planning market was characterized by evolving needs and evolving service offerings. One of the driving forces was the Baby Boomer generation's aging population, with many individuals seeking assistance in organizing their estates. According to a report by IBISWorld, the U.S. estate planning services industry grew steadily during this period, fueled by the rising number of individuals over 50 and their increasing interest in securing their legacies.
The market also saw a rise in demand for digital estate planning tools, as individuals sought more convenient ways to manage their affairs. In addition, changes to the U.S. tax laws in 2017, such as the Tax Cuts and Jobs Act, prompted many to reevaluate their estate planning strategies. High-net-worth individuals particularly felt the pressure to adjust their plans in response to altered tax thresholds and exemptions.
Looking ahead, the estate planning services market is expected to experience robust growth from 2023 to 2033. One of the key factors contributing to this rise is the continued increase in the aging population. The demand for services like wills, trusts, and asset protection plans is expected to grow as Gen X and Millennials reach their prime estate planning age.
Digital Transformation: The integration of AI and digital platforms into estate planning services is anticipated to increase, providing clients with cost-effective and efficient solutions. These tools will be particularly attractive to younger generations who are more tech-savvy.
Increased Awareness of Estate Planning: As financial literacy improves and more individuals understand the importance of managing their estates, more people will seek professional estate planning services. This growing awareness is expected to fuel the demand for expert advice and guidance.
Changes in Wealth Distribution: With the rise of millennials as inheritants of substantial wealth, a shift towards more complex estate planning needs is predicted. This includes intricate tax strategies and intergenerational wealth transfers.
Legacy Planning Focus: People will increasingly prioritize the preservation of their legacy, with a focus on charitable giving, family wealth, and establishing trusts to protect future generations.
Analysts predict the global estate planning market will reach USD 20.7 billion by 2026, with a compound annual growth rate (CAGR) of 6.8% from 2023. The increasing demand for services across various income brackets and the proliferation of wealth transfer tools are expected to sustain this growth.
By 2033, the estate planning service market could surpass USD 30 billion, driven by global economic trends, technological innovation, and the aging population in both developed and developing nations. The shift towards more personalized, comprehensive estate planning solutions will continue to shape the future of the industry.
The growth of the estate planning service market from 2023 to 2033 can be attributed to several key factors:
Wealth Accumulation: As more individuals accumulate significant wealth, especially in emerging economies, the need for estate planning to secure assets and plan for future generations will intensify.
Changing Family Dynamics: With evolving family structures and blended families becoming more common, the demand for tailored estate plans addressing unique needs will increase.
Regulatory and Tax Policy Changes: Fluctuations in tax laws and inheritance policies globally will continue to drive demand for expert estate planning services that adapt to new regulatory landscapes.
In conclusion, the estate planning services market is on the verge of a dynamic transformation. While the period from 2018 to 2022 set the stage for growth, the next decade promises even greater opportunities for innovation, driven by demographic trends, digital tools, and a heightened focus on legacy planning.
The importance of Estate Planning Service Market research reports lies in their ability to aid strategic planning, helping businesses develop effective strategies by understanding market trends and dynamics. They play a crucial role in risk management by identifying potential risks and challenges, allowing businesses to mitigate them proactively. These reports offer a competitive advantage by providing insights into competitors' strategies and Estate Planning Service Market positioning. For investors, they provide critical data for making informed decisions by highlighting market forecasts and growth potential. Additionally, market research reports guide product development by understanding consumer needs and preferences, ensuring products meet market demands and drive business growth.
What are the Type driving the growth of the Estate Planning Service Market?
Growing demand for below Type around the world has had a direct impact on the growth of the Estate Planning Service Market:
Wills, Will Trusts, Lifetime Trusts, Lasting Power of Attorney, Others
What are the Applications of Estate Planning Service Market available in the Market?
Based on Application the Market is categorized into Below types that held the largest Estate Planning Service Market share In 2024.
Married with Children, Blended Family, Single with Children, Others
Who is the largest Manufacturers of Estate Planning Service Market worldwide?
Hurkan Sayman, Trust & Will, Mercer Advisors, Estate Planning Solutions(Holistic Estate Planning Solutions), Fidelity Wealth Services, Deepbridge Capital, Creative Planning, Mariner Wealth Advisors, LegalShield, Coastal Wealth Management, NerdWallet, Evelyn Partners, Perpetual Guardian, BNP Paribas Fortis, ArentFox Schiff, Charles Schwab, Downing, Redwood Financial, Northwestern Mutual, Legacy Assurance Plan, Servus Credit Unio, Homrich Berg, WealthCounse, Ingenious, St. James's Place, Vedder Price, Broadway Financial Planning, Shumaker, Thrivent, IOOF, Withum, Strategic Estate Planning Services, Key Retirement Solutions, Triple Point, WITHERS, Vanguard, Sun Life, Rosemont, Carson Wealth Management, EP Wealth Advisors, TIAA
Short Description About Estate Planning Service Market:
The global Estate Planning Service Market is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2031. In 2022, the market is growing steadily, and with the increasing adoption of strategies by key players, the market is expected to rise over the projected horizon.
North America, particularly the United States, will continue to play a pivotal role in the market's development. Any changes in the United States could significantly impact the Estate Planning Service Market growth trends. The market in North America is projected to grow considerably during the forecast period, driven by the high adoption of advanced technology and the presence of major industry players, creating ample growth opportunities.
Europe is also expected to experience significant growth in the global market, with a strong CAGR during the forecast period from 2024 to 2031.
Despite intense competition, the clear global recovery trend keeps investors optimistic about the Estate Planning Service Market, with more new investments expected to enter the field in the future.
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Which regions are leading the Estate Planning Service Market?
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
What are the global trends in the Estate Planning Service Market? Would the market witness an increase or decline in the demand in the coming years?
What is the estimated demand for different types of products in Estate Planning Service Market? What are the upcoming industry applications and trends for the Estate Planning Service Market?
What Are Projections of Global Estate Planning Service Market Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and Export?
Where will the strategic developments take the industry in the mid to long-term?
What are the factors contributing to the final price of Estate Planning Service Market? What are the raw materials used for Estate Planning Service Market manufacturing?
How big is the opportunity for the Estate Planning Service Market? How will the increasing adoption of Estate Planning Service Market for mining impact the growth rate of the overall market?
How much is the global Estate Planning Service Market worth? What was the value of the market In 2020?
Who are the major players operating in the Estate Planning Service Market? Which companies are the front runners?
Which are the recent industry trends that can be implemented to generate additional revenue streams?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Estate Planning Service Market Industry?
1. Introduction of the Estate Planning Service Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Estate Planning Service Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Estate Planning Service Market, By Product
6. Estate Planning Service Market, By Application
7. Estate Planning Service Market, By Geography
North America
Europe
Asia Pacific
Rest of the World
8. Estate Planning Service Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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