Succession Advisory Market

Succession Advisory Market Analysis, By Service (Executive Search, Family Succession, Mentoring & Coaching), By Customer Type (Private Person Succession, Business Succession), and Region - Global Market Insights 2023 to 2033

Analysis of Succession Advisory Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Succession Advisory Market Outlook (2023-2033)

The global succession advisory market is set to reach a market value of US$ 5.2 billion in 2023. The market is further expected to climb to US$ 8.4 billion by 2033, expanding at a CAGR of 4.8% during the 2023-2033 study period.

Succession advisory services account for around 1%-2% of the global advisory market, which over the span of the next ten years is likely to get more organized and account for a share of up to 5% of all advisory services.

Globally, the top 500 family-owned businesses generate around US$ 7 trillion in revenue annually. The success of family businesses reveals the state of the global economy. As these family-owned businesses are considered to be customer- as well as employee-orientated, and they also provide employment to millions of people, they play an important role in overall economic development and a country’s prosperity.

Many times, families face issues in cases where the 1st generation of business owners become old and then want someone from the next generation to look after the business. That’s when a professional succession advisory firm comes into the picture. They advise these affluent big family business owners in cases related to company succession, property succession, business/unit succession, etc.

Some succession advisory companies help their clients in replacing executive or management-level resources. When companies are looking to hire a CEO, CFO, or C-suite-level executive, they look to specialized firms that help them hire the eligible and best-suited person for their respective roles.

  • Post-COVID there has been a rise in the demand for succession advisory services from both private companies as well as corporates. Many businesses faced heat due to the COVID-19 crisis, and, as a result, a rise in the cases of business succession is being witnessed.
  • The industry will witness slow demand for these services due to the expected global economic slowdown, resulting in less hiring of C-level executives and business transactions.
  • The emergence of trends such as non-family members managing family businesses will define the growth of new kinds of succession consulting and advisory services. Globalization of businesses will also result in creating a high demand for succession consulting services.

As per this newly published report by Fact.MR, a market research and competitive intelligence provider, North America holds the largest market share at 42%.

Report Attributes


Market Size (2022A)

US$ 5 Billion

Estimated Market Value (2023E)

US$ 5.2 Billion

Forecasted Market Value (2033F)

US$ 8.4 Billion

Global Market Growth Rate (2023-2033)

4.8% CAGR

North America Market Share (2022)


East Asia Market Growth Rate (2023-2033)

~5.1% CAGR

United States Market Growth Rate (2023-2033)

~4.7% CAGR

Key Companies Profiled

  • Rodl & Partner
  • Cowen Partners
  • Russell Reynolds
  • Integrated Work
  • Stranberg Resource Group
  • Egon Zehnder
  • RefineValue
  • Heidrick & Struggles International, Inc.
  • Korn Ferry
  • Spencer Stuart
  • N2Growth
  • Boyden
  • Stanton Chase International
  • DHR International
  • Chr. P. Mitsides & CO LLC
  • La Soleille Family Office (Suisse) SA

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Which Factors are Defining the Growth of the Succession Advisory Market?

“Globalization of Businesses”

The globalization of businesses is happening at a significantly higher pace across major economies of the world. Companies are in search of suitable personnel to manage their businesses and are hence taking the help of professional succession advisory firms.

In today’s competitive world, it is becoming tough for businesses to hire C-suite-level executives for managerial roles. Many industries are hiring personnel who does not have core domain knowledge, however, they have proved to be great managers, and such hiring cannot be done without the help of succession advisory professionals. Globalization has led the market in creating a huge demand for succession consulting services.

“Aging 1st Generation Entrepreneurs”

Businesses that started way back in the ‘60s or ‘70s by 1st generation entrepreneurs are looking for a change in management as founders have aged and want to retire from the business. These family-owned business houses are looking for someone from their family members or from outside to carry forward the legacy and run their business in the most efficient way.

Most of the time in such scenarios, the board of the company decides to take the help of a professional firm in deciding the best suitable person for the job. Succession consulting firms go through multiple layers of scrutiny before advising business owners about the options they have with proper reasons in place. Apart from advising, these succession companies also provide documental and legal services so that transition is smooth and does not have any adverse effects on the confidence of shareholders and business owners.

“No or Minimal Market Entry Barriers”

As the demand for succession-related advisory services has been on the rise for a quite long time, it has garnered the interest of other professional service providers, and the industry saw many companies entering the market.

Existing market players are facing huge competition from new-edged companies as they are eating out their market share with more advanced and customer-friendly services. As a market player, one does not have any differentiating factor in their services, so it becomes easy for an existing professional service provider to enter the succession advisory market amid increased demand over the last few years.

The industry is expecting a highly competitive environment going forward as some of the largest professional service providers have shown keen interest in providing succession consulting services and solutions.

Succession Advisory market forecast by Fact.MR

Image represents market analysis of succession advisory based on service and region. Under service type, family succession accounts for 47% of the total market share in terms of value.

Country-wise Insights

U.S. to Command Largest Market Share

The U.S. accounts for almost 1/3 of the top 500 family-owned businesses in the world. The average age of these businesses is 50 to 60 years. This has resulted in a significantly high demand for succession services. Corporates across industries are planning to transfer their business to family members so that they can retire.

The U.S. succession consulting market is highly competitive due to the presence of many small and medium enterprises providing these services. Rising number of family-owned businesses has resulted in sufficient demand for services provided by succession advisors. Market players are expecting a rise in the demand for their services amid an increasing number of new businesses opening and higher requirements for C-suite-level executives.

Singapore to Witness Highest Growth in Demand for Succession Advisory Services

The growth of family businesses in Singapore has been on the rise in the last 2 decades. In comparison to the global average, family-owned businesses in Singapore are fairly new and only 10% to 15% of these businesses have 2nd or 3rd generation ownership, whereas the global average is 25% to 30%.

This gives an immense growth opportunity for succession advisory service providers. The chances of the succession of family businesses to one of their family members are also high in Singapore when compared with the global average. Market players are expecting this demand to increase in the next few years as many 1st generation founders are now old and are looking to transfer their ownership to their next of kin.

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Category-wise Insights

Demand for Executive Search on the Rise

Apart from providing services such as business succession or the family’s will succession, consulting firms also help business houses in hiring C-suite level executives such as CEOs, COOs, and CTOs, among others.

In today’s cut-throat competitive world, companies are looking to hire the best available resources for their organization. In cases of hiring for an executive-level position, remuneration is not always the deal-maker, rather, things such as the company’s work culture, past performance of the business ethics, and board members are important factors. In these scenarios, companies tend to seek help from professionals in identifying such personnel and helping them hire the right candidate.

Globalization of businesses has given ample opportunities for individuals to filter from the list of companies across the world and join the best one available. This is why companies are not fully dependent on their internal hiring team and take help from succession consulting firms.

Rapidly Rising Demand for Businesses Succession Advisory Services

Business succession advisory services include advising for a takeover of a small organization by a larger firm, absorption of a struggling enterprise by a big organization, etc. Post-COVID, such succession consulting services saw a sudden rise in demand due to adverse market conditions, and financially stressed companies were up for sale at discounted market prices.

Many 2nd generations of family business owners are not married and do not have family members to look after the business. In such cases, families take the help of succession advisory firms to identify the best suitable personnel who can succeed the current owner. This person can be anyone from a shareholder of the company or an outsider of great caliber.

  • One of the best examples is the TATA Group of India, one of the largest conglomerates in the world, which is not owned and operated by a family member of the founder but by an outsider.

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Competitive Landscape

Prominent succession advisory service providers are Rodl & Partner, SUCCESSION EXECUTIVE SEARCH, Cowen Partners, Russell Reynolds, Integrated Work, Stranberg Resource Group, Egon Zehnder, RefineValue Heidrick & Struggles International, Inc., Korn Ferry, Spencer Stuart, N2Growth, Boyden, Stanton Chase International, DHR International, FAMILY SUCCESSION ADVISORS PTE. LTD., Chr. P. Mitsides & CO LLC, and La Soleille Family Office (Suisse) SA.

The global succession consulting market is competitive as there are no or minimal barriers to entry, and many tech-enabled companies are entering the marketplace and are trying to eat out the share of well-established players.

Fact.MR has provided detailed information about the providers of succession advisory services positioned across regions, revenue growth, and service offering expansion, in the recently published report.

Segmentation of Succession Advisory Industry Research

  • By Service:

    • Executive Search
    • Family Governance
    • Mentoring & Coaching
  • By Customer Type:

    • Private Person Succession
    • Business Succession
  • By Region:

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

- FAQs -

How did the succession advisory market perform during the historical period?

During 2018-2022, revenue from succession advisory services increased at a CAGR of 3.4%.

How fast is the global succession advisory market expected to grow?

The global succession advisory market is predicted to grow at a CAGR of 4.8% during the forecast period (2023-2033).

Which regional market will witness the growth rate?

East Asia is expected to witness the fastest growth at 5.8% CAGR through 2033.

Which service type is most demanded across the world?

Services related to family succession account for the largest market share.

Which regions hold the largest market share?

North America holds 42% share of the global succession consulting industry.

Succession Advisory Market

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