Trust and Corporate Service Market Updates

Skyquest Technology's expert advisors continuously track and analyze the latest developments and updates related to trust and corporate service market. Our team of analysts stay abreast of all the recent news stories shaping the industry including new product launches by major companies, strategic partnerships, M&As, Patent filings and industry and regulatory developments.

Trust and Corporate Service Market News

in Trust and Corporate Service Market
  • KPMG incurred a cost of USD 100 million in November 2024 to collaborate with Google Cloud for building corporate AI software. Focused on corporate services such as tax planning, filing of regulations, and administration of legal entities, the software allows clients to automate governance and compliance through cloud-native platforms and smart automation.
  • The "Tax Strategy Playbook," providing strategic tax support globally, was launched by Baker Tilly in January 2024. It supports Baker Tilly's position in the changing global corporate service and fiduciary planning landscape by assisting business organizations and trust entities in coping with changing foreign tax regimes and structuring patterns.
  • Grant Thornton launched AI@GT in January 2024. This initiative employs tools such as Microsoft 365 Copilot to automate processes like financial reporting, document review, and compliance testing. Workers indicated that they saved an average of 3.45 hours weekly up to November 2024, with more than 18% indicating weekly savings of 7.5 hours. These advantages, which improve work-life balance without sacrificing productivity, have facilitated the company's adoption of a nine-day fortnight.
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Global Trust and Corporate Service Market size was valued at USD 10.52 Billion in 2023 and is poised to grow from USD 11.2 Billion in 2024 to USD 18.50 Billion by 2032, growing at a CAGR of 6.51% in the forecast period (2025-2032).

Competitive trust and corporate service sector leaders are PwC, Deloitte, EY, and KPMG. To implement automation of services such as tax structuring, compliance, and governance, these companies are investing in technology and digital platforms. By offering specialized services targeted towards specific markets or regions, niche firms are differentiating themselves. As part of the bid to increase market coverage and increase service capacity, strategic partnerships and acquisitions are on the rise. 'PwC', 'Deloitte', 'EY', 'KPMG', 'Grant Thornton', 'BDO', 'RSM International', 'Baker Tilly', 'Baker McKenzie', 'Fiduciary Trust Company', 'HSBC Trustee (Singapore)', 'Citco Group', 'TMF Group', 'Asiaciti Trust', 'Intertrust Group'

Among the principal driving forces behind corporate service's digital shift are artificial intelligence and blockchain, which espouse operational excellence and legality. Companies like EY are spending money in AI technologies to achieve real-time taxation compliance as well as filing. Companies can enhance their decision-making capabilities, process management, as well as minimize their expenses through adoption of automation and analytics of data, which will further fuel the growth of the market.

Integration of AI and Automation: Through enhanced service efficiency and elimination of human error, AI and automation are revolutionizing the trust and corporate service sector at a fast pace. Companies such as PwC and EY are applying AI-based solutions in 2024 to manage compliance processes such as financial analysis, regulatory reporting, and tax filing. With increasing numbers of businesses turning to AI to help streamline operations and offer more precise services, the trend is predicted to gain momentum in 2025.

What Economic and Strategic Drivers are Augmenting Growth of this Market in North America?

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Global Trust and Corporate Service Market
Trust and Corporate Service Market

Report ID: SQMIG40D2035

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