Global Accounting Services Market Size 2024, Forecast To 2033
11 Mar, 2024
The accounting services market has exhibited steady growth, progressing from $652.32 billion in 2023 to $676.73 billion in 2024, reflecting a modest compound annual growth rate (CAGR) of 3.7%. The growth in the historical period can be attributed to globalization, the outsourcing of back-end operations to low-cost economies, increased investments in research and development (R&D), and robust economic growth in emerging markets. Looking ahead, the accounting services market is anticipated to sustain steady growth, reaching $804.27 billion in 2028, with a projected compound annual growth rate (CAGR) of 4.4%. The forecasted growth is underpinned by factors such as changes in financial reporting standards, regulatory reforms, technological advancements, and the ongoing trend of urbanization. Key trends for the forecast period include investments in opportunities and expanded services through information technology, the consideration of social media communication, the adoption of cloud-based accounting software, blockchain technology, big data, communication technology, and artificial intelligence. Companies are urged to explore automation for redundant processes involving manual labor to stay competitive in the evolving landscape.
Global Accounting Services Market Key Driver
Regulatory reforms in the financial sector have led to an increased demand for accounting services, particularly accounting and tax advisory services. For instance, the government of India launched the National Asset Reconstruction Company Limited (NARCL) or Bad Bank in 2021-22 to address the escalating stress in the banking and financial sectors. The resumption of regular operations in the current year is expected to transfer stressed loans exceeding 80,000 crores to NARCL for resolution through a focused approach. Over the next five years, major changes such as the UK's exit from the EU are anticipated to create additional demand for accounting consultants, thereby driving growth in the market.
Get A Free Sample Of The Global Accounting Services Market ReportGlobal Accounting Services Market Segments
The accounting services market covered in this report is segmented –
1) By Type: Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing And Other Accounting Services
2) By Service Provider: Large Enterprise, Small And Medium Enterprise
3) By End Use Industry: IT Services, Manufacturing, Financial Services, Construction, Others
By Geography:The regions covered in the accounting services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
North America was the largest region in the accounting services market in 2023. Western Europe was the second largest region in the accounting services market. The regions covered in the accounting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Accounting Services Industry Players
PwC, Ernst & Young, Deloitte Touche Tohmatsu Limited, KPMG, ADP (Automatic Data Processing, Inc), Paychex, Inc., Grant Thornton LLP, RSM International, H&R Block, Inc., Huazhen CPA, BDO China Shu Lun Pan CPAs, Pan-China CPA, Ruihua CPA, Zhong Tian, Moore Stephens UK, Rodl Partner, Champion Accountants, DSG Chartered Accountants, RWT, Spira Twist & Associates, Italian Accountants Studio Del Gaizo Picchioni, Studio International Tornambè, KML Bookkeeping Services, Accenture, Alvarez & Marsal, Picco Accounting, Charles Ghadban, SAP SE, Oracle Corporation, Kofax Inc., YayPay Inc., SK Global Software Accounting, Mercer LLC, McKinsey & Company, Willis Towers Watson, Korn Ferry, Boston Consulting Group, Aon Hewitt, Bain & Company, Oliver Wyman, Huron, Capgemini, Kearney, IBM Global Business Services, Kaiser Associates, Crowe Horwath, Baker Tilly Greenwoods Chartered Accountants, PricewaterhouseCoopers, Mazars, Crowe
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Accounting Services Market Overview
Accounting services are defined as services used for the measurement, processing, and communication of financial data about economic entities. Accounting services help in calculating and preparing tax returns and also for tax planning and keep a check on the transactions of the business and after proper planning, it suggest ways to improve the business.
Accounting Services Global Market Report 2023 provides data on the global accounting services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The accounting services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.