Categories: Market Research

Accounting Services Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Accounting Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Accounting Services, The accounting services market size has grown steadily in recent years. It will grow from $652.32 billion in 2023 to $676.73 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to globalization, outsourcing of back-end operations to low-cost economies, a rise in research and development (r&d) investments, and strong economic growth in emerging markets.

The accounting services market size is expected to see steady growth in the next few years. It will grow to $804.27 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to changes in standards of financial reporting standards transition, regulatory reforms, technology development, and rising urbanization. Major trends in the forecast period include investing in opportunities and broaden services with information technology, consider adopting social media communication, cloud based accounting software, blockchain technology, adopt big data, communication technology, and artificial intelligence and companies should try automating the redundant processes that involve manual labor.

Regulatory reforms in the financial sector have heightened demand for accounting services such as accounting and tax advisory. For instance, in 2021-22, as a result of the escalating stress in the banking and financial sectors, the government of India launched the National Asset Reconstruction Company Limited (NARCL) or Bad Bank. On resuming regular operations in the current year, 22 stressed loans amounting to more than 80,000 crores are expected to be transferred to NARCL for resolution through a focused approach. Over the next five years, further major changes, such as the UK’s exit from the EU, will create additional demand for accounting consultants, thereby driving the market.

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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

Some accountants are outsourcing typical basic accounting tasks such as payroll accounting, accounts payable, and accounts receivable to allow their employees to focus on higher-value activities such as becoming vertical experts in their customers’ markets and analyzing their clients’ business data. This extra attention and analysis is transforming the role of a traditional accountant into a business advisor and takes customer service to the next level by developing strong, counsel-focused relationships. For instance, QX Accounting Services (QXAS) Ltd provides outsourced accounting, finance, and other services to accountants and accountancy firms in the UK.

The accounting services market report table of contents includes: