Overview and Scope
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.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
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
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the accounting services market report are 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
The accounting services market report table of contents includes:
1. Executive Summary
2. Accounting Services Market Characteristics
3. Accounting Services Product/Service Analysis -Product/Service Examples
4. Accounting Services Market Trends And Strategies
5. Accounting Services Market – Macro Economic Scenario
…
68. Global Accounting Services Market Competitive Benchmarking
69. Global Accounting Services Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Accounting Services Market
71. Accounting Services Market Future Outlook and Potential Analysis
72. Appendix
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