Global Accounting Services Market Size, Forecasts, And Opportunities
Learn about the global accounting services market through The Business Research Company, which provides information on accounting services market size, accounting services market drivers and restraints, accounting services market players, the COVID-19 impact on the accounting services market, and more.
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The global accounting services market is expected to grow from $1175.88 billion in 2021 to $1324.77 billion in 2022 at a compound annual growth rate (CAGR) of 12.7%. The growth in the accounting services market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The accounting services market is expected to reach $2019.02 billion in 2026 at a CAGR of 11.1%.
Regulatory reforms in the financial sector have heightened demand for accounting services such as accounting and tax advisory that is expected to drive innovation in accounting services manufacturing, thus driving the market during the forecast period.
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The accounting services market consists of the sales of accounting services and related goods by entities (organizations, sole traders and partnerships) that provide recording and analysis of financial transactions and other financial values pertaining to businesses and other organizations. The accounting service involves summarizing, analysing, auditing and reporting of the financial transactions to tax collection agencies and entities. It also involves auditing and preparing financial statements, designing accounting systems, developing budgets and accounting advisory. Accounting services undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.
Global Accounting Services Market Segments Include:
By Type: Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing, Other Accounting Services
By End Use Industry: IT Services, Manufacturing, Financial Services, Construction, Others
By Service Provider: Large Enterprise, Small and Medium Enterprise
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the accounting services market in 2021.
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 customer’s markets and analysing 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.
TBRC’s accounting services market report covers:
Major Market Players: PwC, Ernst & Young, KPMG, Deloitte Touche Tohmatsu Limited, ADP LLC, BDO LLP, Paychex Inc., Grant Thornton LLP, RSM International and H&R Block Inc.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2016-21) and ten years forecast (2022-2026-2031)
The Accounting Services Global Market Report 2021: Market Size, Trends, And Global Forecast 2022 – 2026 is one of a series of new reports from The Business Research Company that provides accounting services market overviews, analyses and forecasts market size, share, accounting services market players, accounting services market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s accounting services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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