Global Accounting Services Market Report 2024: Size, Drivers, And Top Segments
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How is the Accounting Services Market Expected to Expand from 2024 to 2033?
The market size for accounting services has witnessed consistent growth in the past few years. It is projected to increase from $652.32 billion in 2023 to $676.73 billion in 2024, registering a compound annual growth rate (CAGR) of 3.7%. Factors that led to this growth in the historic period include globalization, the shift of back-end processes to economies that offer lower costs, an upsurge in investments designated for research and development (r&d), and robust economic expansion in up-and-coming markets.
The market size for accounting services is forecasted to consistently expand in the coming years, reaching a value of $804.27 billion in 2028 with an average compound growth rate (CAGR) of 4.4%. This predicted rise during the forecasted period can be linked to alterations in the standards of financial reporting standards transition, regulatory revisions, technological advancements, and increased urbanization. The dominant trends anticipated during this period involve exploring opportunities and widening services provided through information technology, considering the adoption of social media communication, cloud-based accounting software, blockchain technology, big data, communication technology, and artificial intelligence. Additionally, companies are advised to automate the monotonous processes that require manual labor.
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What Influences Are Propelling the accounting services Market Forward?
The recent reforms in the financial sector have amplified the need for accounting services such as accounting and tax advisory. For instance, due to the growing stress in the banking and financial sectors during 2021-22, the National Asset Reconstruction Company Limited (NARCL) or Bad Bank was initiated by the Government of India. With the expectation of resuming regular operations this year, an estimated 22 burdened loans equal to over 80,000 crores are assumed to be transferred to NARCL for resolution using a specialized approach. Over the forthcoming years, key changes such as the UK’s withdrawal from the EU is forecasted to generate expanded requirement for accounting consultants, which will in return, stimulate the market.
What Key Segments Exist Within the Accounting Services Market?
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
What Trends Are Coming to the Forefront in the Accounting Services Market?
A number of accountants have turned to outsourcing routine accounting functions like payroll accounting, accounts payable and accounts receivable to free up their employees for tasks of greater significance. This allows their employees to specialize in their customers’ markets and scrutinize their clients’ commercial data. As a result, the conventional accountant’s role is evolving into that of a business advisor, pushing customer service a notch higher by forming powerful, advice-centred associations. For instance, QX Accounting Services (QXAS) Ltd provides outsourced accounting, financial, and other services to accountants and accounting firms within the UK.
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What Regions Are Leading the Charge in the Accounting Services Market?
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
The Accounting Services Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the accounting services market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Accounting Services Market Include
1. Accounting Services Market Executive Summary
2. Accounting Services Market Segments
3. Accounting Services Market Size And Template Market Growth Rate
4. Key Accounting Services Market Trends
5. Major Accounting Services Market Drivers
……
25. Key Mergers And Acquisitions In The Accounting Services Market
26. Top Accounting Services Companies
27. Accounting Services Market Opportunities And Strategies
28. Accounting Services Market, Conclusions And Recommendations
29. Appendix
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