Global Accounting Services Market Size By Service Provider (Large enterprises and Small and Medium enterprise), By Type (Audit, Tax Accounting, Financial Advisory/Client Advisory), By End User (Finance Sector, Manufacturing and Industrial Sector, Retail Sector), By Geographic Scope And Forecast

Published Date: July - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Global Accounting Services Market Size By Service Provider (Large enterprises and Small and Medium enterprise), By Type (Audit, Tax Accounting, Financial Advisory/Client Advisory), By End User (Finance Sector, Manufacturing and Industrial Sector, Retail Sector), By Geographic Scope And Forecast

Accounting Services Market Size And Forecast

The Accounting Services Market size was valued at USD 379,569.6 Million in 2021 and is projected to reach USD 687,306.1 Million by 2030, growing at a CAGR of 7.15% from 2023 to 2030.

The accounting services market has increasingly adopted & implemented the internet of things and blockchain-based technologies. These technologies help add advanced proficiencies, such as transparency and easy accessibility, to the accounting services platforms, further boosting the market growth. The Global Accounting Services Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Accounting Services Executive Summary

The demand for accounting services has shown significant rise in the past decade, which is mainly backed by growing awareness regarding outsourcing financial and accounting operations. Countries globally have mandated regulation and laws that forces companies to undergo audits through authorized accounting services providers to understand their financial position. Since 2001, International Financial Reporting Standards (IFRS) is part of major financial markets around the world that brings transparency, accountability, and promote economic efficiency by helping investors. Some of the common accounting services includes audit, tax, consulting, book keeping, payroll services, and others.

Outsourcing accounting services provide their clients with specialized service packages and are considerably more individualized. This makes businesses more cost-effective. Businesses do not need to worry about overspending on pointless services. Most companies across the world are looking for outsourcing in reaction to the expertise scarcity in accounting. This drives the demand for accounting services.

When we look at who's providing the services, the big players – large companies – currently hold the biggest piece of the pie in the global market. But don't count out the little guys! Small and medium-sized enterprises (SMEs) are expected to see some serious growth going forward. Stats are showing that tons of these smaller firms are planning to outsource their accounting, which is really driving growth in that area. Now, if we break it down by type of service, audit was the king in 2021. In fact, audit grabbed over 25% of the market share! Why? Because audit is super important for businesses. It involves that statutory audit and a close inspection of all the financial accounts. Think of it as getting a fair and impartial opinion on whether your financial records actually paint an accurate picture of your organization's finances. Usually, auditors – those independent folks or firms – come in from the outside and make sure everything lines up with the legal requirements, all for the benefit of regulators or shareholders.

The global Accounting Services Market is highly fragmented with the presence of a large number of players. The global market is fairly competitive with several players that operates globally as well as locally. However, the market is mainly controlled by Big 4 companies (Deloitte, PwC, EY and KPMG) and tier 2 companies. Some of the major companies include PwC, Ernst & Young, Deloitte, KPMG, ADP (Automatic Data Processing Inc.), Grant Thornton, Plante Moran, RSM International, and BDO Global.

? Global Accounting Services Market Attractiveness Analysis

Hey, accounting services are becoming increasingly popular in North America! In fact, North America is a major player and is expected to hold a big chunk of the market by 2030. The U.S. led the way in 2021, grabbing a whopping 79.07% of the market with a value of USD 119,465.75 Million. And get this – it's predicted to keep growing at a rate of 6.42% each year! But hold on, because Asia Pacific is projected to grow even faster, with an impressive 8.46% annual growth between 2023 and 2030. Why? Well, there's a rising demand for accounting service outsourcing. With businesses expanding and foreign companies seeing great opportunities in the region's growth potential, the market's really taking off. Think about itChina, India, South Korea, Japan, and other Asian countries are becoming major hubs for IT, manufacturing, BFSI, and other industries, and that's drawing in accounting service providers like crazy. This whole situation? It's really fueling the market's growth!

? Global Accounting Services Market absolute Market Opportunity

So, what does the future hold for accounting services worldwide? Well, the graphic up there gives you a glimpse at the total potential. In 2023 alone, the Global Accounting Services Market is expected to jump by a whopping USD 23,540 Million compared to the year before! Looking further ahead, between 2021 and 2030, we're talking about a total market opportunity of USD 272,013.88 Million. Why such growth? It's partly thanks to hot new technologies. The Internet of Things and blockchain are being adopted more and more in accounting, bringing advanced features like transparency and making it super easy to access platforms. Basically, these tools help accountants get a clearer picture of their organization's resources, freeing them up to focus on the big picture stuff like planning and valuation, instead of just keeping records.

Global Accounting Services Market Outlook

Digital tech, especially ICT and how it's used for e-commerce, e-business, and e-marketing, has really changed the game for businesses worldwide. This tech boom has been a huge opportunity for small and medium businesses (SMEs). Think about itthey can now use tools that used to be exclusive to big corporations and compete globally. Plus, online platforms are key to how economies and societies are growing. Over the past decade, they've become everywhere, impacting pretty much every part of the economy and how we interact. These platforms can be anything from straight-up go-betweens to employers, service providers, or even lenders – sometimes all at once! It's hard to exaggerate how much they've fueled the internet economy's growth, going from practically nothing to the major force it is today. For example, e-commerce in the U.S. jumped from 0.6% of all retail sales in 1999 to 16.1% in the second quarter of 2020 (according to the U.S. Census Bureau, 2020). And the pandemic, with all its social distancing, only sped things up even more.

For ages, executives have known traditional planning just wasn't cutting it. They'd map out the year, promise results, and basically cross their fingers. Then, board rooms and leadership teams would scramble to clean up the mess when spreadsheets went haywire and forecasts turned into wishful thinking. ERP reports, Excel files, and those massive data lakes? They weren't much help for execs wrestling with a constantly changing world. Sure, some folks were happy to just go with their gut, but most needed real insights. But things are moving fast now, and everyone – from investors to employees – wants a better way to plan and track finances. They're digging into everything, from the supply chain to the shop floor to the finance department. Being agile is all about reacting quickly and finding smarter ways to work. It's practically a must-have for any accounting firm that wants to thrive down the road.

Accounting cyber security? Yeah, it's a real problem. Think of it as an accountant's worst fear, and a big headache for businesses too. Why? Because all that juicy financial data is like a giant bullseye for hackers looking to steal information. Sure, the cloud has made things easier for accountants – easier to access, easier to manage – but it's also like opening a million new doors for trouble compared to the old pen-and-paper days. We're talking about hackers breaking into even the most critical IT setups. But get thissometimes the biggest threats actually come from inside the company, and those can be even more damaging. Plus, cyber security and keeping your data safe are totally connected to everything an accountant does. It's not just hackers, either; you've got accidental mistakes and unintentional data leaks to worry about. That's why you need some serious solutions to protect everything. Accountants and firms know a financial data breach can mess up everything – jobs, customer relationships, the company's future – you name it. And those account details you use every day, the ones tracking every debit and credit? Yup, they're just as vulnerable to malware and some pretty shady stuff.

The accounting world is really embracing new tech like the internet of things and blockchain. These aren't just buzzwords; they're making accounting platforms more transparent and easier to access, which is helping the market grow. Remember when Gartner predicted 26 billion connected devices by 2020? That's a lot of smartphones, PCs, and tablets! The Internet of Things is changing everything, including the BFSI sector. Even the American Institute of Certified Public Accountants says IoT could completely change how firms collect data, and that could mean big changes for accounting and auditing.

Porter’s Five Forces Analysis

Porter’s five forces framework provides a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. In the case of the Global Accounting Services market, the bargaining power of buyers is moderate, and the threat of substitutes is moderate owing to the availability of substitutes. The degree of competition in the Accounting Services market is high as top key players accounted for the greater share. The competitive environment prevailing in the Accounting Services market can be analyzed through Porter’s Five Forces analytical framework.

THREAT OF NEW ENTRANTS

The threat of new entrants in the Global Accounting Services market is considered to be low to moderate. The Accounting Services market is fairly saturated and competitive due to the presence of established players such as PwC, Ernst & Young, Deloitte, and KPMG among others. High capital investment, data security and privacy issues, and strong intense competition make the threat of new entrants’ low to moderate in the Global Accounting Services market.

THREAT OF SUBSTITUTES

The threat of substitutes for the Global Accounting Services market is considered to be moderate owing to the availability of substitutes. However, Accounting Services have evolved from traditional methods to innovative software’s. Different software’s are available providing wide range of accounting features. For instance, QuickBooks is a market leader in accounting software. Also, this softwareis very cost effective.

BARGAINING POWER OF SUPPLIERS

The bargaining power of suppliers is considered to be moderate as powerful suppliers extract higher prices from the firms. Companies depend on a large number of suppliers as they need to maintain a supply chain to acquire desired profits. Suppliers with a strong position in the market can decrease the profit of other key players. Powerful suppliers in the market use their position to demand higher prices from firms in the market. Higher supplier bargaining power has the overall effect of decreasing the overall profitability of Accounting Services companies.

BARGAINING POWER OF BUYERS

The bargaining power of buyers is considered to be moderate due to a large number of end users present in the market. Accounting Services is mostly consumed in IT Services, Manufacturing, Financial Services, construction, among others. However, the bargaining power of buyers may increase owing to the bulk purchase as well as offers given by key players who are operating in the Global Accounting Services market, and they get a strong customer base.

INTENSITY OF COMPETITIVE RIVALRY

Okay, so the Global Accounting Services market is a real battleground! PwC, Ernst & Young, Deloitte, and KPMG, you know, the big names, are really dominating. But it's not just about size; companies that can actually innovate with new tech are seriously shaking things up. And because we've got all these established players who've been around for ages, it's a pretty healthy, albeit fierce, competition. To stay ahead, these key players are doing everything they canexpanding their business, merging and acquiring other companies, and constantly pushing the boundaries with new technology, all to grab as much market share as they can.

Value Chain Analysis

Think of the value chain as a bridge linking everyone involved in a product or service – from the folks who supply the raw materials to the companies making stuff, the folks in the middle, and finally, us, the people using it. A service business? It's like a machine with parts, each taking stuff in, doing something with it, and then spitting something else out. We're talking about using resources like cash, workers, supplies, even buildings and land! How well we manage all of this, the costs involved, and the value we create, that's what determines the profits. Now, the Accounting Services market? It's a wild ride! Volatility everywhere you look in supply chain management, with big differences in how things are structured and how companies operate. You've got the big players, all organized and capital-intensive with well-known brands, but then you also have tons of smaller companies, the small-to-medium sized guys, who aren't always connected to the larger networks.

Think of inbound logistics as managing your relationships with suppliers and handling everything it takes to receive, store, and get the raw materials where they need to go. Operations are simply all the steps to turn those raw materials into finished products. Then, outbound logistics steps in, taking care of getting those finished products gathered, stored, and out to customers. Of course, you need marketing and sales to tell people about your products or services, convince them to buy, and make buying easy. And after the sale? Service is all about keeping customers happy long after they've bought and received your product. Now, none of this works without great people, so human resource management handles finding, hiring, training, promoting, paying, and even letting go of employees. To make all of this happen, you need technological development – the tools, software, and technical know-how to turn those raw materials into something amazing. And behind the scenes, infrastructure – think accounting, legal, finance, and more – keeps the whole organization running smoothly and connected. For example, within the Accounting Services department, they follow the classic accounting cycleidentifying transactions, recording them in a journal, creating an unadjusted trial balance, using a worksheet, adjusting journal entries, preparing financial statements, and closing the books. Essentially, they measure, process, and share all the important financial information.

Global Accounting ServicesMarketSegmentation Analysis

The Global Accounting ServicesMarketis segmented on the basis of Service Provider, Type, End User, and Geography.

Accounting Services Market, By Service Provider

• Large Enterprises• Small and Medium Enterprise

To Get a Summarized Market Report By Service Provider-

When we look at who's providing the accounting services, we can split the Global Accounting Services Market into two groupsLarge enterprises and Small and Medium enterprises. Now, Large enterprises really dominated the market in 2021, grabbing the biggest slice of the pie. But what exactly do we mean by "Large Enterprise"? Well, it's a pretty broad term, covering everything from small one-person shops to huge multinational corporations with tons of employees. We categorize organizations by size – you've got your small businesses, microbusinesses, big industries, public enterprises, and those giant multinational corporations. So, how do we tell the difference between a small or medium-sized business and a large one? A key thing is the number of employees. Large businesses usually have more than a thousand folks on staff and often have lots of different offices. They've built up a big corporate network and have multiple ways to bring in revenue.

Accounting Services Market, By Type

• Audit• Tax Accounting• Financial Advisory/Client Advisory• Internal Audit• Financial statement Preparation• Reviews• Compilation• Others

To Get a Summarized Market Report By Type-

Accounting services? They come in a few flavorsAudit, Tax Accounting, Financial Advisory/Client Advisory, Internal Audit, Financial statement Preparation, Reviews, Compilation, and, well, Others. Audit was the big cheese in 2021, grabbing the biggest slice of the market, and it's expected to keep growing. Tax Accounting wasn't far behind, snagging the number two spot that year. Now, what do these accounting audit wizards actually do? Basically, they're there to make sure a company's financial info is on the up-and-up, following all the rules and regs. Companies – both public and private – often team up with auditors to prove everything's kosher and nobody's dipping into the cookie jar (think embezzlement or misusing funds). It's a way to give investors and employees peace of mind, showing that the business is running smoothly and responsibly.

Accounting Services Market, By End User

• Finance sector• Manufacturing and Industrial sector• Retail sector• Public sector• IT and Telecom Industry• Others

By End user, Accounting Services are classified as Finance sector, Manufacturing and Industrial sector, Retail sector, Public sector, IT and Telecom Industry, and Othe

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