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

View Details Buy Now 2890 Download Sample Ask for Discount Request Customization

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.

So, when you look at who's actually doing all this work, the big companies are definitely dominating the global market right now. But hey, don't forget about the smaller businesses! Small and medium-sized enterprises (SMEs) are predicted to grow quite a bit in the near future. Stats show that a huge number of these smaller companies are planning to outsource their accounting, which is really boosting growth in that area. And in terms of the specific services, audit was the most popular in 2021. It actually took up more than 25% of the market! Why is that? Well, auditing is crucial for companies. It includes the statutory audit and a deep dive into all the financial records. Basically, it's like getting an honest, unbiased opinion on whether your financial records give a true representation of your company's financial situation. Typically, auditors – you know, independent individuals or firms – come in from the outside and make sure everything follows the legal rules, all to help 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

So, check it out – everyone's talking about accounting services in North America! Turns out, North America is a pretty big deal and is expected to hold a huge part of the market by 2030. The U.S. was way ahead in 2021, owning 79.07% of the market, which was worth USD 119,465.75 Million! And guess what? It's supposed to keep growing at 6.42% a year! But wait for it, because Asia Pacific is predicted to grow even faster, with an amazing 8.46% annual growth from 2023 to 2030. Why? Well, the demand for accounting service outsourcing is going up. As businesses grow and foreign companies see amazing opportunities in the region's growth potential, the market is really exploding. Just think – China, India, South Korea, Japan, and other Asian countries are becoming giant hubs for IT, manufacturing, BFSI, and other industries, and that's attracting accounting service providers like mad! It's all really fueling the market's growth!

? Global Accounting Services Market absolute Market Opportunity

Okay, so what's next for accounting around the globe? Check out that graphic above for a sneak peek at the potential! Just in 2023, the Global Accounting Services Market is projected to climb by a massive USD 23,540 Million – that's a huge leap from the previous year. And if we look even further, from 2021 to 2030, we're talking about a total market opportunity of USD 272,013.88 Million. What's fueling all this growth? A big part of it is thanks to exciting new tech. Things like the Internet of Things and blockchain are becoming more and more common in accounting, bringing cool features like increased transparency and super easy platform access. Basically, these tools give accountants a much clearer view of their organization's resources, letting them focus on the bigger picture stuff like planning and valuation, rather than just getting bogged down in record keeping.

Global Accounting Services Market Outlook

Digital tech – I'm talking ICT and things like e-commerce, e-business, and e-marketing – has totally reshaped the business world, hasn't it? This tech explosion has been a huge advantage, especially for small and medium businesses (SMEs). Seriously, they're now playing with tools that used to be only for the big guys, letting them compete on a global scale. And online platforms? They're vital to how economies and societies are evolving. In the last ten years, they've become everywhere, touching almost every aspect of the economy and our daily lives. These platforms can be brokers, employers, service providers, even lenders – sometimes they're all of those things at once! It's almost impossible to overstate how much they've powered the internet economy's growth, from basically nothing to a major player. Look at e-commerce in the U.S.it went from 0.6% of total retail sales in 1999 to 16.1% in the second quarter of 2020 (that's according to the U.S. Census Bureau, 2020). And the pandemic, with all that social distancing, just made everything move even faster.

For ages, execs have felt like traditional planning was a shot in the dark. You know, map out the year, say you'll deliver, and hope for the best. Cue the frantic meetings when those spreadsheets blew up and forecasts turned into total fantasies! All those ERP reports, Excel files, and giant data lakes? They were next to useless when trying to navigate a world that changes every five minutes. Of course, some were happy just trusting their instincts, but most needed actual answers. But now, things are moving at warp speed, and everyone - investors, employees, you name it - is demanding a smarter way to manage money. They're scrutinizing everything, from the supply chain to what's happening on the factory floor to the finance department. Being agile—that is, responding quickly and finding better ways to operate—is pretty much essential for any accounting firm hoping to stay in the game.

Accounting cyber security? Seriously, it's a worry. Imagine being an accountant – or any business owner, really – and having to deal with this. All that precious financial data? It's like painting a giant bullseye on it for every hacker wanting a piece. The cloud's great for accountants, making life easier to access and manage stuff, but it also feels like we've unlocked a million more ways for things to go wrong compared to the old days. We're talking serious breaches, even hitting the most critical IT systems. And here's the kickersometimes the biggest risks come from inside, which can be even more of a disaster. Cyber security isn't separate from what accountants do; it's totally intertwined. It's not just hackers; think accidental errors and unintentional data leaks, too. That's why good protection is essential. Accountants and firms know a financial data breach can ruin everything – jobs, customer relationships, the company's future, you name it. And those account details you use daily, the ones tracking every penny? Yeah, they're just as open to malware and other 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 dogfight! PwC, Ernst & Young, Deloitte, and KPMG – you know, the usual suspects – are pretty much running the show. But it's not just about who's biggest; the companies that are actually innovating and bringing fresh tech to the table are really making waves. And with so many of these giants having been around forever, it's created a super competitive, but overall pretty stable, environment. To keep their edge, all the major players are pulling out all the stops – expanding, merging, buying each other up, and constantly pushing the envelope with new technology, all in a mad dash for more market share.

Value Chain Analysis

Think of the value chain as a bridge connecting everyone who touches a product or service. It starts with the people providing the raw ingredients, includes the companies making the actual stuff, the folks who move it around, and ends with us, the people using it! A service business? Picture it as a machine, with each part taking something in, working its magic, and then churning something else out. We're talking about things like cash, workers, supplies – even buildings and land! Managing all this – controlling the costs and boosting the value we create – that's what makes the profits happen. And the Accounting Services market? Buckle up! There's serious volatility in supply chain management and huge differences in how businesses are built and run. You've got the big guys, organized and spending big with brands everyone knows, but also tons of smaller companies, those small-to-medium sized businesses, that aren't always hooked into the same networks.

Think of inbound logistics as your supplier buddies and how you get all your raw materials in, stored, and ready to use. Operations? That’s just the magic of turning those raw materials into awesome finished products! Then outbound logistics swoops in to gather those products, store 'em, and ship 'em off to happy customers. Of course, you need marketing and sales to shout about your stuff, get people excited to buy, and make it super simple to do so. And what about after they buy? Service keeps those customers smiling long after they've got their hands on your product. But none of this happens without awesome people, right? So human resource management finds, trains, pays, and even says goodbye to employees. To make all this possible, you gotta have technological development – the tools and tech to turn those raw materials into something incredible. And behind the curtain, infrastructure – like accounting, legal, and finance – keeps the whole show humming along. 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. Basically, they measure, process, and share all the important financial info!

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-

So, when we're talking about the Global Accounting Services Market, think about who's doing the accounting. It's basically Large enterprises and Small and Medium enterprises. In 2021, the big guys really took the lead, capturing most of the market share. Now, what exactly is a "Large Enterprise," you ask? It's a bit of a catch-all, ranging from tiny solo operations all the way up to those massive global giants with countless employees. We usually break down organizations by their size – you know, small businesses, microbusinesses, big industries, public enterprises, and those sprawling multinational corporations. What sets a large business apart from a small or medium one? Well, employee count is a big clue. Large companies typically have over a thousand employees and often have multiple locations. They've got a well-established corporate structure and multiple streams of income.

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-

So, you're looking at accounting services? Think of it like thisyou've got Audit, Tax Accounting, Financial Advisory/Client Advisory, Internal Audit, Financial statement Preparation, Reviews, Compilation, and, well, Others. Audit was the star of the show in 2021, leading the pack, and it's predicted to stay on top. Tax Accounting was a close second, right behind Audit. But what exactly do these accounting superheroes do? They're essentially making sure a company's financial story is accurate and above board, playing by all the rules. Companies, big and small, often bring in auditors to show that everything is legit and no one's up to no good (like stealing or misusing money). It's all about building trust with investors and employees, showing that the business is being run the right way.

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

Related Reports

Table of Content

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )

List Tables Figures

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )

FAQ'S

For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:

sales@marketinsightsresearch.com

Within 24 to 48 hrs.

You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email

You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.

Discounts are available.

Hard Copy

Email