Saudi Arabia Accounting Services Market By Type of Services (Tax Preparation Services, Bookkeeping Services, Payroll Services & Others), Competition Forecast & Opportunities, 2013 – 2023
Published Date: February - 2025 | Publisher: MIR | No of Pages: 320 | Industry: BFSI | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationSaudi Arabia Accounting Services Market By Type of Services (Tax Preparation Services, Bookkeeping Services, Payroll Services & Others), Competition Forecast & Opportunities, 2013 – 2023
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Saudi Arabia Accounting Software Market was valued at USD 44.5 million in 2023 and is expected to reach at USD 75.7 Million in 2029 and project robust growth in the forecast period with a CAGR of 9.1% through 2029.
Saudi Arabia accounting services market is forecast to reach $ 783 million by 2023, predominantly on the back of the government’s Vision 2030 initiative towards economic diversification and increasing focus towards the establishment of Small & Medium Enterprises (SMEs) in the country. Moreover, rising preference of the companies for outsourcing their accounting services to focus and invest on their core competencies as well as optimize cost of operation, reduce risk of internal fraud and ensure tax compliance is expected to fuel the accounting services market in the country in the coming years. Availability of scalable accounting services and access to effective tax planning are some of the other key factors anticipated to boost demand for accounting services in the Middle Eastern country during forecast period.
Years considered for this report
Historical Years2013-2016
Base Year2017
Estimated Year2018
Forecast Period2019–2023
Objective of the Study
- To analyze and forecast Saudi Arabia accounting services market size.
- To define, classify and forecast Saudi Arabia accounting services market on the basis of service type and region.
- To assess the detailed market segmentation and forecast the market size, in terms of value, by segmenting Saudi Arabia accounting services market into regions, namely – Central Region, Western Region, Eastern Region, Southern Region and Northern Region.
- To identify the tailwinds and headwinds for Saudi Arabia accounting services market.
- To evaluate and forecast the market size, in terms of value, for Saudi Arabia accounting services with respect to Tax Preparation Services, Bookkeeping Services Payroll Services & Other Accounting Services.
- To identify the drivers and challenges for Saudi Arabia accounting services market.
- To strategically profile leading players operating in accounting services market in Saudi Arabia.
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Some of the major players operating in Saudi Arabia accounting services market are PricewaterhouseCoopers
MIR performed both primary as well as exhaustive secondary research for this study. Initially, MIR sourced a list of companies providing accounting services across Saudi Arabia Subsequently, MIR conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, MIR was able to include the providers which could not be identified due to the limitations of secondary research. MIR analyzed the offerings, distribution channels, and presence of all major accounting services companies in Saudi Arabia.
MIR calculated Saudi Arabia accounting services market size using a bottom-up approach,
Key Target Audience
- Providers and End Users of Accounting Services
- Associations, organizations, forums and alliances related to accounting services
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as providers, partners, end users and policy makers of accounting services. The report would allow the stakeholders to identify which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth of the market.
Key Drivers of Growth
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Vision 2030 InitiativesSaudi Arabia's Vision 2030 aims to reduce the country's dependence on oil, diversify its economy, and develop public service sectors. This has led to increased demand for professional accounting services, including auditing, tax advisory, and financial consulting.
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Regulatory ChangesThe introduction of new regulations, such as Value-Added Tax (VAT) in 2018 and the Zakat reforms, has increased the need for compliance and advisory services.
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SME GrowthThe rise of SMEs in Saudi Arabia has created a demand for outsourced accounting services, as these businesses often lack in-house expertise.
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Digital TransformationThe adoption of cloud-based accounting software and automation tools is reshaping the market, making services more efficient and accessible.
Market Segmentation
The accounting services market in Saudi Arabia can be segmented into
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Audit and Assurance Services
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Tax Advisory and Compliance
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Bookkeeping and Payroll Services
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Financial Consulting
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Outsourced Accounting Services
Competitive Landscape
The market is highly competitive, with a mix of local and international firms. Key players include
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Big Four Accounting FirmsDeloitte, PwC, EY, and KPMG dominate the high-end market.
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Local FirmsNumerous local accounting firms cater to SMEs and mid-sized businesses.
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Technology ProvidersCompanies offering accounting software and automation tools are also gaining traction.
Challenges
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Talent ShortageThere is a growing need for skilled accountants and auditors, which poses a challenge for the industry.
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Economic FluctuationsWhile the economy is diversifying, oil price volatility can still impact market growth.
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