What Has Been the Growth Trajectory for the Accounting Services Market in Recent Years?
The accounting services market has seen considerable growth due to a variety of factors.
• The market size for accounting services has been experiencing consistent growth in recent years. It is projected to increase from $636.03 billion in 2024 to $660.65 billion in 2025, with a compound annual growth rate (CAGR) of 3.9%.
The growth witnessed in the historical period is a result of factors like globalization, outsourcing of support operations to economies that are cost-effective, increased investments in research and development (R&D), and robust economic growth in burgeoning markets.
How Does the Forecast Look for the Accounting Services Market?
The accounting services market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of accounting services is anticipated to steadily expand in the coming years. By 2029, it's expected to reach $800.68 billion, with a compound annual growth rate (CAGR) of 4.9%.
Such growth throughout the forecast period can be linked to the evolution of financial reporting standards, regulatory reforms, technological advancements, and increased urbanization. Notable trends within this period comprise of capitalizing on opportunities and expanding services through information technology, contemplating the use of social media communications, and the integration of cloud-based accounting software, blockchain technology, big data, communication technology, as well as artificial intelligence. Moreover, companies are advised to look into automating repetitive tasks that typically require manual work.
What Are The Leading Drivers Of Growth In The Accounting Services Market?
The demand for accounting services such as accounting and tax advisory has seen a surge due to regulatory reforms in the financial realm. As an example, the Indian Government initiated the National Asset Reconstruction Company Limited (NARCL) or Bad Bank, spurred by the growing financial and banking sector stress in 2021-22. Upon recommencing its regular activities, NARCL is anticipated to inherit 22 stressed loans exceeding 80,000 crores to address holistically this year. The market will be accelerated in the coming five years due to the demand for accounting consultants that will arise from significant shifts like the UK's departure from the EU.
How Are The Segments Defined Within The Global Accounting Services Market?
The accounting services market covered in this report is segmented –
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
Subsegments:
1) By Payroll Services: Payroll Processing, Wage Calculations, Direct Deposit Management, Tax Filings Related to Payroll
2) By Tax Preparation Services: Individual Tax Preparation, Corporate Tax Preparation, Estate and Trust Tax Preparation, Tax Advisory Services
3) By Bookkeeping: Accounts Payable and Receivable, General Ledger Management, Financial Reporting, Bank Reconciliation
4) By Financial Auditing And Other Accounting Services: Internal Auditing, External Auditing, Forensic Accounting, Financial Statement Review, Risk Management
Pre-Book The Accounting Services Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are New Trends Expected To Influence The Growth Of The Accounting Services Market?
A number of accountants are choosing to delegate standard accounting responsibilities like payroll administration, accounts payable, and accounts receivable, thereby enabling their staff to dedicate their attention on more complex parts of the job which include becoming subject matter specialists in their clients' industries and scrutinizing their clients' business data. This added scrutiny and focus are evolving the conventional accountant's function into a business consultant and enhancing customer service by cultivating robust, advisory-based relationships. For example, QX Accounting Services (QXAS) Ltd offers outsourced accounting, financial, and sundry services to accountants and accountancy practices in the UK.
Who Are the Key Players in the Accounting Services Market?
Major companies operating in the accounting services market include:
• PwC
• Ernst & Young
• Deloitte Touche Tohmatsu Limited
• KPMG
• ADP (Automatic Data Processing. Inc)
• Paychex. Inc.
• Grant Thornton LLP
• RSM International
• H&R Block. Inc.
• Huazhen CPA
• BDO China Shu Lun Pan CPAs
• Pan-China CPA
• Ruihua CPA
• Zhong Tian
• Moore Stephens UK
• Rodl Partner
• Champion Accountants
• DSG Chartered Accountants
• RWT
• Spira Twist & Associates
• Italian Accountants Studio Del Gaizo Picchioni
• Studio International Tornambè
• KML Bookkeeping Services
• Accenture
• Alvarez & Marsal
• Picco Accounting
• Charles Ghadban
• SAP SE
• Oracle Corporation
• Kofax Inc.
• YayPay Inc.
• SK Global Software Accounting
• Mercer LLC
• McKinsey & Company
• Willis Towers Watson
• Korn Ferry
• Boston Consulting Group
• Aon Hewitt
• Bain & Company
• Oliver Wyman
• Huron
• Capgemini
• Kearney
• IBM Global Business Services
• Kaiser Associates
• Crowe Horwath
• Baker Tilly Greenwoods Chartered Accountants
• Mazars
What Is The Most Dominant Region In The Accounting Services Market?
North America was the largest region in the accounting services market in 2024. 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
