What Has Been The Historical And Current Growth Of The Financial Accounting Advisory Services Market?
The financial accounting advisory services market has seen considerable growth due to a variety of factors.
•The market size of financial accounting advisory services has seen substantial growth in the recent past. It is projected to rise from $105.21 billion in 2024 to $112.65 billion in 2025, displaying a compound annual growth rate (CAGR) of 7.1%.
Factors contributing to growth during the historical period involve the introduction of new accounting standards, regulatory alterations affecting financial reporting necessities, the globalization and scale-up of multinational corporations, complexities involved in financial reporting and adherence, as well as the development of audit and assurance standards.
What Is The Forecast For The Financial Accounting Advisory Services Market By 2029?
The financial accounting advisory services market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for financial accounting advisory services is predicted to witness substantial growth in the upcoming years, escalating to $153.72 billion in 2029 at a CAGR of 8.1%.
The growth over the predicted period can be accredited to the implementation of enterprise resource planning (erp) systems, issues of corporate governance and risk management, increasing necessity for clear financial reporting, and the acceptance of cloud-based financial accounting solutions. Upcoming trends during the prediction period encompass the inclusion of artificial intelligence, integration of machine learning into financial advisory, expansion of advisory services for cryptocurrency and blockchain, and integration of predictive analytics into financial decision-making.
Which Key Drivers Are Propelling The Financial Accounting Advisory Services Market's Growth?
The surge in the need for financial services is projected to drive the expansion of the financial accounting advisory services market. Financial services pertain to those offered by financial institutions. Advisory services in financial accounting provide expert advice, bolster financial transparency, and aid in making informed decisions. For example, S&P Global, a publicly traded corporation from the US, predicted in January 2022 that the median household income in the US will rise by 12.1% to $81,230 in 2027, up from $72,465 in 2022. As such, the spiked demand for financial services is a significant factor fueling the growth of the financial accounting advisory services market.
What Are The Key Segments Within The Global Financial Accounting Advisory Services Market?
The financial accounting advisory services market covered in this report is segmented –
1) By Type: Accounting Change Services, Buy-Side Support, Bankruptcy Services, IPO Advisory Services, Financial Reporting Issue And Restatement Services, Technical Accounting, Financial Statement Preparation, Accounting Software Migration, Cash Flow Management Services, Other Types
2) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises
3) By Application: Personal, General Company, Listed Company, Government, Other Applications
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), IT And Telecom, Manufacturing, Retail And E-Commerce, Other Industry Vertical
Subsegments:
1) By Accounting Change Services: Implementation Of New Accounting Standards, Transition Support For Accounting Policy Changes
2) By Buy-Side Support: Financial Due Diligence, Post-Acquisition Accounting Integration, Purchase Price Allocation (PPA)
3) By Bankruptcy Services: Insolvency Accounting Support, Financial Restructuring Services, Liquidation Reporting
4) By IPO Advisory Services: Pre-IPO Financial Statement Preparation, IPO Readiness Assessment
5) By Financial Reporting Issue And Restatement Services: Investigation And Restatement Of Financial Errors, Resolution Of Reporting Discrepancies, Remediation Of Financial Reporting Issues
6) By Technical Accounting: Complex Accounting Advisory, Support For Derivatives and Hedging Transactions, Fair Value Measurement And Impairment
7) By Financial Statement Preparation: Preparation Of Statutory Financial Statements, Consolidation Of Group Financial Statements, Interim And Annual Financial Reporting
8) By Accounting Software Migration: Migration To New ERP Or Accounting Software, Data Conversion And Integration Support, System Implementation And Training
9) By Cash Flow Management Services: Cash Flow Forecasting And Budgeting, Working Capital Optimization, Liquidity Management Advisory
10) By Other Types: Financial Controls And Compliance Advisory, M&A Transaction Accounting, Forensic Accounting Services, Tax Accounting Advisory
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How Are New Trends Impacting The Size Of The Financial Accounting Advisory Services Market?
The incorporation of technological advancements is emerging as a significant trend in the financial accounting advisory services industry. To maintain their market positioning, leading firms in this domain are utilizing novel technologies. Numeric, an American financial service company, for example, introduced Numeric AI and Numeric Essentials in June 2023. Numeric AI, powered by artificial intelligence, empowers accountants to apply advanced language models to boost effectiveness and retain more control. The tool automates the compilation of flux explanations utilizing data from related general ledger transactions, account trends, and previous narratives. Meanwhile, Numeric Essentials offers a pioneering, no-cost solution for managing closing processes, leveraging real-time collaboration tools to enhance the monthly closeout for accounting teams of various sizes.
Who Are the Key Players in the Financial Accounting Advisory Services Market?
Major companies operating in the financial accounting advisory services market include:
• JPMorgan Chase & Co
• The International Business Machines Corporation
• PricewaterhouseCoopers International Limited (PwC)
• Ernst & Young Global Limited
• Oracle Corporation
• KPMG International Limited
• SAP SE
• Deloitte Consulting LLP
• Capgemini SE
• The PNC Financial Services Group Inc.
• BDO International Ltd.
• RSM International Limited
• Nexia International
• Baker Tilly US LLP
• Bain & Company Inc.
• AlixPartners LLP
• FTI Consulting Inc.
• Grant Thornton LLP
• CBIZ Inc.
• Protiviti Inc.
• Alvarez & Marsal Holdings LLC
• Crowe LLP
• Plante & Moran PLLC
• Armanino LLP
• CohnReznick LLP
• EisnerAmper LLP
• MorganFranklin Consulting LLC
What are the Regional Insights into the Financial Accounting Advisory Services Market?
North America was the largest region in the financial accounting advisory services market in 2024. The regions covered in the financial accounting advisory services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
