How Global Accounting Services Market Players Should Strategize For 2022-2031

3 Feb, 2022

The global accounting services market is expected to grow from $1.17 trillion in 2021 to $1.32 trillion in 2022 at a compound annual growth rate (CAGR) of 12.7%. The growth in the accounting services market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The accounting services market is expected to reach $2.02 trillion in 2026 at a CAGR of 11.1%.

What is the Global Accounting Services Market?

The accounting services market consists of the sales of accounting services and related goods by entities (organizations, sole traders and partnerships) that provide recording and analysis of financial transactions and other financial values pertaining to businesses and other organizations. The accounting service involves summarizing, analyzing, auditing and reporting of the financial transactions to tax collection agencies and entities. It also involves auditing and preparing financial statements, designing accounting systems, developing budgets and accounting advisory. Accounting services undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.

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What drives the Global Accounting Services Market?

Regulatory reforms in the financial sector have heightened demand for accounting services such as accounting and tax advisory. The reforms are intended to improve bank regulation, oversight, and risk management. Over the next five years, further major changes, such as the UK’s exit from the EU will create additional demand for accounting consultants, thereby driving the market.

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Global Accounting Services Market Segments
The global accounting services market is segmented:
By Type: Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing, Other Accounting Services
By End Use Industry: IT Services, Manufacturing, Financial Services, Construction, Others
By Service Provider: Large Enterprise, Small and Medium Enterprise
By Geography: The regions covered in the accounting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Accounting Services Global Market Report 2022provides market size and growth forecasts for the global accounting services market, global accounting services market share, accounting services market segments and geographies, accounting services market competitive landscape including leading competitors’ revenues, profiles and market shares. The accounting services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Accounting Services Industry Playersinclude PwC, Ernst & Young, KPMG, Deloitte Touche Tohmatsu Limited, ADP LLC, BDO LLP, Paychex Inc., Grant Thornton LLP, RSM International and H&R Block Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.