B2B Legal Services Global Market Report 2023 – By Service Type (Civil or Criminal, Mergers and Acquisitions, Business Transactions, Other Services), By End-user (Listed Corporations, Government Institutions, Small and Medium-sized Enterprises, High Net worth Individuals, Other End-Users), By Size of Law Firm (Large law firms, SME law firms) – Market Size, Trends, And Global Forecast 2023-2032

Legal software is software used by legal professionals to perform tasks specifically related to legal affairs and the operation of law firms. The various type of technologies of legal software is machine learning, deep learning, and natural language processing. Natural language and processing uses algorithms to interpret and manipulate human language and is a subfield of linguistics, computer science, and artificial intelligence. The deployment modes are cloud and on-premise. The various applications of the market are Ediscovery, and legal research. The different end users are corporate legal departments and law firms. The global legal software (focus on machine learning) market is segmented – 1) By Application: Ediscovery, Legal Research 2) By End User: Corporate Legal Departments, Law Firms 3) By Technology: Machine Learning And Deep Learning, Natural Language Processing 4) By Deployment Mode: Cloud, On-Premise The global legal software market size will grow from $0.39 billion in 2022 to $0.44 billion in 2023 at a compound annual growth rate (CAGR) of 14.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global legal software is expected to grow to $0.72 billion in 2027 at a CAGR of 12.7%. Increasing demand for intelligent business processes in law firms is driving the growth of the machine learning market. Intelligent business process includes the adoption of artificial intelligence (AI) or machine learning in business processes. AI is the development of system that has the ability to perform tasks requiring human intelligence. Software solutions are highly adopted in developed countries like the USA to achieve benefits, such as contract management and efficient legal data analysis. Machine learning helps legal firms and professionals to manage their huge data and derive insights from them. According to Legal Technology Survey Report by ABA Surveying, 35% of respondents from large firms with over 500 attorneys reported they used AI and 16% of respondents at firms with 100 or more attorneys were most likely considering an AI purchase. The growing demand to adopt machine learning in the law firms drives the market. Major players in the legal software market are Microsoft Corporation, IBM Corporation, Google Inc., Baidu Inc., Hewlett Packard Enterprise Development LP (HPE), Intel Corporation, SAP SE, SAS Institute Inc., BigMLInc., Fair Isaac Corporation (FICO), Wipro, Nuance Communications, KNIME.com AG, RapidMinerInc., Angoss Software Corporation, H2O.ai, Alpine Data, Domino Data LabInc., Dataiku, Luminoso TechnologiesInc., TrademarkVision, Fractal Analytics Inc., TIBCO Software Inc., Teradata, Dell Inc., and Oracle Corporation. Machine learning market is restrained due to lack of awareness among law firms. Data, information and knowledge together constitute a vital business asset for law firms in decision making process. Law firms face an increasingly competitive market as large accounting firms are re-establishing their legal practices and reducing the amount of work available to the legal firms. According to survey by Bloomberg Law, only 24% of law firms use machine learning or AI indicating the knowledge gap an underuse of the technology. The lack of awareness thus hampers the growth of legal software market. Many online platforms have been introduced that provide potential clients to connect with lawyers for simple services that include trademark registration, leases, registration and execution of wills, contracts and lease agreements, dishonoring of cheques, recovering suits, and consumer complaints. For instance, LegalZoom, a US-based firms helps you find attorneys without any hourly fees, and documents provided by this firm are accepted by courts and government agencies across all 50 states. This trend in providing online services will drive the demand for legal software. Legal software that includes artificial intelligence (AI) and machine learning (ML) are yet to be fully regulated by governing bodies in order to protect the confidential data involved in the processes. For instance, the Indian government has set to regulate the development and implementation of AI. However, countries such as the USA are contemplating over the thought to regulate ML and AI as there could be a threat in legally constraining the ML or AI before it could fully be developed in practice. In November 2020, Onit, Inc., a USA-based provider of enterprise spend management software acquired McCarthyFinch for an undisclosed amount. Through this acquisition Onit, Inc. intends to use the McCarthyFinch’s AI skills to beef up its legal workflow software offerings. McCarthyFinch, an Auckland based company specialized in Artificial Intelligence, Natural Language, Deep Learning, Machine Learning, Data Science, Law, LegalTech, and LegalAI. The Asia-Pacific was the largest region in the legal software market in 2022. Asia-Pacific is expected to be the fastest-growing region in the legal software market share during the forecast period. The regions covered in the global legal software market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the legal software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The legal software market includes revenues earned by entities by offering software which is used to deliver solutions and services using artificial intelligence and machine learning for corporate legal departments and law firms. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The legal software market research report is one of a series of new reports from The Business Research Company that provides legal software market statistics, including legal software industry, global legal software market size, regional shares, competitors with a legal software market share, detailed legal software market segments, market trends and opportunities, and any further data you may need to thrive in the legal software industry. This legal software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Legal services refers to any service related to the conduct of any case or other legal proceeding before any court, different authority, or tribunal, as well as the provision of legal advice. Legal service is regarded as central in providing access to justice by ensuring equality before the law, the right to counsel and the right to a fair trial. The main types of legal services are B2B legal services, B2C legal services, hybrid legal services, and criminal law practices. Commercial law firms typically provide B2B legal services. Listed corporations, government agencies, small and medium-sized businesses, and high-net-worth individuals are among the clients of commercial law firms. The different types of practises include litigation, corporate, labor/employment, real estate, patent litigation, tax, bankruptcy, others (regulatory, M&A, antitrust, environmental) and involve various company sizes, such as large law firms, SME law firms. The several sectors include individuals, financial services, mining and oil & gas, manufacturing, construction, IT services and others. The global legal services market is segmented - 1) By Type: B2B Legal Services, B2C Legal Services, Hybrid Legal Services, Criminal Law Practices 2) By Size: Large Law Firms, SME Law Firms 3) By End-Users: Individuals, Financial Services, Mining And Oil & Gas, Manufacturing, Construction, IT Services, Other End-Users 4) By Type Of Practice: Litigation, Corporate, Labor/Employment, Real Estate, Patent Litigation, Tax, Bankruptcy, Other Type Of Practices (Regulatory, M&A, Antitrust, Environmental) 5) By Mode: Online, Offline The global legal services market size grew from $787.28 billion in 2022 to $838.92 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The market size of global legal services market is expected to grow from $1,034.52 billion in 2027 at a CAGR of 5.4%. Globally, changes in political structures, legal reforms, and trade agreements are creating opportunities for law firms. International companies and organizations are bound to comply with various laws and regulations of different countries and specific trade agreements. Changes in the legal structure of intrastate agreements increase the demand for legal services. For instance, the UK's exit from the European Union is expected to increase the demand for legal services due to the complexity of the regulatory and legislative changes pertaining to jurisdiction, judicial structure, and trade. Law firms such as Dechert, Simmons & Simmons, Clifford Chance, and DLA Piper have set up specialized BREXIT teams and hotlines staffed with lawyers to help clients with a smooth transition. Going forward, the USA's withdrawal from the Trans-Pacific Partnership, the Paris Agreement, and the Korea trade deal is expected to further drive the demand for legal services in the future. Major companies in the legal services market include Latham & Watkins LLP, Kirkland & Ellis LLP, DLA Piper, Baker & McKenzie, Dentons, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, Sidley Austin LLP, Morgan, Lewis & Bockius LLP, Linklaters LLP, and Jones Day. The outbreak of COVID-19 Pandemic (COVID-19) has acted as a restraint on the legal services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China and has spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of "lock down" and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the legal services market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy. Due to the increasing incidence of cybercrime, law firms around the world are offering cybercrime legal consulting services to their clients. Cybercrime refers to a crime that is committed using an internet connection and a computer. This includes cyber-stalking, counterfeiting, money laundering, embezzlement, fraud, and tax evasion using the internet and electronic devices. In the UK alone, around $35 billion is the estimated annual cost of cybercrime. Law firms offering cybercrime consulting services employ lawyers, consultants, and ethical hackers who are experienced in handling crisis management, online financial theft, loss of data, data privacy, and intellectual property infringement. Large law firms practicing in the field of data privacy and cybersecurity include Latham & Watkins, DLA Piper, and Skadden, Arps, Slate, Meagher & Flom. Global demand for cybercrime legal consulting services is expected to rise as organizations and individuals become more concerned about cybercrime. North America was the largest region in the legal services market in 2022. Western Europe was the second largest region in the legal services market. The regions covered in the global legal services market analysisreport are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the legal services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The legal services market consists of revenue earned by entities by providing services such as advising clients (individuals, businesses or other entities) about their legal rights and responsibilities, and representing clients in civil or criminal cases, business transactions and other matters, in which legal advice and other assistance are sought. Legal 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 a team is responsible for the delivery of services to the client. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The legal services market research report is one of a series of new reports from The Business Research Company that provides legal services market statistics, including legal services industry global market size, regional shares, competitors with a legal services market share, detailed legal services market segments, market trends and opportunities, and any further data you may need to thrive in the legal services industry. This legal services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Legal process outsourcing refers to outsourcing legal functions or processes to an external, third-party service provider to save costs and for knowledge sharing, where discrete legal services are transferred from internal departments to external firms, paraprofessionals, or local lawyers. Outsourcing legal work allows firms to quickly scale up for a case or project, putting them on equal footing with larger firms. Flexible staffing also lowers the firm's overhead. The main types of legal process outsourcing services include contract drafting, review, and management, compliance assistance, e-discovery, litigation support, patent support, and other LPO services. The contract drafting service involves processes for writing down the terms and conditions of an agreement related to legal matters. The parties involved go through several drafts and negotiation sessions before the official legal contract is finalized. The legal process outsourcing service providers to both on-shore and offshore customers from law firms, enterprises, and government. The global legal process outsourcing market is segmented - 1) By LPO Services: Contract Drafting, Review, and Management, Compliance Assistance, E-Discovery, Litigation Support, Patent Support; Other LPO Services 2) By Location: Offshore, On-shore 3) By Application: Law Firm, Enterpris , Government The global legal process outsourcing market size will grow from $11.76 billion in 2022 to $14.81 billion in 2023, at a compound annual growth rate (CAGR) of 26.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global legal process outsourcing market is expected to grow to $38.13 billion in 2027 at a CAGR of 26.7%. The high demand for legal assistance is expected to drive the legal process outsourcing market. Legal assistance is witnessing high demand due to various reasons such as workplace problems, rising financial hardship, domestic violence protective orders, various debt matters, strict laws, and others. This rising need for legal assistance will lead to high demand for legal services including legal process outsourcing as even standalone firms cannot handle the rising demand for legal services, making them outsource the legal services. The legal process outsourcing enables knowledge sharing and reduces costs for firms in addition to providing legal assistance. For instance, according to the 2020 legal department strategy survey involving chief and senior legal officers by Deloitte, 78% of respondents indicated that the legal workload has increased due to COVID-19. Over 50% of all respondents expect to increase engagement with alternate legal service providers (ALSPs), whether these were part of their model before COVID-19 or not. In addition, according to the US Bureau of Labor Statistics, the employment requirement of legal assistants and paralegals is expected to grow by 12% from 2020 to 2030, which is faster than the average for all occupations. Both instances signify that the need for legal assistance is increasing significantly. Thus, the high demand for legal assistance will propel the growth of the legal process outsourcing market. Major players in the legal process outsourcing market are Cobra Legal Solutions LLC, CPA Global Limited, Elevate Services Inc., Infosys BPM Ltd., Integreon Managed Solutions Inc., Lex Outsourcing, QuisLex Inc., UnitedLex Corporation, Wipro Limited, Mindcrest Inc., Clutch Group, Pangea3 LLC, Clairvolex, American Discovery, Amstar Litigation Support, SmithDehn India, Acumen Legal Services Pvt Ltd., ADEC Innovations, BODHI Global Solutions, Datascribe Technologies Inc., Evalueserve SEZ, Kensium BPO, LawScribe Inc., Axiom Law, Exigent, Legal Advantage LLC, Capgemini SE, Capita, Ernst & Young Global Limited, Clarivate, and Cogneesol. Technology advancement is a key trend gaining popularity in the legal process outsourcing market. The market is witnessing the integration of technological advancements in legal process outsourcing services such as the integration of cloud technology for better e-discovery services. These solutions enable firms to streamline their legal functions and improve customer experience. Many companies operating in the legal process outsourcing market are focusing on adopting advanced solutions to impirve their business activities and strengthen their market position. For instance, in July 2021, Cobra Legal Solutions, a US-based legal support services provider announced the expansion of its eDiscovery offering with the addition of Relativity’s cloud-based eDiscovery solution, RelativityOne. Through this technology, firms can streamline their discovery process in a single, secure SaaS (software as a service) platform that covers the full range of e-discovery, from legal hold to production. In October 2022, Odyssey Investment Partners LLC, a US-based middle-market private equity firm, acquired Magna Legal Services for an undisclosed amount. With this acquisition, Odyssey Investment Partners LLC would support Magna Legal Services, which further drive growth and expand their businesses. Magna Legal Services is a UK-based legal services company that provides litigation support services, such as court reporting, graphic design, jury consulting, record retrieval, and translation services. Asia-Pacific was the largest region in the legal process outsourcing market share in 2022. Western Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the global legal process outsourcing market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the legal process outsourcing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The legal process outsourcing market includes revenues earned by entities by providing services such as professional outsourcing, IT outsourcing, manufacturing outsourcing, project outsourcing, process outsourcing, and operational outsourcing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The legal process outsourcing market research report is one of a series of new reports from The Business Research Company that provides legal process outsourcing market statistics, including legal process outsourcing industry global market size, regional shares, competitors with a legal process outsourcing market share, detailed legal process outsourcing market segments, market trends and opportunities, and any further data you may need to thrive in the legal process outsourcing industry. This legal process outsourcing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Professional services refer to a wide range of specialized technical, knowledge-and-expert-based advisory support services provided to other businesses. Professional services help individuals, companies or organizations accomplish tasks or meet goals. Many career fields offer services focused on creating positive outcomes for customers. Professional services include design, research, promotional and consulting services, legal services, accounting services, and all other professional, scientific, and technical services. The term "legal services" refers to actions that help people exercise their legal and legislatively established liberties. The different service providers include large enterprises, small and medium enterprises, and involve various modes such as online and offline. The global professional services market is segmented - 1) By Type: Design, Research, Promotional And Consulting Services, Legal Services, Accounting Services, All Other Professional, Scientific, and Technical Services 2) By Service Provider: Large Enterprise, Small and Medium Enterprise 3) By Mode: Online, Offline Subsegments Covered: Photographic Services, Market Research Services, Advertising, Public Relations, And Related Services, Scientific Research And Development Services, Environmental Consulting Services, Management Consulting Services, Specialized Design Services, Architectural, Engineering Consultants And Related Services, B2B Legal Services, B2C Legal Services, Hybrid Legal Services, Criminal Law Practices, Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing and Other Accounting Services, Translation Services, Other Professional, Scientific, and Technical Services The global professional services market size grew from $6,023.65 billion in 2022 to $6,382.56 billion in 2023 at a compound annual growth rate (CAGR) of 6.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The market size of global professional services market is expected to grow from $7,770.09 billion in 2027 at a CAGR of 5.0%. The professional services Market growth is aided by the stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.5% in 2020, a 0.3% increase compared to previous years. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market's growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. For instance, India's GDP reached 7.2%, whereas China's GDP growth reached 6.0% in 2020. Stable economic growth is expected to increase investments in end-user markets, thereby driving the market during the forecast period. Major companies in the professional services market include Deloitte Touche Tohmatsu Limited, PwC, Ernst & Young, Accenture, KPMG, Total SA, PowerChina, WPP plc, Omnicom Group Inc., and Jacobs Engineering Group Inc. The outbreak of COVID-19 disease (COVID-19) has acted as a restraint on the professional services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China and has spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of "lock down." The outbreak has had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the professional services market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy. Cloud-based accounting software is increasingly preferred by accounting firms to enhance the ability to access and edit financial data through the internet, enhance security associated with financial transactions and reduce costs. Cloud-based accounting software is an accounting software similar to the software as a service (SaaS) model, hosted on remote servers to allow users to perform functions off-site. The accounting data is sent to the cloud, processed, and then returned to the user. This process saves time with automation, creates secure collaboration of financial reports, provides real-time data, and accesses financial data from anywhere. This tool allows users to access accounts from any device (smartphone, laptop, and others) through the internet; secure the data from online and offline threats; and offer better alternative solutions at lower costs than conventional tools. North America was the largest region in the professional services market share in 2022. Western Europe was the second largest region in the professional services market. The regions covered in the global professional services market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the professional services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The professional services market consists of revenue earned by entities by offering services and providing support to businesses of all sizes, in all industries, and to individuals and institutions, in processes where human capital is the major input. Professional services establishments 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. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The professional services market research report is one of a series of new reports from The Business Research Company that provides professional services market statistics, including professional services industry global market size, regional shares, competitors with a professional services market share, detailed professional services market segments, market trends and opportunities, and any further data you may need to thrive in the professional services industry. This professional services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Accounting services defined as services used for the measurement, processing, and communication of financial data about economic entities. Accounting services help in calculating and preparation of tax returns and also for tax planning and keeps a check on the transactions of the business and after proper planning, it suggests ways to improve the business. The main types of accounting services are payroll services, tax preparation services, and bookkeeping, financial auditing, and other accounting services. A payroll service provider is a business that automates payroll computations, tax statements, and year-end taxes, among other services. These services are used by various industries, such as IT services, manufacturing, financial services, construction, and others. The different service providers include large enterprises, small and medium enterprises. The global accounting services market is segmented - 1) By Type: Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing, Other Accounting Services 2) By End Use Industry: IT Services, Manufacturing, Financial Services, Construction, Other End Use Industries 3) By Service Provider: Large Enterprise, Small and Medium Enterprise The global accounting services market size grew from $640.7 billion in 2022 to $675.14 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The market size of global accounting services market is expected to grow from $795.99 billion in 2027 at a CAGR of 4.2%. Regulatory reforms in the financial sector have heightened demand for accounting services such as accounting and tax advisory. For instance, in 2021-22, as a result of the escalating stress in the banking and financial sectors, the government of India launched the National Asset Reconstruction Company Limited (NARCL) or Bad Bank. On resuming regular operations in the current year, 22 stressed loans amounting to more than 80,000 crores are expected to be transferred to NARCL for resolution through a focused approach . 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. Major companies in the accounting services market include PwC, Ernst & Young, KPMG, Deloitte Touche Tohmatsu Limited, ADP LLC, BDO LLP, Paychex Inc., Grant Thornton LLP, RSM International and H&R Block Inc. The outbreak of COVID-19 disease (COVID-19) has acted as a restraint on the accounting services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and has spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of "lock down" and the outbreak is expected to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the accounting services market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy. Some accountants are outsourcing typical basic accounting tasks such as payroll accounting, accounts payable, and accounts receivable to allow their employees to focus on higher-value activities such as becoming vertical experts in their customers' markets and analyzing their clients' business data. This extra attention and analysis is transforming the role of a traditional accountant into a business advisor and takes customer service to the next level by developing strong, counsel-focused relationships. For instance, QX Accounting Services (QXAS) Ltd provides outsourced accounting, finance, and other services to accountants and accountancy firms in the UK. North America was the largest region in the accounting services market share in 2022. Western Europe was the second largest region in the accounting services market. The regions covered in the global accounting services market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the accounting services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The accounting services market consists of revenue earned by entities by providing services such as recording and analyzing 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. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The accounting services market research report is one of a series of new reports from The Business Research Company that provides accounting services market statistics, including accounting services industry global market size, regional shares, competitors with an accounting services market share, detailed accounting services market segments, market trends and opportunities, and any further data you may need to thrive in the accounting services industry. This accounting services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

Financial services are products and services provided by financial institutions that facilitate various financial transactions and other financial activities like loans, insurance, credit cards, investment opportunities, and money management. The main types of financial services are lending and payments; insurance; reinsurance; insurance brokerage; investments; and foreign exchange services. The lending and payments market refers to the lender's making funds and making them available to a person. The services are offered to small- and medium-sized businesses as well as large businesses. The services are used by individuals, corporations, governments, and investment institutions. The global financial services market is segmented - 1) By Type: Lending And Payments, Insurance, Reinsurance And Insurance Brokerage, Investments, Foreign Exchange Services 2) By Size Of Business: Small And Medium Business, Large Business 3) By End User: Individuals, Corporates, Government, Investment Institution Subsegments Covered: Lending, Cards & Payments, Insurance, Insurance Brokers & Agents, Reinsurance, Wealth Management, Securities Brokerage And Stock Exchange Services, Investment Banking The global financial services market size grew from $25848.74 billion in 2022 to $28115.02 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global financial services market is expected to grow to $37484.37 billion in 2027 at a CAGR of 7.5%. The global payments industry has witnessed a rapid increase in the adoption of EMV technology. This growth is driven by the higher level of data security offered by EMV chips and PIN cards as compared to traditional magnetic stripe cards. EMV is a security standard for various payment cards, including debit, credit, charge, and prepaid cards. Major companies in the financial services market include Allianz Group, Industrial and Commercial Bank of China, JPMorgan Chase & Co., Ping An Insurance, Axa Group, Anthem, Inc., Agricultural Bank Of China, China Life Insurance, China Construction Bank, and Centene. The chip carries data for the cardholder and the account, which is protected using both hardware and software security measures. According to the global technical body EMVCo, the number of EMV chip payment cards across the world reached 10.8 billion in 2020. In line with the rest of the world, the adoption rate of EMV chip payment cards has steadily grown across various regions in the world, reaching 71.7% in Canada, Latin America, and the Caribbean region, 61.2% in Africa and the Middle East region, and 32.7% in the Asia-Pacific region. Banks and financial institutions are adopting digitization to modernise their commercial lending business. This move is mainly a result of increased competition among banks and growing demand for a simplified and quick commercial lending process. Digitization leads to improved customer satisfaction in obtaining a commercial loan, which can otherwise be a complex and slow process. It also enables banks to target new customer categories and offer customer-centric solutions, which leads to improved efficiencies in the commercial lending business. Some of the banks that have incorporated digitization into lending are Commonwealth Bank of Australia, Hana Bank, and Fidor Bank. Many wealth management companies are investing in big data analytics capabilities to generate insights about clients. Big data solutions are being implemented to deliver insights around client segments, product penetration, and training programme effectiveness. These technologies are being implemented to assess existing and prospective clients’ inclination to purchase various products and services being offered by a wealth management company, their lifetime value, investment pattern, and the ability of the client to take risks. They are also helping wealth management companies to track business performance, increase client acquisition and retention rates, increase sales, and offer real-time investment advice. For instance, CargoMetrics, an investment firm based in Boston, used the Automatic Identification System (AIS) to collect data on commodity movement such as cargo location and cargo size to develop an analytics platform for trading commodities, currencies, and equity index funds. This tool was also sold to other hedge funds and wealth managers. Western Europe was the largest region in the financial services market share in 2022. North America was the second-largest region in the financial services market. The regions covered in the global financial services market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa The countries covered in the financial services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The financial services market includes revenues earned by entities by providing financial or money related services such as lending, investment management, insurance, brokerages, payments, and fund transfer services. The financial services industry is categorized on the basis of the business model of the firms present in the industry, and most firms offer multiple services. Revenues include fees, interest payments, commissions, or transaction charges. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The financial services research report is one of a series of new reports from The Business Research Company that provides financial services statistics, including financial services industry global market size, regional shares, competitors with financial services share, detailed financial services segments, market trends and opportunities, and any further data you may need to thrive in the financial services industry. This financial services research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Business-to-business-to-consumer (B2B2C) insurance applies to the sale of life and general insurance products and services through non-insurance mediators other than traditional insurance intermediaries such as brokers, independent financial advisors, and agents. It also includes the direct sale of insurance to consumers. The B2B2C insurance is engaged in providing both life insurance and general insurance services. The main types of B2B2C insurance are life insurance and non-life insurance. Life insurance is an agreement between the insurer and the insurance company in which the insurance firm pays a certain sum to the covered individual's family in the event of death. The different channels of distribution include online, and offline and are implemented in various sectors such as bank and financial institutions, automotive, utilities, retailers, telecom, and others. The global b2b2c insurance market is segmented - 1) By Type: Life Insurance, Non-Life Insurance 2) By Distribution Channel: Online, Offline 3) By End Use Industry: Bank And Financial Institutions, Automotive, Utilities, Retailers, Telecom, Other End Use Industries The global B2B2C insurance market size will grow from $3.62 billion in 2022 to $3.93 billion in 2023 at a compound annual growth rate (CAGR) of 8.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global B2B2C insurance is expected to grow to $5.35 billion in 2027 at a CAGR of 8.0%. The expansion of the automobile industry is expected to propel the growth of the B2B2C insurance market in the coming years. The automotive industry is made up of a diverse group of businesses and organizations that are involved in the design, development, production, marketing, and sale of automobiles. B2B2C insurance protects the policyholder's belongings and assets, such as automobiles, from financial losses and damage. Car insurance is similar to a long-term contract that covers the price of various damages that may arise as a result of unanticipated events. According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow by double digits, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%. Electric vehicle sales are expected to increase from 2.5 million in 2020 to 3.4 million in 2021. Therefore, the growth in the automobile industry drives the growth of the B2B2C insurance market. Major players in the B2B2C insurance market are AXA, Allianz, Assicurazioni Generali, Zurich Insurance, Prudential, China Life Insurance, UnitedHealth Group, Munich Re Group, Japan Post Holding, BNP Paribas Cardif, Bsurance, Porto Seguro, Swiss Re, and The Digital Insurer. The launch of innovative programs to expand the insurance industry is shaping the B2B2C insurance market. Major companies operating in the B2B2C insurance sector are focusing on launching innovative programs to create solutions by leveraging new-age technologies. For instance, In August 2022, FairPlay, a California-based Fairness-as-a-Service company, launched Input Intelligence. Input Intelligence is a tool for insurance companies to detect bias. This tool assists insurance companies in checking their data for bias and ensuring that it does not represent protected characteristics like race or gender as a proxy. In April 2021, Porch Group, a US-based home services platform has, acquired Homeowner of America (HOA) for a deal amount of $100 million. Through this acquisition, Porch Group expects to become one of the largest insurance firms by combining its access to homebuyers and property data with Homeowners of America’s experience in pricing and claims. The homeowner of America (HOA) is a US-based insurance company that works on a business-to-business-to-consumer (B2B2C) revenue model. Asia-Pacific was the largest region in the B2B2C insurance market in 2022. The regions covered in the global B2B2C insurance market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the B2B2C insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The B2B2C insurance market includes revenues earned by entities by vehicle insurance, home insurance, personal insurance, travel insurance, mobile insurance & warranty extension, employee assistance programs. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The B2B2C insurance market research report is one of a series of new reports from The Business Research Company that provides B2B2C insurance market statistics, including B2B2C insurance industry global market size, regional shares, competitors with a B2B2C insurance market share, detailed B2B2C insurance market segments, market trends and opportunities, and any further data you may need to thrive in the B2B2C insurance industry. This B2B2C insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

B2B telecommunication refers to electronic commerce, which is used while the exchange of products, services, and information between businesses, rather than between businesses and consumers (B2C). A B2B transaction is conducted between two companies, between wholesalers and online retailers. The B2B telecommunication is used for direct communications between businesses to transmit data, text, sound, voice, and video. The main solution in B2B telecommunication is cloud services, unified communication and collaboration, VoIP, WAN and M2M communication. Cloud services refer to a broad range of services that are provided on demand over the internet to businesses and customers. The major enterprise types are large enterprises and SMEs. The main industrial verticals are BFSI, IT and telecom, media and entertainment, healthcare, government, retail and eCommerce and other industrial verticals. The global b2b telecommunication market is segmented - 1) By Solution: Cloud Services, Unified Communication And Collaboration, VoIP, Wan, M2M Communication 2) By Enterprise Type: Large Enterprises, Small And Medium Enterprises 3) By Industrial Verticals: Banking, Financial Serviecs And Insurance (BFSI), Information Technology And Telecom, Media And Entertainment, Healthcare, Government, Retail And Ecommerce, Other Industrial Verticals The global b2b telecommunication market size will grow from $65.19 billion in 2022 to $75.66 billion in 2023 at a compound annual growth rate (CAGR) of 16.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the b2b telecommunication is expected to grow to $134.08 billion in 2027 at a CAGR of 15.4%. The increase in industrialization and urbanization in several countries is expected to propel the growth of the B2B telecommunication market going forward. Industrialization refers to the transformation of a country’s economy from agriculture to mass-production of goods and services using technology through industries. Urbanization, on the other hand, refers to the permanent migration of rural people to cities. B2B telecommunication in industrialization helps in gathering and processing customer data that can be used in targeting advertisements and predicting clients' behaviors to control the cost of operation, which is essential for industrialization. For instance, according to the Federal Reserve Board, the central banking system of the United States of America, in August 2022, the total industrial output increased by 0.6%. Additionally, in June 2021, according to UNCTAD, a Geneva-based intergovernmental organization intended to promote the interests of developing states in world trade, by 2020, the share of the urban population increased to 56.2%. Therefore, the increase in industrialization and urbanization in several countries is driving the B2B telecommunication market growth. Major players in the b2b telecommunication market are Amdocs, AT&T Inc., Cisco Systems Inc., Comarch, Deutsche Telekom AG, NTT Ltd., Orange S A, Telefónica S A, Vodafone Group PLC., Verizon, Telstra Corporation Limited, Sprint Corporation, China Telecommunications Corporation, China Mobile Limited and China United Network Communications Group Co Ltd. Technological innovations are the key trends gaining popularity in the B2B telecommunication market. Major companies operating in the market are introducing new technologies such as SD-WAN an advanced technology to sustain their position in the market. For instance, in July 2021, Airtel India, an Indian-based company operating in telecommunication, and Cisco System Inc., a US-based multinational company operating in telecommunication and IT solutions, combined developed and launched their next-gen connectivity technology Cisco SD-WAN Connect. Cisco SD-WAN Connect provides unique integrated capabilities for multi-cloud, security, unified communications, and other features in a SASE (Secure Access Service Edge) enabled architecture in telecommunication. In October 2021, Orange Romania, a Romania-based company operating in telecommunications, acquired Hellenic Telecommunications for a deal amount of $304.66 million. Through this acquisition, Orange Romania strengthened its product portfolio in voice, broadband internet, and television services. Hellenic Telecommunications is a Greece-based company operating in B2B telecommunications services to various industries such as audio-visual, communications, industrial, and residential industries. North America was the largest region in the B2B telecommunication market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the B2B telecommunication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the B2B telecommunication market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The B2B telecommunication market consists of revenues earned by entities by providing B2B telecommunication through email, instant messaging and fax. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The B2B telecommunication market research report is one of a series of new reports from The Business Research Company that provides B2B telecommunication market statistics, including B2B telecommunication industry global market size, regional shares, competitors with a B2B telecommunication market share, detailed B2B telecommunication market segments, market trends and opportunities, and any further data you may need to thrive in the B2B telecommunication industry. This B2B telecommunication market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.