PUBLISHER: Allied Market Research | PRODUCT CODE: 1414820
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414820
According to a new report published by Allied Market Research, titled, "Accounting Services Market," The accounting services market was valued at $628.41 billion in 2022, and is estimated to reach $1474.3 billion by 2032, growing at a CAGR of 9.2% from 2023 to 2032.
The key factors that drive the growth of the accounting services market include surge in trend of error-free & less time-consuming transactions and growth in awareness regarding outsourcing financial and accounting operations. The adoption of advanced accounting software and automation tools has revolutionized financial processes. These technologies reduce the likelihood of human errors in data entry, calculation, and reporting. Accountants now rely on automated systems to streamline routine tasks, allowing them to focus on complex financial analysis and strategic planning. Moreover, the move towards error-free and less time-consuming transactions enhances overall efficiency and productivity. In addition, increase in environmental, social, and governance (ESG) reporting is considered as an important factor to boost the growth of the accounting services market. However, regulatory challenges, and accounting scandals are major factors that hamper the growth of the accounting services market. In addition, the high cost of services offered by accounting firms is limiting their adoption among small and medium-sized enterprises. Continuous adaptation to evolving rules and standards raises operational costs and generates uncertainty. Regulatory authorities, in response to accounting scandals, have intensified their examination of financial practices. This results in additional compliance burdens for accounting firms and businesses, influencing their inclination to seek external accounting services. Contrarily, increased collaboration of SMEs with e-commerce players presents a significant opportunity for the accounting services industry. The increased growth of small & medium-sized businesses collaborating with e-commerce players and connecting with other online applications, such as
1) automated bank feeds and automated billing features, is expected to drive the adoption of accounting software during the forecast period.
The accounting services market is segmented on the basis of type, end user, and region. On the basis of type, it is categorized into payroll services, tax preparation services, bookkeeping, financial auditing, and others. On the basis of end user, it is classified into finance sector, manufacturing and industrial sector, retail sector, public sector, IT and telecom industry, others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the accounting services market such as
1) Ernst & Young Global Limited (EY), ADP, INC., KPMG International Limited, Delloite, Plante & Moran, PLLC, BDO, RSM International Ltd., McKinsey & Company, Grant Thornton International Ltd (GTIL), and PwC. These players have adopted various strategies to increase their market penetration and strengthen their position in the accounting services market.
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