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Global Accounting Services Market Review 2024: Trends and Projections
Accounting Services Market Research
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According to The Business Research Company's, The accounting services market size has grown steadily in recent years. It will grow from $652.32 billion in 2023 to $676.73 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to globalization, outsourcing of back-end operations to low-cost economies, a rise in research and development (r&d) investments, and strong economic growth in emerging markets.
The accounting services market size is expected to see steady growth in the next few years. It will grow to $804.27 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to changes in standards of financial reporting standards transition, regulatory reforms, technology development, and rising urbanization. Major trends in the forecast period include investing in opportunities and broaden services with information technology, consider adopting social media communication, cloud based accounting software, blockchain technology, adopt big data, communication technology, and artificial intelligence and companies should try automating the redundant processes that involve manual labor.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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, Accentur*e, 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, PricewaterhouseCoopers, Mazars, Crowe
Accounting Services Market 2024 Key Insights:
• The accounting services market size is expected to see steady growth in the next few years. It will grow to $804.27 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%.
• Surge In Regulatory Reforms Fuels Demand For Accounting Services
• Outsourcing For Improved Expertise And Advisory Offerings
• North America was the largest region in the accounting services market in 2023
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