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Global Bookkeeping, Financial Auditing and Other Accounting Services Market to Reach $671.13 Billion by 2029, Growing at 5% CAGR

Bookkeeping Financial Auditing and Other Accounting Services

Bookkeeping Financial Auditing and Other Accounting Services

What combination of drivers is leading to accelerated growth in the bookkeeping, financial auditing and other accounting services market?
The anticipated regulatory overhaul in the financial industry is predicted to fuel the expansion of bookkeeping, financial auditing, and other accounting services market. Such a reform involves a comprehensive and mannered examination of the existing regulations by the province, aiming to improve their quality. This could, however, lead to a more intricate financial environment, necessitating unique know-how and proficiency. This complex scenario opens up new avenues for accounting firms to offer their services to clients, which would augment the demand for compliance services, increased examination of financial accounts, among others. For instance, major financial regulatory adjustments were made by the Chinese government in March 2023. This was intended to establish the National Financial Regulatory Administration, a novel regulatory body set to substitute the China Banking and Insurance Regulatory Commission. The reform is centered around four major areas including enhancing the financial stability framework, bettering supervision and shielding the interests of consumers and investors, effective functioning of capital markets, and revamping the central bank's organization. Moreover, a thorough financial regulation reform package focusing on remodeling EU regulations was launched by the British government in December 2022. The Edinburgh Reforms, consisting of 30 actions, involve key regulation modifications that were enacted following the 2008 financial crisis. The new legislations cover modifications to the ringfencing regime, mandating banks to segregate their investment banks from their consumer branches. Thus, the impending regulatory overhauls in the financial industry are stimulating the growth of the bookkeeping, financial auditing, and other accounting services market.

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What is the projected compound annual growth rate (CAGR) of the bookkeeping, financial auditing and other accounting services market from 2025 to 2034, and what factors influence it?
The market for bookkeeping, financial auditing, and various other accounting services has seen a consistent expansion in recent times. The market is anticipated to rise from $532.56 billion in 2024 to $553.22 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 3.9%. Factors such as economic development, business globalization, modifications in taxes, escalating business intricacy, and outsourcing trends contributed to the growth experienced during the historical period.

The market size for bookkeeping, financial auditing, and other accounting services is predicted to experience consistent growth in the upcoming years, reaching $671.13 billion by 2029 with a CAGR of 4.9%. The projected growth can be connected to the trend of remote work, issues related to data security, an increase in demand among small businesses, environmental, social, and governance (ESG) reports, and consulting and advisory services. Prominent trends anticipated during the forecast period encompass digital transformation, technological evolution in accounting, an emphasis on cybersecurity, data analysis, and business intelligence.

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How are the latest trends influencing the growth of the bookkeeping, financial auditing and other accounting services market?
Key technological advancements are becoming a notable trend in the market for bookkeeping, financial auditing, and additional accounting services. Industry-leading companies are creating innovative technologies to maintain their market presence. For example, in May 2024, Caseware International Inc., a software solutions firm based in Canada, introduced AiDA - an AI-driven digital assistant themed to transform auditing and accounting processes. AiDA offers precise responses to profession-specific questions, thus improving the work efficiency of accounting, auditing, and financial professionals by promptly addressing compliance and methodology-related queries. The assistant assists in the auditing evidence processing and analysis, ensuring the production of important audit workpapers and deliverables. By automating workflows, AiDA lets professionals concentrate more on strategic decisions rather than repetitive tasks, paving the way for expanding the practice and advancing client financial prosperity. Verify taps into the data analysis of tens of millions of receipts and expenses within the SAP Concur platform to employ a database of AI and machine learning detection scenarios to identify potential spending issues.

What are the major segments of the bookkeeping, financial auditing and other accounting services market and their role in driving growth?
The bookkeeping, financial auditing and other accounting services market covered in this report is segmented -

1) By Type: Tax Preparation Services, Bookkeeping Services, Payroll Services
2) By Service Provider: Large Enterprise, Small And Medium Enterprise
3) By End User: Banking, Financial Services And Insurance (BFSI), Government, Manufacturing, Healthcare, IT And Telecom, Other End Users

Subsegments:
1) By Tax Preparation Services: Individual Tax Preparation, Business Tax Preparation, Tax Planning And Consulting
2) By Bookkeeping Services: General Bookkeeping, Accounts Receivable And Payable Management, Financial Reporting
3) By Payroll Services: Payroll Processing, Payroll Tax Administration, Employee Benefits Management

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Which regions are key players in the growth of the bookkeeping, financial auditing and other accounting services market?
North America was the largest region in the bookkeeping, financial auditing and other accounting services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global bookkeeping, financial auditing and other accounting services market report during the forecast period. The regions covered in the bookkeeping, financial auditing and other accounting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the bookkeeping, financial auditing and other accounting services market?
Major companies operating in the bookkeeping, financial auditing and other accounting services market include Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, Ernst & Young Pvt. Ltd., Oracle Corporation, KPMG International, SAP SE, BDO International Limited, Intuit Inc., RSM International Association, Grant Thornton International Ltd., AcuityCFO LLC, Crowe Horwath International Limited, Moore Stephens International Limited (Moore Global), Mazars Group, Nexia International Limited, CBIZ & MHM LLC, Marcum LLP, Baker Tilly Virchow Krause LLP, CliftonLarsonAllen LLP, Moss Adams LLP, Plante Moran PLLC, Xero Limited, Rehmann Group LLC, Dixon Hughes Goodman LLP, EisnerAmper LLP, Raffa P.C., Bookkeeper360 Inc., Bharat Global Compliance LLP, Richards Financial Services Inc., AcctTwo Shared Services LLC

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What Is Covered In The Bookkeeping, Financial Auditing and Other Accounting Services Global Market Report?

• Market Size Forecast: Examine the bookkeeping, financial auditing and other accounting services market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the bookkeeping, financial auditing and other accounting services market for a structured understanding.
• Key Players Overview: Analyze major players in the bookkeeping, financial auditing and other accounting services market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the bookkeeping, financial auditing and other accounting services market.
• Segment Contributions: Evaluate how different segments drive overall growth in the bookkeeping, financial auditing and other accounting services market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the bookkeeping, financial auditing and other accounting services market.
• Industry Challenges: Identify potential risks and obstacles affecting the bookkeeping, financial auditing and other accounting services market.
• Competitive Landscape: Review strategic developments in the bookkeeping, financial auditing and other accounting services market, including expansions, agreements, and new product launches.

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