Accounting Services Market Expansion Continues, with Forecast Valuation of $804.4 Billion by 2029

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How Large Will the Accounting Services Market Size By 2025?
The size of the accounting services market has seen consistent growth in the past few years. The market, which is projected to increase from $637.26 billion in 2024 to $660.38 billion in 2025, is expected to have a compound annual growth rate (CAGR) of 3.6%. Factors contributing to growth during the historical period include globalization, the outsourcing of backend procedures to lower-cost economies, an increase in research and development (R&D) investments, and robust economic expansion in developing markets.

How Big Is the Accounting Services Market Size Expected to Grow by 2029?
Expectations are high for substantial growth in the accounting services market size in the forthcoming years. It's predicted to reach a value of $804.4 billion by 2029, expanding at a compound annual growth rate (CAGR) of 5.1%. Factors contributing to this growth within the forecast period include the transition of financial reporting standards, regulatory reforms, advancements in technology, and increased urbanization. Key emerging trends over the forecast timeline encompass investment in opportunities and service diversification through information technology. Additionally, embracing social media communication, adopting cloud-based accounting software, blockchain technology, big data, communication technology, and artificial intelligence are also encouraged. Companies are also suggested to automate redundant processes that involve manual work.

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Which Key Market Drivers Powering Accounting Services Market Expansion and Growth?
The demand for accounting services like accounting and tax advisory has amplified due to the regulatory reforms implemented in the financial sector. For example, the launch of the National Asset Reconstruction Company Limited (NARCL), also known as Bad Bank, by the Indian Government in 2021-22 was in response to the rising pressure in the banking and financial sectors. As the regular operations resume this year, it is anticipated that 22 stressed loans exceeding 80,000 crores will be shifted to NARCL for a focused resolution procedure. In the following five years, further significant transformations, such as the UK's withdrawal from the EU, are expected to generate even more demand for accounting consultants, providing a boost to the market.

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What Are the Key Trends Driving Accounting Services Market Growth?
Certain accountants are beginning to delegate traditional rudimentary accounting responsibilities like payroll management, processing accounts payable, and managing accounts receivable. This tactic allows their teams to focus on high-priority tasks such as specializing in their client's specific market sectors and studying their client's business data. This shift in focus is redefining the job of an ordinary accountant to a business consultant, offering superior customer service by fostering robust advice-driven relationships. For example, QX Accounting Services (QXAS) Ltd supplies outsource accounting, financial and assorted services to accountants and accountancy firms operating within the UK.

What Are the Emerging Segments in the Accounting Services Market?
The accounting services market covered in this report is segmented -

1) By Type: Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing And Other Accounting Services
2) By Service Provider: Large Enterprise, Small And Medium Enterprise
3) By End Use Industry: IT Services, Manufacturing, Financial Services, Construction, Others

Subsegments:
1) By Payroll Services: Payroll Processing, Wage Calculations, Direct Deposit Management, Tax Filings Related to Payroll
2) By Tax Preparation Services: Individual Tax Preparation, Corporate Tax Preparation, Estate and Trust Tax Preparation, Tax Advisory Services
3) By Bookkeeping: Accounts Payable and Receivable, General Ledger Management, Financial Reporting, Bank Reconciliation
4) By Financial Auditing And Other Accounting Services: Internal Auditing, External Auditing, Forensic Accounting, Financial Statement Review, Risk Management

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Who Are the Global Leaders in the Accounting Services Market?
Major companies operating in the accounting services market include 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, accenture*, 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, Mazars

Which are the Top Profitable Regional Markets for the Accounting Services Industry?
North America was the largest region in the accounting services market in 2024. Western Europe was the second largest region in the accounting services market. The regions covered in the accounting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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