Bookkeeping, Financial Auditing and Other Accounting Services Market Expansion Continues, with Forecast Valuation of $673.45 Billion by 2029

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Bookkeeping, Financial Auditing and Other Accounting Services Market Size Growth Forecast: What to Expect by 2025?
The market for bookkeeping, financial auditing, and various other accounting services has seen a steady expansion in recent years. The market is projected to escalate from $533.09 billion in 2024 to $552.23 billion in 2025, marking a compound annual growth rate (CAGR) of 3.6%. The past growth can be associated with economic development, business globalization, modifications in taxation, mounting business intricacy, and trends in outsourcing.

How Will the Bookkeeping, Financial Auditing and Other Accounting Services Market Size Evolve and Grow by 2029?
The market size for bookkeeping, financial auditing, and various other accounting services is slated for robust expansion in the upcoming years, reaching a value of $673.45 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 5.1%. This growth in the forecast period is credited to factors such as remote work tendencies, worries about data security, a surge in demand from small businesses, and Environmental, Social, and Governance (ESG) reporting, along with advisory and consulting services. Key trends shaping the forecast period encompass digital resurgence, radical improvement in accounting technologies, emphasis on cybersecurity, as well as data analytics and business intelligence.

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What Drivers Are Propelling the Growth of Bookkeeping, Financial Auditing and Other Accounting Services Market Forward?
Anticipated advancements in policy reform within the financial sector are projected to stimulate the expansion of the market for bookkeeping, financial audits and other related accounting services. Policy reform involves an exhaustive and comprehensive review of the province's regulations to identify methods to elevate their standards. This could result in a more sophisticated financial environment that calls for specialized knowledge and expertise, thus opening up new avenues for accounting firms to offer their services. This could lead to increased demand for compliance services and more in-depth examination of financial statements among others. For example, in March 2023, a crucial financial policy reform was introduced by the Chinese government. Their objective was to establish a new regulatory body, the National Financial Regulatory Administration, as a replacement for the China Banking and Insurance Regulatory Commission. The reform targets four major areas, which include enhancements in financial stability framework, supervision improvements and protection of consumer and investor interests, betterment of capital market functionality, and restructuring of the central bank's organization. Moreover, the UK government also revealed a thorough financial regulation reform package in December 2022, designated to overhaul EU regulations. The Edinburgh Reforms comprised of 30 steps, which are inclusive of modifications to significant regulations introduced following the 2008 financial crisis. The new laws propose revisions to the ringfencing regime, stipulating that banking institutions must isolate their investment banks from consumer arms. In conclusion, advances in policy reforms in the financial field are acting as catalysts for the expansion of the bookkeeping, financial audits and other accounting services market.

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What Are the Key Trends Driving Bookkeeping, Financial Auditing and Other Accounting Services Market Growth?
Advancements in technology are becoming a significant trend in the market for bookkeeping, financial auditing, and other accounting services. Major players in this market are leveraging cutting-edge technologies to boost their market standing. For instance, in May 2024, Caseware International Inc., a Canada-based firm specializing in software solutions, unveiled AiDA, an AI-driven digital assistant aimed at transforming the accounting and auditing processes. AiDA offers accurate responses to questions specific to the profession and improves the effectiveness of accounting, auditing, and financial professionals by answering queries related to methodologies and regulatory compliance instantly. The assistant assists in handling and scrutinizing audit evidence, thus aiding in generating crucial audit paperwork and deliverables. By optimizing workflows, AiDA enables professionals to concentrate on critical decision-making instead of routine tasks, thus propelling business growth and the financial success of clients. Verify leverages data analysis of tens of millions of expenses and receipts on the SAP Concur platform to use a library of AI and ML detection scenarios to identify potential spending issues.

What Are the Key Segments in the Bookkeeping, Financial Auditing and Other Accounting Services Market?
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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Who Are the Key Players Shaping the Bookkeeping, Financial Auditing and Other Accounting Services Market's Competitive Landscape?
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

What Geographic Markets Are Powering Growth in 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.

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