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Accounting Services Market to Reach $ 1.5 Trillion, Globally, by 2032 at 9.2% CAGR: Allied Market Research
Surge in trend of error-free & less time-consuming transactions, increase in environmental, social, and governance (ESG) reporting, and growth in awareness regarding outsourcing financial and accounting operations contribute towards the growth of the market.
PORTLAND, Ore., Dec. 4, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Accounting Services Market by Type (Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing, and Others), and End User (Finance Sector, Manufacturing and Industrial Sector, Retail Sector, Public Sector, IT and Telecom Industry, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global accounting services industry generated $628.41 billion in 2022, and is anticipated to generate $ 1.5 trillion by 2032, witnessing a CAGR of 9.2% from 2023 to 2032.
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- 127 – Tables
- 48 – Charts
- 260 – Pages
Prime determinants of growth
Increased collaboration of small & medium enterprises with e-commerce players and surge in trend of error-free & less time-consuming transactions between companies are becoming the major factors driving the growth of the market. However, high operating costs are expected to hamper the market growth. Contrarily, rise in the adoption of Internet-of-Things and block chain-based accounting service platforms can be seen as an opportunity for the market growth in the coming years.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$628.41 Billion |
|
Market Size in 2032 |
$ 1.5 Trillion |
|
CAGR |
9.2 % |
|
No. of Pages in Report |
341 |
|
Segments covered |
Type, End User, and Region. |
|
Drivers |
Surge in trend of error-free & less time-consuming transactions Increases in environmental, social, and governance (ESG) reporting Growth in awareness regarding outsourcing financial and accounting operations |
|
Opportunities |
Rise in adoption of IoT and block chain-based accounting service platforms Increased collaboration of SMEs with e-commerce players |
|
Restraints |
Regulatory challenges, and accounting scandals |
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The financial auditing segment to maintain its leadership status throughout the forecast period
Based on type, the financial auditing segment held the highest market share in 2022, accounting for nearly two-fifths of the global accounting services market revenue, owing to the fact that auditing firms are incorporating data analytics and technology tools to enhance audit processes, improve efficiency, and identify anomalies in large data sets. However, the bookkeeping segment is projected to attain the highest CAGR of 13.5% from 2023 to 2032. This is attributed to the fact that bookkeeping services are investing in robust security measures to protect sensitive financial information and comply with data protection regulations, with the increase in importance of data security and privacy.
The finance sector segment to maintain its leadership status throughout the forecast period
Based on end user, the finance sector segment held the highest market share in 2022, accounting for more than one-fourth of the global accounting services market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is owing to the fact that financial institutions are increasingly adopting digital technologies for their operations, requiring accounting services to adapt to digital financial reporting, data analytics, and cybersecurity measures. However, the public sector segment is projected to attain the highest CAGR of 13.6% from 2023 to 2032. This is due to the fact that accounting services help government agencies maintain accountability by providing clear financial statements and reports. This transparency is essential for building trust among citizens and stakeholders.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global accounting services revenue, owing to the fact that many accounting firms in North America are focusing on industry-specific expertise. They are tailoring their services to cater to the unique needs of clients. However, the Asia-Pacific region is expected to witness the fastest CAGR of 12.9% from 2023 to 2032, and is likely to dominate the market during the forecast period. This is attributed to the fact that accounting firms in the Asia-Pacific region are offering data security and privacy compliance services to ensure businesses adhere to regulations and protect sensitive financial information.
Leading Market Players: –
- 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)
- PwC
The report provides a detailed analysis of these key players of the global accounting services market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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Bybit Web3 Wallet Integrates Tonstakers: The First of Its TON Staking Offerings to Expand DeFi Opportunities
DUBAI, UAE, Dec. 27, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange,is excited to announce the integration of Tonstakers, the leading liquid staking protocol on the TON blockchain, into its Web3 Wallet. This marks the first of Bybit Web3’s TON staking offerings, reinforcing its commitment to expanding decentralized finance (DeFi) opportunities for its users.
With this integration, Bybit Web3 Wallet users can now seamlessly stake Toncoin ($TON) and receive $tsTON (Tonstakers LST) in return. The value of $tsTON increases relative to $TON every 26 hours, ensuring competitive rewards while contributing to the growth and success of the TON ecosystem. The integration also opens the door for 130 million users in the TON ecosystem to access TON staking directly within the Bybit Web3 Wallet.
Bybit is dedicated to simplifying DeFi adoption by providing intuitive and user-friendly staking experiences. This milestone partnership with Tonstakers enables users to unlock annual returns estimated between 3% and 5% APY, with rewards automatically compounded, further cementing Bybit’s role as a leader in DeFi accessibility.
Why Tonstakers Matters: The First of Its Kind
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“Bybit Web3 is proud to deepen our integration with the TON blockchain, a crucial step in our mission to foster a thriving and interconnected Web3 ecosystem,” said Emily Bao, Head of Bybit Web3. “This integration empowers our users with seamless and trusted access to TON liquid staking pools and unlocks valuable earning opportunities. As a strong believer in DeFi adoption, Bybit Web3 is committed to bridging the gap between Web2 and Web3, creating simple, easy, and accessible solutions that bring the benefits of decentralized finance to a wider audience. We believe this integration will significantly contribute to the growth and success of the TON ecosystem.”
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About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.
Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 60 million users globally.
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For more details about Bybit Web3, please visit Bybit Web3.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
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Yaber T2 projector is currently available at Christmas sale on Amazon and the official Yaber website. Meanwhile, pre-orders for the L2s projectors in exclusive Pantone colors will reopen in mid-January 2025.
This year, Yaber further expanded its global retail presence, debuting at the iconic Selfridges in the UK and securing placements in MediaMarkt across EMEA, Canada’s London Drugs, Saudi Arabia’s EXTRA, Belgium’s FNAC, Greece’s PUBLIC, Czech Republic’s Datart, Japan’s Bic Camera and Yodobaxi, and Malaysia’s premier IOI City Mall and Plaza Low Yat.
Looking ahead, Yaber is set to unveil its first ultra-short-throw laser projector and a new Keith Haring-inspired entry-level model at CES 2025. The launch event will take place at 4:00 PM PST, January 6, 2025 at Caesars Palace, Las Vegas. Visit Yaber’s booth in South Hall 1-30808 at Las Vegas Convention and World Trade Center (LVCC) from January 7-10 to discover more.
About Yaber
Founded in 2018, Yaber redefined home entertainment by introducing the world’s first entertainment projector, pioneering a new category in the industry. Today, its innovative projectors have delivered immersive experiences to users in over 120 countries, making Yaber a trusted name in global home entertainment.
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The main forum held a series of activities, including an opening ceremony, two round-table dialogues on “finance + biomedical industry” and “finance + cultural industry”, a symposium for foreign financial institutions, a seminar on innovative development of financial clusters, a forum on development of technology and finance, a forum on industrial low-carbon transformation and financial innovation, as well as an enterprise project roadshow and industry-finance matchmaking event.
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The conference also held an unveiling ceremony for the upgrading of the Shenyang finance and trade development zone to a national-level development zone, and a launch ceremony of a platform for Shenyang industrial insights and decision analysis.
The conference was co-hosted by China Economic Information Service, Liaoning Branch of Xinhua News Agency, Shenhe District People’s Government, Shenyang local financial administration under guidance of Shenyang Municipal People’s Government and Liaoning local financial supervision and administration bureau.
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