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Accounting Services Market to Reach $ 1.5 Trillion, Globally, by 2032 at 9.2% CAGR: Allied Market Research
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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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Fintech PR
Board the TOKEN2049 Treasure Express With Bybit and Dive Into an $80,000 Prize Pool
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, set out to make the community’s TOKEN2049 journey more rewarding. Gearing up for the most anticipated blockchain and Web3 event in the region, Bybit is thrilled to announce three bonus events to enable both attendees and remote fans to both be part of the experience.
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#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
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Fintech PR
Bybit Expands Global Reach, Receives Formal Consent for Full Authorization in Kazakhstan
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce it’s among the first to be granted consent to a full authorization by the Astana Financial Service Authority (AFSA). This milestone brings Bybit closer to becoming a fully regulated Digital Asset Trading Facility (DATF).
As part of a rigorous process, Bybit Kazakhstan has passed a full AML check, business conduct audit, and detailed compliance inspections. This is part of Bybit’s focus on securing new user opportunities in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.
“Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market,” said Ben Zhou, co-founder and CEO of Bybit. “We are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”
Once the full license is in place, Bybit Kazakhstan will offer various digital assets related products and services. The expansion into Kazakhstan aligns with Bybit’s mission to provide reliable and transparent services, catering to the unique needs of crypto traders and investors in the region.
This development follows Bybit’s receipt of its initial operating and custody licenses from AFSA in June 2023, reinforcing its commitment to local regulatory requirements. Bybit’s ongoing efforts to strengthen its presence in Kazakhstan underscore its belief in responsible growth and ensuring a compliant and secure trading environment.
Kazakhstan has quickly emerged as a hub for crypto innovation, and Bybit is proud to play a leading role in fostering this development. For example, Bybit hosted a “Foundations of Blockchain, Web3 and Crypto Exchange Activities” course for Banks of Kazakhstan in 2024. This event was part of Bybit’s drive to make blockchain education more accessible in the CIS region.
By securing this full authorization, Bybit is poised to enhance crypto adoption, provide institutional-grade security, and offer advanced trading features to its growing regional user base.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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View original content:https://www.prnewswire.co.uk/news-releases/bybit-expands-global-reach-receives-formal-consent-for-full-authorization-in-kazakhstan-302240634.html
Fintech PR
Integrum ESG and CSRHub enable fund managers to monitor both long-term trends and short-term movements in ESG ratings for companies, across a 10-year time series
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LONDON, Sept. 6, 2024 /PRNewswire/ — Integrum ESG, the leading alternative ESG data provider, has today announced the launch of their Consensus ESG Ratings module.
Just as investors monitor movements in consensus earnings estimates or credit ratings, investors now are aware of the demand for the ability to monitor long-term trends and short-term movements in consensus ESG ratings.
This new feature enables Integrum ESG’s asset manager clients to now see the consensus ESG score for any company, either as an absolute rating or a relative percentile ranking, across a 10-year time series.
These scores will indicate to any investor what the capital markets have ‘priced in’ for a company’s ESG performance, allowing users to quickly understand the market’s view on a company and easily conduct relative ESG analysis on the positions they hold within their Portfolio.
This regularly updated data is provided by CSRHub, the world’s leading provider of consensus ESG ratings. CSRHub has spent years aggregating and normalising a vast range of licensed sources – from large ESG ratings firms such as MSCI, ISS, S&P Global, and Sustainalytics to specialists such as CDP and Better World Companies.
Shai Hill, Founder and CEO of Integrum ESG, commented: “Many investors have told us they want a sense of ‘what is priced in’ in terms of a company’s ESG performance, so they can compare this to what anyone ESG ratings firm is saying. CSRHub is the only firm to have credibly achieved this, thanks to a model refined over years and a vast data lake – so we are delighted to be partnering with them.”
Bahar Gidwani, Co-Founder of CSRHub, added: “Investors need to fine tune their ESG-related investment strategies to improve their returns and better match the preferences of their clients. Combining CSRHub’s expert outside-in, consensus view of ESG with Integrum ESG’s detailed real-time data stream provides a strong solution for these needs.”
About Integrum ESG
Integrum ESG is the leading alternative ESG data and ratings platform for investors, blending human analysis and award-winning artificial intelligence models to capture, verify and display granular and relevant ESG data for analysis and assessment. Their Platform allows clients to dissect ESG scores, real-time sentiment, and more with a variety of unique-to-market features, empowering industry professionals and investors and giving them complete oversight of ESG risk across their portfolio.
For more information, visit www.integrumesg.com
About CSRHub
CSRHub offers the most comprehensive global set of Consensus ESG (Environmental, Social, and Governance) ratings, information, and tools. CSRHub’s business intelligence system measures the ESG business impact that drives corporate and investor sustainability decisions. Founded in 2007, CSRHub covers 56,545 public and private companies, and provides ESG performance scores on over 37,899 companies from 135 industries in 210 countries. Our Big Data platform uses algorithms to aggregate, normalize and weight ESG metrics from 957 sources to produce a strong consensus signal on corporate sustainability performance.
For more information, visit www.csrhub.com
Media Contact
Harish Karunalingam
Integrum ESG
[email protected]
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