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:
Market Size in 2022
Market Size in 2032
$ 1.5 Trillion
No. of Pages in Report
Type, End User, and Region.
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
Rise in adoption of IoT and block chain-based accounting service platforms
Increased collaboration of SMEs with e-commerce players
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
- Plante & Moran, PLLC
- RSM International Ltd.
- McKinsey & Company
- Grant Thornton International Ltd (GTIL)
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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Newmark Group Reports Fourth Quarter and Full Year 2023 Financial Results
Conference Call to Discuss Results Scheduled for 10:00 a.m. ET Today
NEW YORK, Feb. 22, 2024 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate service provider to large institutional investors, global corporations, and other owners and occupiers, today reported its financial results for the three months and year ended December 31, 2023.
A complete and full-text financial results press release, including information about today’s financial results conference call and Newmark’s dividend declaration, is accessible in the “Media” section at https://nmrk.com. It is also available directly at any of the following web pages:
https://ir.nmrk.com (PDF version of the full press release, PDF of a quarterly results investor presentation, and supplemental Excel financial tables)
https://ir.nmrk.com/investors/news-releases/financial-and-corporate-releases (Links to the PDF version of the full press release, PDF of a quarterly results investor presentation, and to Excel financial tables)
https://nmrk.com/media (PDF version of the full release only)
(Note: If clicking on the above links does not open a new web page, you may need to cut and paste the above URLs into your browser’s address bar.)
Today’s conference call is expected to contain forward-looking statements with respect to the Company’s financial outlook.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT NEWMARK
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
Singularity Closes $2.2M in Latest Funding Round to Provide Institutions Confidential Access to DeFi
DENVER, Feb. 22, 2024 /PRNewswire/ — Singularity, founded in late 2022, has successfully concluded its second funding round at the end of 2023, with this round led by Gumi Cryptos Capital. The funding will support the development of its protocol, aimed at facilitating compliant access to DeFi as well as ensuring commercial confidentiality for all on-chain activities, with an emphasis on institutional users.
Notable participation from investors such as Nomura’s digital asset subsidiary Laser Digital, Eureka Partners, and previous round investors including Apollo Crypto, Digital Asset Capital Management, and Gandel Invest, underscores top tier institutional and Venture Capital firms’ confidence in Singularity’s vision. With this latest round, Singularity has raised close to US$4 million since its inception.
Singularity is leading the way in developing a KYC/KYB-compliant institutional DeFi access layer, providing access to leading protocols for on-chain institutional participants while prioritizing commercial confidentiality. Users can seamlessly access existing on-chain liquidity and conduct transactions within Singularity, all while benefiting from on-chain anonymity by utilizing advanced zero-knowledge technology.
The initial cohort of institutional users comprises a significant portion of Singularity’s investors, spanning liquid funds, asset managers, and venture capitalists. Singularity stands as one of the first DeFi infrastructure protocols leveraging Noir-based zero-knowledge circuits. Noir is a domain-specific language for SNARK proving systems developed by Aztec Labs. It serves as a universal language for zero-knowledge (ZK) circuits. Users can have confidence in the commercial confidentiality of their on-chain activity protected by state-of-the-art cryptography.
“We look forward to launching in the coming months with our early institutional users. We focused on designing and building in 2023, and, in what was a very difficult year for primary markets, our investors’ commitments validate the institutional need to transact on-chain without information leakages” said Jemma Xu, co-founder of Singularity, “We have an exciting product roadmap ahead with more integrations and multichain deployments. Our immediate focus is on growing our institutional user base.”
“We are proud to support Singularity in their efforts to advance DeFi accessibility. Singularity addresses a crucial need in the market, providing institutional users with both the compliance and the commercial confidentiality necessary to participate in DeFi. We look forward to partnering with Singularity in this journey,” said Miko Matsumura, Managing Partner at Gumi Cryptos Capital.
“We are excited to support Singularity on its journey to bring private and compliant DeFi accessibility to institutions.” said Jez Mohideen, CEO of Laser Digital.
Users can both leverage the underlying existing on-chain liquidity and transact within the Singularity, obfuscating both wallet addresses and order details. At launch, Singularity will be integrated with some of the major DeFi protocols and will continue to grow its integrations to provide users with a diversity of on-chain strategies.
Singularity, a protocol developed by PG Foundation, is a compliant institutional DeFi access layer that provides access to popular protocols for institutional on-chain participants with commercial confidentiality. Users will have their wallet addresses obfuscated whilst leveraging existing DeFi liquidity. Singularity uses the state-of-the-art UltraPLONK proof system with zero-knowledge circuits based on Noir.
Kakao Brain Debuts ‘KARA-CXR’, a Web-Based Radiology Report Service Powered by Large-Scale AI
“AI Assistant for Radiologists”
- Kakao Brain introduced last month a web-based radiology report Research Use Only (RUO) service powered by its large-scale artificial intelligence (AI), “KARA-CXR.”
- Kakao Brain plans to expand the interactive functions supporting various imaging medical examinations through the advancement of large-scale multi-modal generation AI technology.
SEOUL, South Korea, Feb. 22, 2024 /PRNewswire/ — Kakao Brain has unveiled the research use only (RUO) web-based solution powered by “KARA-CXR” (short for “Kakao Brain AI for Radiology Assistant-CXR”), a large-scale AI algorithm that instantly generates preliminary radiology reports for doctor’s review when chest X-ray images are uploaded onto the web.
Through this user-friendly and seamless solution, medical researchers can experience various functions such as: receiving two types of AI interpretations of chest X-ray images together (a simple report and a detailed full report); ability to upload multiple DICOM files at once and receiving multiple reports simultaneously; and being able to share the AI interpretations within the research group or medical community. It also features compliant security measures that anonymize and protect any personal information contained in DICOM files.
Kakao Brain started developing ‘KARA-CXR’ in 2022, collaborating with 11 leading university hospitals and large medical institutions. Partners include: Ewha Womans University Medical Center (Seoul, Mok-dong), Ajou University Hospital, Soonchunhyang Medical Center (Cheonan, Gumi, Seoul), Chungnam National University Hospital, Chungbuk National University Hospital, Keimyung University Dongsan Medical Center, Inha University Hospital, Dongguk University Ilsan Hospital, among others. ‘KARA-CXR’ has analyzed over 16 million chest X-ray images and readings. KARA-CXR is built on Kakao Brain’s healthcare-specialized large-scale generative AI model, and the research team is preparing to publish the results in influential academic journals.
Kakao Brain is preparing to obtain the European Union certification and seek approval from the US FDA and Korean Ministry of Food and Drug Safety. Kakao Brain is committed to the expansion of AI-powered radiology solution to address the inefficiency in the existing interpretation and reporting process, a shortage of radiologists, and to unburden healthcare professionals from the increasing workload. As an RUO tool, KARA-CXR is currently available for research use only and is not intended to diagnose, treat, cure, or prevent any disease.
Kim Il-doo, CEO of Kakao Brain, stated, “As KARA-CXR was developed using high-quality data and the latest technology involving large-scale learning and generative AI, I hope that it will eventually play a great role in enhancing the workflow for the radiologists, not to mention improving the efficiency of chest x-ray image interpretation.” He also added, “We are planning to go beyond generating AI interpretations of chest X-rays by expanding the algorithms to include interactive functions that support a variety of medical imaging tests, by utilizing the advanced large-scale multi-modal generative AI technology.”
Kakao Brain is a Korea-based global AI technology company. Founded in 2017, Kakao Brain aims to develop AI technology that will change people’s lifestyle and embraces the challenge of asking the ‘Unthinkable Question’ to spark innovation, allowing everyone to live better lives. Kakao Brain has developed numerous innovative AI technologies and services designed to enhance people’s quality of life through continuous technological innovation. These include the large-scale language model KoGPT and the image generation model Karlo. Additionally, Kakao Brain contributes to the development of the AI technology community by releasing ‘Coyo,’ a dataset consisting of approximately 740 million images and text. More information about Kakao Brain can be found on their official website: https://KakaoBrain.com/.
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