Fintech PR

Accounting Services Market to Reach $ 1.5 Trillion, Globally, by 2032 at 9.2% CAGR: Allied Market Research

Published

1 year ago

December 4, 2023

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.

Request Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/13298

(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)

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 Advertisement
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 Advertisement
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 Advertisement	Regulatory challenges, and accounting scandals

Procure Complete Report (341 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3NdIkzj

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.

Get Customized Reports with your Requirements: https://www.alliedmarketresearch.com/request-for-customization/13298

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.

Inquiry before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/13298

Trending Reports in BFSI Industry (Book Now with 10% Discount + COVID-19 Scenario):

Financial Services Software Market by Component (Software, Service), by Software Type (Audit, Risk and Compliance Management, BI and Analytics Applications, Business Transaction Processing, Customer Experience, Enterprise IT), by Deployment Model (On Premise, Cloud), by Enterprise Size (Large Enterprises, SMEs): Global Opportunity Analysis and Industry Forecast, 2021-2031.

Financial Advisory Services Market by Type (Corporate Finance, Accounting Advisory, Tax Advisory, Transaction Services, Risk Management, and Others), by Organization Size (Large Enterprises, and Small & Medium-Sized Enterprises), by Industry Vertical (BFSI, IT and Telecom, Manufacturing, Retail and E-Commerce, Public Sector, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2030.

In-Vehicle Payment Services Market By Offering (Solution and Service), Payment Mode (Credit/Debit Card, App/E-Wallet, QR Code/RFID and Others), Vehicle Type (Light Duty Vehicle (LDV) and Heavy Duty Vehicle (HDV)) and Application (Fuel/Charging Stations, Toll/Parking, Food/ Groceries and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030.

Employment Screening Services Market by Service (Criminal Background Checks, Education & Employment Verification, Credit History Checks, Drug & Health Screening, and Others) and Application (Healthcare, IT/Technology/Media, Financial Services, Staffing, Retail, Industrial, Travel/Hospitality, Government/ Education, Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2028.

Refinance Market by Type (Mortgage Refinancing, Auto Loan Refinancing, Student Loan Refinancing, Personal Loan Refinancing, Business Loan Refinancing), by Lenders (Banks, NBFC’s, Others), by End User (Individuals, Businesses): Global Opportunity Analysis and Industry Forecast, 2023-2032.

Trade Finance Market by Product Type (Commercial Letters of Credit (LCs), Standby Letters of Credit (LCs), Guarantees, and Others), Provider (Banks, Trade Finance Houses, and Others), Application (Domestic and International), and End User (Traders, Importers, and Exporters): Global Opportunity Analysis and Industry Forecast, 2021-2030.

About Us:

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.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
BFSI Blog