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

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Dec 04, 2023, 10:01 ET

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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