Accounting Services Market By Type (Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing, Others), By End User (Finance Sector, Manufacturing and Industrial Sector, Retail Sector, Public Sector, IT and Telecom Industry, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
Accounting services include a wide range of services such as bookkeeping, financial statement preparation, tax planning and compliance, and management accounting. The accounting services market is impacted by emerging trends such as digital transformation, data analytics, reporting sustainability, cybersecurity, and change regulatory environments. Businesses require the services of accounting firms to comply with the regulatory requirements and to ensure the accuracy of their financial records. Furthermore, the growth of the service industry and the increasing demand for specialized accounting-related services is anticipated to shape the future of the Global accounting firm services market.
The key factors that drive the growth of the accounting services market include surge in trend of error-free & less time-consuming transactions and growth in awareness regarding outsourcing financial and accounting operations. The adoption of advanced accounting software and automation tools has revolutionized financial processes. These technologies reduce the likelihood of human errors in data entry, calculation, and reporting. Accountants now rely on automated systems to streamline routine tasks, allowing them to focus on complex financial analysis and strategic planning. Moreover, the move towards error-free and less time-consuming transactions enhances overall efficiency and productivity. In addition, increase in environmental, social, and governance (ESG) reporting is considered as an important factor to boost the growth of the accounting services market. However, regulatory challenges, and accounting scandals are major factors that hamper the growth of the accounting services market. In addition, the high cost of services offered by accounting firms is limiting their adoption among small and medium-sized enterprises. Continuous adaptation to evolving rules and standards raises operational costs and generates uncertainty. Regulatory authorities, in response to accounting scandals, have intensified their examination of financial practices. This results in additional compliance burdens for accounting firms and businesses, influencing their inclination to seek external accounting services. Contrarily, increased collaboration of SMEs with e-commerce players presents a significant opportunity for the accounting services industry. The increased growth of small & medium-sized businesses collaborating with e-commerce players and connecting with other online applications, such as automated bank feeds and automated billing features, is expected to drive the adoption of accounting software during the forecast period.
The accounting services market is segmented on the basis of type, end user, and region. On the basis of type, it is categorized into payroll services, tax preparation services, bookkeeping, financial auditing, and others. On the basis of end user, it is classified into finance sector, manufacturing and industrial sector, retail sector, public sector, IT and telecom industry, others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the accounting services market such as 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), and PwC. These players have adopted various strategies to increase their market penetration and strengthen their position in the accounting services market.
Key benefits for stakeholdersThe study provides in-depth analysis of the global accounting services market along with the current & future trends to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the global accounting services market size are provided in the report.
Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global accounting services market from 2022 to 2032 is provided to determine the market potential.
Key Market SegmentsBy TypePayroll Services
Tax Preparation Services
Bookkeeping
Financial Auditing
Others
By End UserFinance Sector
Manufacturing and Industrial Sector
Retail Sector
Public Sector
IT and Telecom Industry
Others
By RegionNorth America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersErnst & Young Global Limited (EY)
KPMG International Limited
Plante & Moran, PLLC
RSM International Ltd.
delloite
ADP, Inc.
Grant Thornton International Ltd (GTIL)
PwC
BDO
McKinsey & Company
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