Accounting Services Market

Accounting Services Market Outlook (2024 to 2034)

The global accounting services market is projected to reach a valuation of US$ 631.35 billion in 2024. Further, the market is forecasted to escalate at a CAGR of 9.26% to attain a valuation of US$ 1,531.32 billion by the end of 2034.

Worldwide demand for accounting services is seeing a huge growth and is estimated to keep growing as the world proceeds to more capitalistic era. Several countries around the world are working on improving their law to regulate finances to make businesses more transparent and easy to go. Companies to abide by these laws are going to be always ahead in investing for the best accounting services to not face any legal charges. Since 2001, International Financial Reporting Standards is a part of major financial markets across the world, which is working on bringing more transparency, accountability, and promote economic efficiency. They are helping investors and business owners to escalate the efficiency of transactions on a daily basis. Some of the major accounting services used by corporates and small business owners include audit tax, consulting, book keeping, payroll services, and others.

Developers of these accounting services outsource software to their clients with specialized service packages, which are considerably more individualized. This is allowing the businesses become more cost effective as the businessman does not need to worry about spending too much money on pointless services, which are obsolete for small businesses and are ready to go for these personalized services, pushing the demand for accounting services to new heights covering all range of businesses from small to large corporates.

Companies majorly working in sectors far off from finance often do not have enough expertise to work on finance. Thereby, it become necessary for them to outsource resources for finance work to some third party, which possess enough skills and man power to control and manage their expenses and balance sheets. These services help in keeping the company always in profits and advise the clients on which direction to invest and increase their business size.

On the account of service providers, large corporates are sharing one of the most significant parts for these accounting services due to the fact of having a large chunk of money to invest and spend to grow their business holdings. Several statistics shows that a large count of the small and medium scale firms are investing in these accounting services, which is further making the opportunities visible for the accounting service providers.

Report Attributes	Details
Accounting Services Market Size (2024E)	US$ 631.35 Billion
Forecasted Market Value (2034F)	US$ 1,531.32 Billion
Global Market Growth Rate (2024 to 2034)	9.26% CAGR
Canada Market Growth Rate (2024 to 2034)	9.4% CAGR
China Market Value (2034F)	US$ 33.6 Billion
North America Market Growth Rate (2024 to 2034)	10.2%
East Asia Market Growth Rate (2024 to 2034)	9.2%
Key Companies Profiled	PwC; Ernst & Young; Delloit; KPMG; ADP (Automatic Data Processing Inc.); RSM International; BDO Global; Grant Thronton

Why Accounting Services are Becoming More Prevalent in Recent Years than Ever?

“Rising Popularity of ESG Among Government Bodies Pushing Business Owners”

In recent years, there is a growing increase in environmental, social, and governance (ESG) reporting, which is estimated to be a key growth driver for the increasing demand for accounting services globally. Regulatory bodies in every country are making it mandatory for businesses to work on ESG reporting requirements. This is nudging companies to disclose their ESG performance, which includes environmental sustainability, social responsibility, and corporate governance practices. Due to all these factors, several business owners are having no other option but to start investing in these accounting services for accurate and compliant reporting to meet all these requirements and regulations. On top of all this the heightened trend of error-free and less time-consuming transactions and growth in awareness regarding outsourcing financial and accounting operations is also contributing to the expanding accounting services market size worldwide.

“Accounting Services Working as Saviors Against Cyber Threats”

World is on the peak of digital boom then it was and this digital age is having its own advantages and disadvantages. Digital age brings faster transactions but also brings cyber threats and chances of frauds. These threats expose financial data vulnerabilities, jeopardizing the confidentiality, sensitivity, and integrity of the firm. These breaches not only harm the financial front of any company but also possess the potential to damage trust and respect in the market. None of the companies would like it if this happens to them; thereby a large number of companies are now trying to bring a digital transformation. They are working to implement and install the best accounting services to make sure they are not only safe but is having all time live monitoring of their financial accounts from anywhere and anytime.

Investors trust also increased due to these accounting services as they allow constant vigilance and monitoring of their money invested in the company. Failure to address these vulnerabilities are having several catastrophic results on the growth, thus every company around the world is leading to more advanced accounting services to make their business more stable and credible among investors and common people. All these factors are contributing to the overall accounting services market growth.

Which Components are a Big Threat to Accounting Service Providers?

“Quality Concerns, Loss of Control, and Technological Limitations”

One of the major factors, which is having the possibility to hamper the market growth, is the technological limitations to software. Several times while using cloud computing, the clients ends up giving control of their data to some third party, which is one of the potential losses or sometimes end up to be a big financial disaster. Apart from this, there are other quality concerns as well, which is further contributing to a part to hinder market growth. However, all the cautious steps are taken but still some technological glitches are the big roadblocks in front of service providers to increase their sales potential.

Country-wise Analysis

Finance is the foundation of any economic system whether it is the United States or Japan. Governments around the world are working on strengthening these financial systems by introducing best accounting services and attracting key players to work in their country to provide these services. Some of the major countries contributing in this market includes the United States, China, Canada, Mexico, and South Korea. The United States market is forecasted to hold a strong accounting services market share in North America.

Why Service Providers are Getting Significant Profits in the United States?

“Capitalist Economic System Coupled with Presence of Big Corporates Leveraging Market Opportunities”

Attribute	United States
Market Value (2024E)	US$ 240.16 Billion
Growth Rate (2024 to 2034)	10.3% CAGR
Projected Value (2034F)	US$ 640.73 Billion

The United States is a hotspot for accounting services due to its capitalist economic system, which fosters a competitive business environment. The presence of large corporations and the abundance of market opportunities contribute to the high demand for accounting services, leading to substantial profits for service providers. Additionally, the complex and ever-changing tax laws and regulations in the United States create a need for expert accounting services, further driving profitability for companies.

What is Making China a Dominant Force in the East Asia Region for Accounting Services?

“Strategic Financial Initiatives Pushing Demand for Effective Accounting Services”

Attribute	China
Market Value (2024E)	US$ 12.08 Billion
Growth Rate (2024 to 2034)	10.8% CAGR
Projected Value (2034F)	US$ 33.6 Billion

China's dominance in the East Asia region for accounting services stems from its strategic financial initiatives. The country's practice of providing loans and financial benefits to foreign countries are leading to increased economic activity, resulting in a higher demand for accounting services. This approach is positioning China as a major player in the region, with a growing need for professional accounting expertise to manage the intricate financial transactions and reporting requirements associated with these activities.

Category-wise Analysis

The market is segmented into several categories based on product and services and major markets, some of these include tax consultancy and other auditing services.

Which Products and Services is Making Huge Profits for Service Providers?

“Auditing Services Prominently Holding More Share of Revenues Compared to Tax Consultancy”

Attribute	Auditing Services
Segment Value (2024E)	US$ 258.62 Billion
Growth Rate (2024 to 2034)	9.8% CAGR
Projected Value (2034F)	US$ 656.92 Billion

The products and services that are generating substantial profits for service providers include auditing services, which are currently commanding a larger share of revenues compared to tax consultancy. The demand for auditing services is driven by increasing regulatory requirements, complex business transactions, and the need for transparent financial reporting. Thereby, service providers offering auditing services are experiencing significant financial gains due to the high demand for their expertise in ensuring financial accuracy and compliance.

Which Key Market Players are Investing in Accounting Services?

“Energy, Healthcare, Technology, and Professional Services Actively Seeking Out for Accounting Services”

Attribute	Energy, Healthcare, Technology, and Professional Services
Segment Value (2024E)	US$ 132.09 Billion
Growth Rate (2024 to 2034)	11.3% CAGR
Projected Value (2034F)	US$ 386.21 Billion

Major market players investing in accounting services, include energy, healthcare, technology, and professional services. These industries recognize the importance of robust financial management and reporting systems to support their operations and decision-making processes. Thereby, they are heavily investing in accounting services to ensure that their financial functions are efficient, accurate, and compliant with regulatory standards. This trend reflects the growing recognition of the integral role that accounting services play in sustaining and advancing businesses across diverse sectors.

Market Situation

Key players in the accounting services market are focusing on bringing new market products including tax preparation services and other auditing features.

• India-based SaaS provider Zoho launched Zoho Practice, a free all-inclusive practice management tool made especially for chartered accountants (CAs), in November 2023. The goal of this new software project is to increase accountants' operational efficiency and productivity so they focus on growing their businesses.
• Crowe LLP, a public accountancy, consulting, and technology business, teamed up with venture builder High Alpha Innovation in October 2023. They sought to encourage the development and investigation of AI-based prospects to enhance and reinvent current services offered to Crowe's clients in the private equity and financial service sectors.

Fact.MR provides detailed information about the price points of key service providers of accounting services positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.

Segmentation of Accounting Services Market Research

• By Product & Service :

  • Auditing Services
  • Tax Consultancy
  • Other Accounting Services

• By Major Market :

  • Energy, Healthcare, Technology, and Professional Services
  • Banking & Financial Services
  • Small Business Individuals
  • Consumer Goods Manufacturing & Retail
  • Other Corporate Clients
  • Government Agencies

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa