Accounting Services Market Growth, Size, Share 2021–2031

The accounting services market is anticipated to expand at a CAGR of 9.8% from 2023 to 2031. Increasing technological developments and advancements are driving the global accounting services market. 

Accounting Services Market Analysis

The accounting services industry encompasses the provision of a broad range of financial and accounting services to individuals, businesses, government agencies, and non-profit organizations by accounting firms, professionals, and associated service providers. Improved financial transparency is also essential to preserving confidence among creditors, investors, and regulatory bodies, among other stakeholders. In order to guarantee accurate financial reporting and give stakeholders a comprehensive picture of a company's financial health, accounting services are essential. Furthermore, there is a growing need for accounting services that monitor and report on non-financial performance metrics due to the growing emphasis on sustainability and Environmental, Social, and Governance (ESG) reporting. For businesses looking to show that they are committed to sustainable practices, these services are essential. Thus, these above mentioned factors are essential for the accounting services market growth.

Accounting Services Overview

• The accounting services market is made up of companies (partnerships, sole proprietorships, and organizations) that sell associated items and services that record and analyze financial values related to enterprises and other organizations. Among the accounting services are the Procedures for compiling corporate transaction summaries and sending the assessments to government agencies and regulators.
• Accounting services include financial transaction summaries, analyses, audits, and reporting to businesses and tax collection authorities. Together with creating budgets, creating accounting systems, auditing, and preparing financial statements, it also includes providing accounting advisory services. Accounting services engage in procedures where the primary input is human capital. They make their employees' knowledge and abilities available, frequently on an assignment basis, where a person or group is in charge.

Accounting Services Market Drivers and Opportunities

Increase In Technological Developments

• The accounting services market is anticipated to grow at a rapid pace due to the increasing use of new technologies like artificial intelligence for data analysis and speedy identification of abnormalities. Auditors use artificial intelligence to identify irregularities in accounting transactions and entries, as well as suspicious activity.
• Artificial intelligence makes use of human-created rules to analyze problems and draw conclusions by looking for patterns in the massive amounts of data that are at its disposal. Artificial intelligence algorithms can be configured to identify instances in which organizations are using accounting entries to conceal abnormalities such as improper revenue recognition or postponing liabilities.
• Technology is developing, according to Thack Brown of SAP; among other important technological trends influencing the finance function are hyperconnectivity, supercomputing, cloud computing, the smarter world, and cyber security are propelling the change in finance and accounting. For instance, PricewaterhouseCoopers developed a program called GL.ai that enables the organization to find irregularities in a company's general ledger. As a result, this is a key driver of the expansion of the accounting services market growth.

Accounting Services Market Report Segmentation Analysis

• Based on end users, the finance sector segment attained the highest accounting services market size in 2023. This is owing to the fact that financial institutions are increasingly implementing digital technologies for their operations, requiring accounting services to adapt to data analytics, digital financial reporting, and cybersecurity measures.

Accounting Services Market Share Analysis By Geography

The scope of the accounting services market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific (APAC) is experiencing rapid growth and is anticipated to hold a significant accounting services market share. The region's significant economic development, growing population, and increasing focus on financial inclusion across diverse economies have contributed to this growth. APAC is considered to be the fastest-growing region, which is credited to the fact that accounting firms in the APAC region are providing privacy compliance and data security services to make sure that businesses protect sensitive financial information and adhere to regulations.

Accounting Services Market Report Scope

The "Accounting Services Market Forecast" was carried out based on types, end users, and geography. In terms of type, the market is segmented into payroll services, tax preparation services, bookkeeping, financial auditing, and others. Based on end users, the accounting services market is segmented into the finance sector, manufacturing and industrial sector, retail sector, public sector, it and telecom industry, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Accounting Services Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the market. A few recent key market developments are listed below:

• In July 2022, RSM US and Bloomberg Tax & Accounting announced RSM as the first certified implementer of Bloomberg tax fixed assets and Bloomberg tax provisions. The new certified implementer program (CIP) from Bloomberg Tax & accounting is supporting the successful implementation and use of Bloomberg tax provisions and Bloomberg tax fixed assets by corporations.

[Source: RSM US, Company Website]

Accounting Services Market Report Coverage & Deliverables

The market report on “Accounting Services Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country- level for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key accounting services market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, recent developments.
• Detailed company profiles.