The Bookkeeping, Financial Auditing and Other Accounting Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Bookkeeping, Financial Auditing and Other Accounting Services Global Market Report 2024, The bookkeeping, financial auditing and other accounting services market size has grown steadily in recent years. It will grow from $545.99 billion in 2023 to $566.49 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to economic growth, globalization of businesses, taxation changes, increasing business complexity, outsourcing trends.
The bookkeeping, financial auditing and other accounting services market size is expected to see steady growth in the next few years. It will grow to $673.7 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to remote work trends, data security concerns, rise in small business demand, environmental, social, and governance (ESG) reporting, advisory and consulting services. Major trends in the forecast period include digital transformation, technological advances in accounting, digital transformation, focus on cybersecurity, data analytics and business intelligence.
The regulatory reform in the financial sector is expected to propel the growth of the bookkeeping, financial auditing and other accounting services market going forward. Regulatory reform entails the province analyzing its regulations in-depth and completely to ascertain how to raise their standard and can create a more complex financial landscape that requires specialized knowledge and expertise, creating new opportunities for accounting firms to provide services to clients which give increased demand for compliance services, greater scrutiny of financial statements and others. For instance, In March 2023, the government of China implemented significant financial regulatory reform intending to establish a new regulatory entity, the National Financial Regulatory Administration, to replace the China Banking and Insurance Regulatory Commission. The reform focuses on four key areas such as improving the framework for financial stability; improving supervision and protecting consumer and investor interests; improving the functioning of capital markets; and restructuring the central bank’s organization. Furthermore, in December 2022, the British government unveiled a comprehensive financial regulation reform package aimed at revamping “”EU regulations.”” The Edinburgh Reforms include 30 measures, including changes to key regulations enacted in the aftermath of the 2008 financial crisis. The new laws are revisions to the “”ringfencing”” regime, which requires banks to keep their investment banks separate from their consumer’s arms. Therefore, the regulatory reforms in the financial sector are driving the growth of the bookkeeping, financial auditing and other accounting services market going forward.
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The bookkeeping, financial auditing and other accounting services market covered in this report is segmented –
1) By Type: Tax Preparation Services, Bookkeeping Services, Payroll Services
2) By Service Provider: Large Enterprise, Small And Medium Enterprise
3) By End User: Banking, Financial Services And Insurance (BFSI), Government, Manufacturing, Healthcare, IT And Telecom, Other End Users
Major companies operating in the bookkeeping, financial auditing, and other accounting services market are focusing on advanced solutions such as standalone software as a service (SaaS) payroll solutions to better meet the needs of their existing consumers. A standalone Software as a Service (SaaS) payroll solution is a cloud-based software system that offers full payroll services apart from other corporate processes. For instance, in November 2022, Immedis, an Ireland-based company that offers cloud-based, global payroll solutions, launched One View. One View is a software-as-a-service (SaaS) solution that provides a consistent worldwide payroll accounting and employee experience. The One View offering is a game-changing answer to a typical source of frustration for enterprises that pay employees in many countries using a combination of in-country payroll payment methods and suppliers. One View is a true game changer in a world that is getting more connected but also more confusing. One View is the ideal option for enterprises that are hesitant to onboard a single multi-country payroll outsourcing provider internationally. It provides coherent global control, reporting, and insights across every nation where employees are paid.
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Top Major Players
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