India accounting services market is expected to grow at an impressive rate during the forecast period. The Indian accounting services market is driven by government initiatives creating employment opportunities in the country. This has drastically increased the working population in the country. Additionally, the introduction of GST is further expected to create lucrative opportunities for market growth. The arrival of GST has made businesses remodel their supply chains in order to take complete advantage of the new tax structure. Furthermore, the government of India is likely to allow multinational firms to register as auditors thereby fueling the market growth. Besides, Digital India and Make in India initiatives are further expected to positively influence market growth over the next few years.
Important Elements of the Indian Accounting Services Market
The Indian accounting services market is segmented based on the type of services, company, and region. Based on the type of services, the market can be categorized into tax preparation services, bookkeeping services, payroll services, and others. The tax preparation services segment is expected to dominate the market on account of the growing number of new businesses and startups in the country. Additionally, the growing equity market is further expected to drive segmental growth during the forecast period. While the payroll services segment is expected to witness significant growth during the forecast period owing to the growing demand for such solutions across various enterprises in order to ensure effective management.
The major players operating in the accounting services market are PricewaterhouseCoopers Private Limited (PWC), Deloitte Tax Services India Private Limited, KPMG India Pvt Ltd, Ernst & Young Pvt Ltd, Automatic Data Processing (ADP) India, and others. Major companies are developing advanced technologies and launching new services in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.
Years considered for this report of India Accounting Services Market
- Historical Years: FY2016-FY2017
- Base Year: FY2020
- Estimated Year: FY2021
- Forecast Period: FY2022–FY2026
The objective of the Study India Accounting Services Market
- To analyze and estimate the market size of India’s accounting services market from FY2016 to FY2019.
- To estimate and forecast the market size of India accounting services market from FY2020 to FY2026 and the growth rate until FY2026.
- To classify and forecast India accounting services market based on the type of services, company, and regional distribution.
- To identify the dominant region or segment in the Indian accounting services market.
- To identify drivers and challenges for India accounting services market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India accounting services market.
- To identify and analyze the profile of leading players operating in Indian accounting services market.
- To identify key sustainable strategies adopted by market players in India’s accounting services market.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service providers, distribution channels, and presence of all major players across the globe.
TechSci Research calculated the market size of India accounting services market using a bottom-up approach, wherein data for various end-user segments were recorded and forecasted for the future years. TechSci Research sourced these values from industry experts and company representatives and externally validated them by analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations, and financial reports were also studied by TechSci Research.
Key Target Audience of the Indian Accounting Services Market
- Accounting services provider companies
- Market research and consulting firms
- Government bodies such as regulating authorities and policymakers
- Organizations, forums, and alliances related to accounting services
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, suppliers, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope of India Accounting Services Market
In this report, India accounting services market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- India Accounting Services Market, By Type of Services:
- Tax Preparation Services
- Bookkeeping Services
- Payroll Services
- Others
- India Accounting Services Market, By Region:
- North
- South
- East
- West
