Accounting Services Global Market Report 2024

The accounting services market size has grown steadily in recent years. It will grow from $652.32 billion in 2023 to $676.73 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to factors such as globalization, the outsourcing of back-end operations to low-cost economies, an increase in research and development (R&D) investments, and robust economic growth in emerging markets.

The accounting services market size is expected to see steady growth in the next few years. It will grow to $804.27 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. Forecasted growth is driven by shifts in financial reporting standards, regulatory reforms, technological advancements, and the growing trend of urbanization. Key trends include investing in IT opportunities, expanding services, adopting social media communication, cloud-based accounting software, blockchain, big data, communication technology, and artificial intelligence.

Regulatory changes within the financial sector have spurred heightened demand for accounting services, particularly in accounting and tax advisory realms. A notable instance occurred in 2021-22 when the Indian government introduced the National Asset Reconstruction Company Limited (NARCL) or Bad Bank in response to mounting stress in the banking and financial sectors. This initiative aims to address the issue by transferring approximately 22 stressed loans, totaling over 80,000 crores, to NARCL for resolution through a focused approach. Additionally, significant global changes, such as the UK's departure from the EU, are predicted to further increase demand for accounting consultants, fostering growth within the market.

The burgeoning emphasis on cybersecurity is projected to be a significant driver fueling growth within the accounting services market. Cybersecurity encompasses safeguarding networks, devices, and data from unauthorized access or malicious exploitation. Accounting firms are increasingly positioned to provide valuable cybersecurity assessments to identify vulnerabilities and risks within an organization's systems and processes. These assessments aid organizations in comprehending their cybersecurity posture and formulating strategies for enhancement. For instance, as reported by the Internet Crime Complaint Center, a division of the Federal Bureau of Investigation (FBI) in the US, there were 800,944 complaints related to suspected Internet-facilitated criminal activities in 2022. Thus, the escalating focus on cybersecurity serves as a pivotal force propelling growth within the accounting services market.

Certain accountants are outsourcing routine basic accounting tasks such as payroll accounting, accounts payable, and accounts receivable. This approach allows their staff to focus on higher-value activities, such as gaining expertise in their clients' industries and analyzing their business data. This shift in focus and analysis is reshaping the traditional accountant's role into that of a business advisor. It elevates customer service by fostering strong, advice-centric relationships. For example, QX Accounting Services (QXAS) Ltd offers outsourced accounting, finance, and related services to accountants and accounting firms in the UK.

Leading companies within the accounting services sector are innovating by implementing advanced processes such as collaborative accounting to enhance accountant-client relationships. Collaborative Accounting denotes a novel management model that facilitates joint work on the same data concurrently by accounting professionals and clients, regardless of their geographical locations - all enabled by cloud computing. In October 2023, FreshBooks, a Canadian software company, introduced Collaborative Accounting as a pioneering accounting management model. This innovative approach empowers accountants and clients to collaboratively engage with shared data simultaneously, irrespective of their global locations, leveraging the capabilities of cloud computing. Collaborative Accounting marks a significant shift, enabling technology-enabled shared workflows between accounting professionals and their clientele, fundamentally transforming the collaborative dynamics in accounting processes.

Major companies operating in the accounting services market report are PwC, Ernst & Young, Deloitte Touche Tohmatsu Limited, KPMG, ADP (Automatic Data Processing, Inc), Paychex, Inc., Grant Thornton LLP, RSM International, H&R Block, Inc., Huazhen CPA, BDO China Shu Lun Pan CPAs, Pan-China CPA, Ruihua CPA, Zhong Tian, Moore Stephens UK, Rodl Partner, Champion Accountants, DSG Chartered Accountants, RWT, Spira Twist & Associates, Italian Accountants Studio Del Gaizo Picchioni, Studio International Tornambè, KML Bookkeeping Services, Accenture, Alvarez & Marsal, Picco Accounting, Charles Ghadban, SAP SE, Oracle Corporation, Kofax Inc., YayPay Inc., SK Global Software Accounting, Mercer LLC, McKinsey & Company, Willis Towers Watson, Korn Ferry, Boston Consulting Group, Aon Hewitt, Bain & Company, Oliver Wyman, Huron, Capgemini, Kearney, IBM Global Business Services, Kaiser Associates, Crowe Horwath, Baker Tilly Greenwoods Chartered Accountants, PricewaterhouseCoopers, Mazars, Crowe.

North America was the largest region in the accounting services market in 2023. Western Europe was the second largest region in the accounting services market. The regions covered in the accounting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the accounting services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The accounting services market consists of revenue earned by entities by providing services such as recording and analyzing of financial transactions and other financial values pertaining to businesses and other organizations. The accounting service involves summarizing, analyzing, auditing and reporting of the financial transactions to tax collection agencies and entities. It also involves auditing and preparing financial statements, designing accounting systems, developing budgets and accounting advisory. Accounting services undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.


The primary types of accounting services include payroll services, tax preparation services, bookkeeping, financial auditing, and others. Payroll services involve the automation of payroll computations, tax statements, and year-end taxes, offering a comprehensive solution for businesses. These services cater to a diverse range of clients, including large enterprises and small and medium-sized enterprises, across various industries such as IT services, manufacturing, financial services, construction, and more.

The accounting services market research report is one of a series of new reports that provides accounting services market statistics, including accounting services industry global market size, regional shares, competitors with an accounting services market share, detailed accounting services market segments, market trends and opportunities, and any further data you may need to thrive in the accounting services industry. This accounting services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.