Financial Accounting Advisory Services Market Opportunities and Strategies to 2034

This report describes and explains the financial accounting advisory services market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global financial accounting advisory services market reached a value of nearly $101.62 billion in 2024, having grown at a compound annual growth rate (CAGR) of 4.29% since 2019. The market is expected to grow from $101.62 billion in 2024 to $129.58 billion in 2029 at a rate of 4.98%. The market is then expected to grow at a CAGR of 4.97% from 2029 and reach $165.15 billion in 2034.

Growth in the historic period resulted from the strong economic growth in emerging markets, increasing financial literacy, rise in globalization, rise in high-net worth individuals and increasing demand for financial services. Factors that negatively affected growth in the historic period were data privacy concerns.

Going forward, the increasing digital transformation, rising penetration of e-commerce, growth in small, and medium enterprises (SMEs), growing threat of cyberattacks and rising government support will drive the growth. Factor that could hinder the growth of the financial accounting advisory services market in the future include economic downturns.

The global financial accounting advisory services market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 16.17% of the total market in 2023. PricewaterhouseCoopers (PwC) was the largest competitor with a 3.75% share of the market, followed by Deloitte Touche Tohmatsu Limited (Deloitte) with 3.72%, Ernst & Young (EY) Global ltd with 3.08%, KPMG International Limited (KPMG) with 2.25%, BDO International Limited with 0.91%, RSM International with 0.88%, Baker Tilly International LLP with 0.54%, Crowe Global with 0.44%, Forvis Mazars LLP with 0.31% and Protiviti Inc with 0.29%.

Western Europe was the largest region in the financial accounting advisory services market, accounting for 38.05% or $38.67 billion of the total in 2024. It was followed by North America, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the financial accounting advisory services market will be Asia Pacific and South America where growth will be at CAGRs of 7.78% and 5.21% respectively. These will be followed by Africa and Eastern Europe where the markets are expected to grow at CAGRs of 5.06% and 4.58% respectively.

The financial accounting advisory services market is segmented by type into accounting change services, buy-side support, bankruptcy services, IPO advisory services, financial reporting issue and restatement services, technical accounting, financial statement preparation, accounting software migration, cash flow management services and other types. The accounting change services market was the largest segment of the financial accounting advisory services market segmented by type, accounting for 22.93% or $23.29 billion of the total in 2024. Going forward, the accounting software migration segment is expected to be the fastest growing segment in the financial accounting advisory services market segmented by type, at a CAGR of 6.72% during 2024-2029.

The financial accounting advisory services market is segmented by organization size into large enterprises and small and medium-sized enterprises. The large enterprises market was the largest segment of the financial accounting advisory services market segmented by organization size, accounting for 54.10% or $54.97 billion of the total in 2024. Going forward, the small and medium-sized enterprises segment is expected to be the fastest growing segment in the financial accounting advisory services market segmented by organization size, at a CAGR of 5.74% during 2024-2029.

The financial accounting advisory services market is segmented by application into personal, companies, government and other applications. The companies market was the largest segment of the financial accounting advisory services market segmented by application, accounting for 66.55% or $67.63 billion of the total in 2024. Going forward, the companies segment is expected to be the fastest growing segment in the financial accounting advisory services market segmented by application, at a CAGR of 5.25% during 2024-2029.

The financial accounting advisory services market is segmented by industry vertical into banking, financial services and insurance (BFSI), IT and telecom, manufacturing, retail and e-commerce and other industry vertical. The banking, financial services and insurance (BFSI) market was the largest segment of the financial accounting advisory services market segmented by industry vertical, accounting for 30.01% or $30.49 billion of the total in 2024. Going forward, the IT and telecom segment is expected to be the fastest growing segment in the financial accounting advisory services market segmented by industry vertical, at a CAGR of 5.51% during 2024-2029.

The top opportunities in the financial accounting advisory services market segmented by type will arise in the accounting change services segment, which will gain $6.77 billion of global annual sales by 2029. The top opportunities in the financial accounting advisory services market segmented by organization size will arise in the large enterprises segment, which will gain $12.93 billion of global annual sales by 2029. The top opportunities in the financial accounting advisory services market segmented by application will arise in the companies segment, which will gain $19.7 billion of global annual sales by 2029. The top opportunities in the financial accounting advisory services market segmented by industry vertical will arise in the banking, financial services and insurance (BFSI) segment, which will gain $8.93 billion of global annual sales by 2029. The financial accounting advisory services market size will gain the most in the USA at $7.06 billion.

Market-trend-based strategies for the financial accounting advisory services market include focus on development of consulting platforms for streamlined financial management, focus on innovative financial advisory solutions for enhanced reporting and compliance, focus on adoption of blockchain technology for improved transparency, focus on automated reporting in portfolio management and focus on innovative virtual studios revolutionizing financial reporting and advisory sessions.

Player-adopted strategies in the financial accounting advisory services market include focus on strategic partnerships and collaborations to create new financial solutions and focus on launching new solutions to better serve the industry.

To take advantage of the opportunities, the analyst recommends the financial accounting advisory services companies to focus on developing integrated consulting platforms, focus on innovative advisory solutions, focus on transformative reporting solutions, focus on virtual engagement platforms, focus on accounting software migration, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use B2B promotions, continue to use B2C promotions, focus on small and medium-sized enterprises, focus on companies application segment and focus on IT and telecom segment.

Major Market Trends

• Development of Consulting Platforms for Streamlined Financial Management
• Innovative Financial Advisory Solutions for Enhanced Reporting and Compliance
• Adoption of Blockchain Technology for Improved Transparency
• Automated Reporting in Portfolio Management
• Innovative Virtual Studios Revolutionizing Financial Reporting and Advisory Sessions