Financial Statement Service Market Report 2025

The financial statement service market size has grown strongly in recent years. It will grow from $16.36 billion in 2024 to $17.83 billion in 2025 at a compound annual growth rate (CAGR) of 9%. The growth during the historic period can be attributed to the rising need for transparent financial disclosures, increased adoption of outsourced accounting services, expansion of multinational corporations, growing investor demand for audited financial data, and stricter enforcement of international financial reporting standards.

The financial statement service market size is expected to see strong growth in the next few years. It will grow to $24.83 billion in 2029 at a compound annual growth rate (CAGR) of 8.6%. In the forecast period, growth is expected to stem from a stronger focus on corporate governance, heightened regulatory compliance requirements, increased demand for transparent financial disclosures, greater adoption of automation in accounting processes, and rising demand for outsourced financial services. Key trends anticipated include advancements in cloud-based financial reporting solutions, innovations in AI-powered audit tools, integration of blockchain technology for improved data security, developments in real-time financial analytics, and innovations in automated compliance tracking.

The increasing adoption of cloud-based services is expected to drive growth in the financial statement service market moving forward. Cloud-based services are internet-delivered solutions that allow users to access data, applications, or computing resources remotely without relying on on-site infrastructure. Their popularity is growing due to scalability and flexibility, enabling businesses to adjust resources on demand without significant upfront infrastructure costs. These services improve financial statement processes by providing real-time data access and facilitating remote collaboration, which is especially beneficial for global teams and complex reporting environments. Additionally, they help reduce manual errors by automating workflows, thereby enhancing efficiency, accuracy, and compliance in financial reporting. For example, according to Eurostat, a Luxembourg-based government agency, approximately 45.2% of enterprises purchased cloud computing services in 2022, up 4.2% from 41% in 2021. Consequently, the rising use of cloud-based services is fueling growth in the financial statement services market.

Key players in the financial statement service market are focusing on developing advanced cloud-based platforms to improve efficiency, enable real-time data access, reduce manual errors, and streamline the preparation and reporting of financial statements across multiple jurisdictions. A cloud-based platform allows users to run and store software and data online, offering easy access, scalability, and remote collaboration via the internet. For instance, in November 2024, Uniqus Consultech Inc., a US-based consulting firm, launched Reporting UniVerse, a cloud-based platform designed to simplify and automate financial reporting. This platform automates the preparation of financial statements while addressing the complexities of global regulatory requirements and strict reporting deadlines. It includes intelligent validation checks, real-time collaboration features, and seamless integration with ERP systems, enabling finance teams to boost efficiency, minimize errors, and ensure compliance with evolving accounting standards.

In November 2024, CBIZ Inc., a US-based consulting company, acquired the non-attest business of Marcum LLP for an undisclosed sum. Through this acquisition, CBIZ aims to expand its consulting and advisory capabilities, strengthen its national footprint, and enhance service offerings in key markets. Marcum LLP is a US-based consulting firm providing financial statement preparation, audit, and compliance services.

Major players in the financial statement service market are Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, Ernst & Young Global Limited, KPMG International Limited, BDO International Limited, RSM International Limited, Baker Tilly International Limited, Moore Global Network Limited, CliftonLarsonAllen LLP, Forvis Mazars LLP, Nexia International Limited, CBIZ Inc., Crowe LLP, Grant Thornton Bharat LLP, Cherry Bekaert LLP, Plante & Moran PLLC, EisnerAmper LLP, WithumSmith+Brown PC, Carr Riggs & Ingram LLC, UHY International Limited, PKF International Limited.

North America was the largest region in the financial statement service market in 2024. The regions covered in financial statement service report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the financial statement service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s recommendations and conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the financial sector, particularly in investment strategies and risk management. Heightened tariffs have fueled market volatility, prompting cautious behavior among institutional investors and increasing demand for hedging instruments. Banks and asset managers are facing higher costs associated with cross-border transactions, as tariffs disrupt global supply chains and dampen corporate earnings, key drivers of equity market performance. Insurance companies, meanwhile, are grappling with increased claims risks tied to supply chain disruptions and trade-related business losses. Additionally, reduced consumer spending and weakened export demand are constraining credit growth and investment appetite. The sector must now prioritize diversification, digital transformation, and robust scenario planning to navigate the heightened economic uncertainty and protect profitability.

Financial statement service involves the preparation, review, or audit of a company’s financial reports, such as the balance sheet, income statement, and cash flow statement. This service delivers accurate, standardized, and transparent financial data to stakeholders including investors, regulators, and management. It helps ensure adherence to accounting standards and facilitates informed decision-making.

The primary types of financial statement services include audit services, review services, compilation services, preparation services, and others. Audit services consist of formal assurance engagements where independent professionals evaluate financial statements and internal controls to provide a high level of confidence in their accuracy and regulatory compliance. These services - such as preparation, compilation, review, audit, and others - are offered through both on-premises and cloud-based platforms and serve a diverse group of users, including individuals, small and medium enterprises, large corporations, and government entities.

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

The financial statement service market includes revenues earned by entities through the preparation of financial reports, financial statement audits, reviews, and compilations, financial analysis, regulatory compliance support, and advisory services related to accounting standards and disclosures. 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 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.

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