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2021
Accounting Services Market

Accounting Services Market By Type (Tax Preparation Services, Bookkeeping Services, Payroll Services & Others) and Deployment (On-Premise and Cloud): Global Opportunity Analysis and Industry Forecast, 2021–2030

A12933
Pages: NA
Oct 2021 | 234 Views
   
Author(s) : Vijay Poola
Tables: NA
Charts: NA
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COVID-19

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Accounting Services Market Outlook – 2030

Accounting functions and accountants are the backbones of companies operating in the market. This department is in charge of recording, reporting, and analyzing financial transactions within a business or corporation. In addition, businesses see their profit or loss as well as their assets and liabilities through the accounting process. Businesses create reports and statements for effective communication with internal resources or shareholders. Moreover, having financial information readily available keeps the company ready for both unexpected events and opportunities. As a result, adoption of accounting services, easy access to financing information, and cost-cutting mechanisms are expected to boost the growth of accounting services market share in the near future.

The global accounting services market is segmented on the basis of type, deployment, and region. Based on type, the market is segregated into tax preparation services, bookkeeping services, payroll services & others. In terms of deployment, the market is bifurcated into on-premise and cloud. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global accounting services industry include Grant Thornton, Bharat LLP, KPMG International, Deloitte, Ernst & Young Global Limited, PwC, Oracle, Pabbly, SAP, Xero Limited, and Intuit Inc. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.

Top Impacting Factors

Increased collaboration of small & medium enterprises with e-commerce players and surge in trend of error-free & less time-consuming transactions between companies are becoming the major factors driving the growth of the market. However, high operating costs are expected to hamper the market growth. Contrarily, rise in the adoption of Internet-of-Things and block chain-based accounting service platforms can be seen as an opportunity for the market growth in the coming years.

Increased Collaboration of Small & Medium Enterprises with E-Commerce Players

The high growth of small & medium-sized businesses collaborating with e-commerce players and connecting with other online applications, such as automated bank feeds and automated billing features, among others, is expected to drive accounting software adoption during the forecast period. It improves efficiency by keeping track of all accounting transactions and managing money inflows & outflows of the business. In addition, an online interface has emerged as a better solution for managing a company's accounts and can easily manage account payables, account receivables, business payroll, general ledger, and other business modules.

Rise in Adoption of IoT and Block Chain-Based Accounting Service Platforms

The accounting services market has increasingly adopted & implemented internet of things and block chain-based technologies. These technologies help in adding advanced proficiencies, such as easy accessibility and transparency to the accounting services platforms, which further boost the market growth. Therefore, rise in the adoption of internet-of-things and block chain-based accounting platforms is expected to foster the market growth in the upcoming years.

Key Benefits of the Report

  • This study presents analytical depiction of the accounting services market forecast along with the current trends and future estimations to determine the imminent investment pockets.         
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.     
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the accounting services market growth scenario.                   
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed accounting services market analysis depending on the present and future competitive intensity of the market.

Market Scope and Structure Analysis

Report Metric

Details

 Market Size Available For Years

 2020–2030

 Base Year Considered

 2020

 Forecast Period

 2021–2030

 Forecast Units

 Value ($)

 Segments Covered

 Type, Deployment, and Region

 Regions Covered

North America (U.S., Canada and Mexico), Europe (Germany, UK, France, Italy and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and the Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa)

 

 Companies Covered

Grant Thornton, Bharat LLP, KPMG International, Deloitte, Ernst & Young Global Limited, PwC, Oracle, Pabbly, SAP, Xero Limited, and Intuit Inc.


COVID-19 Impact analysis

  • In the wake of the COVID-19 pandemic situation, the demand for e-accounting service platforms are expected to grow for online assessment & processing of financial reports to avoid physical interaction, which prevents the transmission of coronavirus.
  • Moreover, as multiple countries around the world have grappled with the challenge of dealing with the coronavirus outbreak and lockdown, several businesses have switched to work from home business model. As a result, there is a greater demand for more dynamic and remote access to business financial records.

Accounting Services Market Key Segments

Segment

Sub-Segment

 Type

  • Tax Preparation Services
  • Bookkeeping Services
  • Payroll Services
  • Others

 Deployment

  • On-Premise
  • Cloud


Questions Answered in the Accounting Services Market Research Report  

  • Which are the leading players active in the accounting services market?
  • What are the detailed impacts of COVID-19 on the accounting services market size?
  • How current accounting services market trends will influence the industry in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are projections for the future that would help in taking further strategic steps?
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

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Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

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Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

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AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
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