Dublin, March 15, 2021 (GLOBE NEWSWIRE) -- The "Accounting Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global accounting services market as it emerges from the COVID-19 shut down.
The global accounting services market is expected to grow from $544.06 billion in 2020 to $573.29 billion in 2021 at a compound annual growth rate (CAGR) of 5.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $735.94 billion in 2025 at a CAGR of 6%.
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Where is the largest and fastest growing market for the accounting services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Accounting Services market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider accounting services market, and compares it with other markets.
The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
Market segmentations break down market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
The accounting services market section of the report gives context. It compares the accounting services market with other segments of the professional services market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, accounting services indicators comparison.
Major companies in the accounting services market include PwC LLP; Ernst & Young LLP; Deloitte LLP; KPMG LLP and BDO International Ltd.
The accounting services market consists of the sales of accounting services and related goods by entities (organizations, sole traders and partnerships) that provide recording and analysis 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 accounting services market is segmented into payroll services; tax preparation services and bookkeeping, financial auditing and other accounting services.
North America was the largest region in the global accounting services market, accounting for 43% of the market in 2020. Western Europe was the second largest region accounting for 35% of the global accounting services market. Africa was the smallest region in the global accounting services market.
Some accountants are outsourcing typical basic accounting tasks such as payroll accounting, accounts payable and accounts receivable to allow their employees to focus on higher value activities such as becoming vertical experts in their customer's markets and analyzing their clients' business data. This extra attention and analysis is transforming the role of a traditional accountant into a business advisor and takes customer service to the next level by developing strong counsel-focused relationships. For instance, QX Accounting Services (QXAS) Ltd provides outsourced accounting, finance and other services to accountants and accountancy firms in the UK.
The outbreak of Coronavirus disease (COVID-19) has acted as a restraint on the accounting services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of 'lock down' and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the accounting services market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Regulatory reforms in the financial sector have heightened demand for accounting services such as accounting and tax advisory. For instance, Basel-3 standards will be implemented in 2019, thus increasing the demand for accounting services globally. Over the next five years, further major changes, such as the UK's exit from the EU will create additional demand for accounting consultants, thereby driving the market.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Accounting Services Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Accounting Services Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Accounting Services Market Supply Chain
5.1. Supply Chain
5.3. End Customers
6. Accounting Services Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Accounting Services Market Trends and Strategies
8. Impact of COVID-19 on Accounting Services
9. Accounting Services Market Size and Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers of the Market
9.2.2. Restraints on the Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers of the Market
9.3.2. Restraints on the Market
10. Accounting Services Market Regional Analysis
10.1. Global Accounting Services Market, 2020, by Region, Value ($ Billion)
10.2. Global Accounting Services Market, 2015-2020, 2020-2025F, 2030F, Historic and Forecast, by Region
10.3. Global Accounting Services Market, Growth and Market Share Comparison, by Region
11. Accounting Services Market Segmentation
11.1. Global Accounting Services Market, Segmentation by Type
11.2. Global Accounting Services Market, Segmentation by End Use Industry
12. Accounting Services Market Metrics
12.1. Accounting Services Market Size, Percentage of GDP, 2015-2025, Global
12.2. Per Capita Average Accounting Services Market Expenditure, 2015-2025, Global
13. Asia-Pacific Accounting Services Market
14. Western Europe Accounting Services Market
15. Eastern Europe Accounting Services Market
16. North America Accounting Services Market
17. South America Accounting Services Market
18. Middle East Accounting Services Market
19. Africa Accounting Services Market
20. Accounting Services Market Competitive Landscape
20.1. Competitive Market Overview
20.2. Market Shares
20.3. Company Profiles
20.3.1. PwC LLP
184.108.40.206. Company Overview
220.127.116.11. Products and Services
18.104.22.168. Financial Performance
20.3.2. Ernst & Young LLP
22.214.171.124. Company Overview
126.96.36.199. Products and Services
188.8.131.52. Financial Performance
20.3.3. Deloitte LLP
184.108.40.206. Company Overview
220.127.116.11. Products and Services
18.104.22.168. Financial Performance
20.3.4. KPMG LLP
22.214.171.124. Company Overview
126.96.36.199. Products and Services
188.8.131.52. Financial Performance
20.3.5. BDO International Ltd
184.108.40.206. Company Overview
220.127.116.11. Products and Services
18.104.22.168. Financial Performance
21. Key Mergers and Acquisitions in the Accounting Services Market
22. Market Background: Professional Services Market
22.1. Professional Services Market Characteristics
22.2. Professional Services Market Historic and Forecast, 2015-2020, 2020-2025F, 2030F Growth, by Segment, Value ($ Billion), Global
22.3. Global Professional Services Market, 2020, by Region, Value ($ Billion)
22.4. Global Professional Services Market, 2015-2020, 2020-2025F, 2030F, Historic and Forecast, by Region
22.5. Global Professional Services Market, 2015-2020, 2020-2025F, 2030F, Segmentation by Type, Value ($ Billion)
23.1. Global Accounting Services Market in 2025 - Growth Countries
23.2. Global Accounting Services Market in 2025 - Growth Segments
23.3. Global Accounting Services Market in 2025 - Growth Strategies
24.1. NAICS Definitions of Industry Covered in this Report
24.4. Research Inquiries
24.5. About the Publisher
25. Copyright and Disclaimer
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