Summary
- • The global accounting services market is expected to grow from $574.39 billion in 2022 to $735.94 billion by 2026
- • The US accounting services market size was valued at $110 billion in 2020
- • The Big Four accounting firms (Deloitte, PwC, EY, and KPMG) collectively earned $157 billion in revenue in 2020
- • 84% of accountants believe understanding technology is as important as understanding accountancy
- • 67% of accountants prefer cloud accounting solutions over on-premise software
- • The global accounting software market is expected to reach $19.59 billion by 2026
- • 58% of accounting firms plan to invest in artificial intelligence (AI) in the next three years
- • The average salary for accountants in the US is $73,560 per year
- • Employment of accountants and auditors is projected to grow 4% from 2019 to 2029
- • There are approximately 1.4 million accountants and auditors employed in the US
- • 46% of accounting firms report difficulty finding qualified staff
- • The global forensic accounting market is expected to reach $10.36 billion by 2027
- • Environmental, Social, and Governance (ESG) reporting is becoming a key focus, with 91% of companies planning to invest in it
- • 75% of SMEs outsource their accounting and tax functions
- • 92% of small businesses say accountants are important for their business
Prepare your balance sheets and get ready to crunch some numbers because the world of accounting is experiencing a financial growth spurt! From the soaring global accounting services market predicted to hit $735.94 billion by 2026 to the Big Four firms raking in a jaw-dropping $157 billion in revenue in 2020, the numbers in the accounting industry are not just adding up – they are multiplying like compound interest on a hot market day. So, tighten your tie and sharpen your calculators as we delve into the fascinating world of accounting industry statistics that are sure to make every penny count and every percentage point matter.
Client Trends
- 75% of SMEs outsource their accounting and tax functions
- 92% of small businesses say accountants are important for their business
- 83% of accountants agree that client expectations have expanded to include business advisory services
- 68% of accounting firms report increased demand for advisory services from clients
- 82% of accountants believe that clients expect them to be more tech-savvy than ever before
- 76% of accountants report that their clients are demanding more value-added services beyond traditional accounting
Interpretation
In the ever-evolving world of finance, it's clear that accountants are no longer just number-crunchers; they're strategic advisors navigating the complex landscapes for their clients. With three-quarters of SMEs outsourcing their accounting and tax functions, it's evident that businesses are recognizing the expertise and value that accountants bring. The demand for business advisory services is on the rise, with a majority of accountants feeling the pressure to stay tech-savvy and provide innovative solutions. In this era of heightened client expectations, the role of accountants has transcended traditional accounting, with an overwhelming number reporting increased demand for value-added services. It's a dynamic industry where numbers meet narrative, and accountants are at the forefront of driving business success.
Employment and Workforce
- The average salary for accountants in the US is $73,560 per year
- Employment of accountants and auditors is projected to grow 4% from 2019 to 2029
- There are approximately 1.4 million accountants and auditors employed in the US
- 46% of accounting firms report difficulty finding qualified staff
Interpretation
The accounting industry seems to be calculating success at a steady rate, with accountants in the US raking in an average salary of $73,560 per year. As the numbers continue to crunch, employment growth is projected at 4% from 2019 to 2029, indicating a solid foundation for job stability. With approximately 1.4 million number crunchers in the field, it's no surprise that 46% of accounting firms are struggling to find the right equation for qualified staff. In a profession where balance sheets reign supreme, it seems that demand is exceeding supply - perhaps it's time for the industry to balance its books with new talent strategies.
Industry Trends
- 70% of accountants see their role becoming more strategic
- 62% of accountants report that time spent on compliance work has increased in the past year
- 69% of accountants believe that their role will become more strategic in the next five years
Interpretation
In the ever-evolving world of numbers and spreadsheets, it seems that accountants are caught in a balancing act between strategy and compliance. While the majority recognize the need to shift towards a more strategic role, the reality of increasing time spent on compliance work paints a different picture. It's a game of numbers, where the stats show a clear trend toward a future where accounting professionals will need to juggle strategic thinking and regulatory demands with finesse to stay ahead of the curve.
Market Growth
- The global accounting services market is expected to grow from $574.39 billion in 2022 to $735.94 billion by 2026
- The global management accounting market is expected to reach $43.38 billion by 2025
- The audit services market is projected to reach $201.8 billion by 2027
- The global bookkeeping services market is expected to reach $57.34 billion by 2026
- The global accounting services outsourcing market is expected to reach $53.4 billion by 2026
- The global market for accounting information systems is projected to reach $19.3 billion by 2026
- The global market for accounting services is expected to grow at a CAGR of 5.4% from 2021 to 2028
- The global market for accounting services outsourcing is expected to grow at a CAGR of 5.9% from 2021 to 2028
Interpretation
The numbers don't lie - the accounting industry is set to boom like a balanced ledger in the next few years. With growth projections soaring higher than the stock market on a good day, it's clear that the bottom line for accountants everywhere is looking pretty rosy. From managing the beans to auditing the spreadsheets, the demand for number crunchers is on the rise, making sure that the business world stays on track financially. So, grab your calculators and get ready to cash in on the green wave of accounting services - because when it comes to making money, these statistics don't need to be audited to be trusted.
Market Leaders
- The Big Four accounting firms (Deloitte, PwC, EY, and KPMG) collectively earned $157 billion in revenue in 2020
Interpretation
In a year where uncertainty seemed to be the only constant, the Big Four accounting firms managed to tally up a hefty $157 billion in revenue in 2020, showcasing their prowess in navigating the complexities of financial landscapes. These numbers serve as a stark reminder that even in the most tumultuous times, the bean-counters of the world continue to thrive, proving that balancing the books is not just a profession, but a formidable business in its own right.
Market Size
- The US accounting services market size was valued at $110 billion in 2020
Interpretation
The $110 billion value of the US accounting services market in 2020 acts as a sturdy balance sheet for the industry, showcasing robust figures that would make any financial analyst do a double-take. It seems that when it comes to crunching numbers and ensuring the bottom line is in the black, accountants are definitely not seeing red. With such a substantial figure, it's clear that in the complex symphony of business finance, accountants are the maestros conducting the dollars and cents with precision and expertise, ensuring that the financial harmony of companies remains on point.
Specialized Services
- The global forensic accounting market is expected to reach $10.36 billion by 2027
- Environmental, Social, and Governance (ESG) reporting is becoming a key focus, with 91% of companies planning to invest in it
- 55% of accounting firms offer business advisory services
- 52% of accounting firms report increased revenue from advisory services in the past year
- 45% of accounting firms plan to offer cryptocurrency-related services in the next two years
- The global market for forensic accounting services is projected to reach $10.36 billion by 2027
- 57% of accounting firms report increased revenue from technology consulting services
- 71% of accounting firms report increased demand for cybersecurity services from clients
Interpretation
In a world where numbers rule and financial mysteries abound, the accounting industry is proving to be a formidable force to reckon with. As the global forensic accounting market gears up to hit a whopping $10.36 billion by 2027, environmental, social, and governance (ESG) reporting takes center stage with 91% of companies ready to invest in this new frontier. With a sharp eye for business opportunities, 55% of accounting firms are delving into the realm of business advisory services, reaping the benefits as 52% proudly report increased revenue. And as the cryptocurrency wave surges, 45% of firms are gearing up to ride the digital currency wave. Meanwhile, revenue streams are diversifying with 57% seeing growth from technology consulting services, and 71% finding themselves in high demand for cybersecurity services. It's clear that in the world of ledgers and balances, adaptation and foresight are key to staying ahead of the curve.
Technology Adoption
- 84% of accountants believe understanding technology is as important as understanding accountancy
- 67% of accountants prefer cloud accounting solutions over on-premise software
- The global accounting software market is expected to reach $19.59 billion by 2026
- 58% of accounting firms plan to invest in artificial intelligence (AI) in the next three years
- The global tax management software market is expected to reach $18.2 billion by 2026
- The adoption rate of cloud accounting software among SMEs is expected to reach 78% by 2022
- 44% of accounting firms plan to invest in data analytics tools in the next three years
- 89% of accounting professionals believe that artificial intelligence will make accounting more efficient
- The global payroll accounting software market is projected to reach $10.4 billion by 2023
- 73% of accountants are confident in their ability to provide tech recommendations to clients
- The adoption of blockchain in accounting is expected to reduce the cost of bookkeeping and reconciliation by 30-50%
- 49% of accountants plan to invest in robotic process automation (RPA) in the next three years
- The global accounting software market share for cloud-based solutions is expected to reach 67% by 2026
- 78% of accountants believe that understanding technology is as important as knowledge of traditional accounting practices
- The global market for accounting practice management software is expected to reach $1.9 billion by 2025
- 87% of accountants believe that understanding technology is critical to their success
- The global market for financial accounting software is projected to reach $10.37 billion by 2027
- 61% of accountants report that their firms have adopted cloud-based accounting solutions
- 79% of accountants believe that artificial intelligence will have a significant impact on the profession in the next five years
- The global market for tax preparation software is expected to reach $3.19 billion by 2025
- The global market for accounting software for small businesses is projected to reach $4.25 billion by 2023
- The global market for cloud accounting software is expected to grow at a CAGR of 8.5% from 2021 to 2026
- The global market for accounting software in the healthcare sector is projected to reach $3.2 billion by 2025
- 74% of accountants believe that automation will significantly impact their role in the next five years
- 53% of accounting firms plan to increase their investment in data analytics tools in the next year
- The global market for enterprise resource planning (ERP) software is projected to reach $86.3 billion by 2027
- The global market for accounting software in the construction industry is expected to reach $2.31 billion by 2026
- 85% of accountants believe that the profession needs to pick up the pace of technology adoption to remain competitive
- The global market for accounting software in the nonprofit sector is projected to reach $1.37 billion by 2026
- The global market for accounting software in the real estate industry is expected to reach $1.51 billion by 2026
- 63% of accountants believe that blockchain technology will have a significant impact on the profession in the next decade
- The global market for accounting software in the manufacturing sector is projected to reach $4.53 billion by 2026
- The global market for accounting software in the retail industry is expected to reach $2.69 billion by 2026
Interpretation
In a world where numbers dance with technology, accountants are no longer just the bean counters of yore but the tech-savvy wizards of tomorrow. With a staggering 84% believing that understanding technology is as crucial as mastering the art of balancing books, the accounting industry is hurtling towards a digital revolution at breakneck speed. As 67% of accountants embrace the cloud like a long-lost friend and 58% gear up to welcome AI into their offices, the global accounting software market eagerly anticipates a lucrative $19.59 billion milestone by 2026. With blockchain poised to slash costs and AI promising efficiency gains, it seems that the days of manual spreadsheets and dusty ledgers are numbered. So, strap in and hold onto your calculators, for the future of accounting is a blend of numbers and pixels, where tech prowess reigns supreme and innovation is the new bottom line.