Summary
- • The global accounting services market size was valued at $574.82 billion in 2019.
- • The accounting services industry in the US generated $166 billion in revenue in 2020.
- • The market size of the UK accounting & auditing sector was £11.1 billion in 2020.
- • The global accounting software market is projected to reach $12.03 billion by 2026.
- • 83% of accounting firms see technology as a key driver of change in the industry.
- • The average salary for a Certified Public Accountant (CPA) in the US is $73,334 per year.
- • The global market for outsourced accounting services is expected to reach $44.38 billion by 2027.
- • The revenue of the accounting, tax preparation, bookkeeping, and payroll services industry in the US is projected to reach $175 billion by 2025.
- • Around 80% of small businesses hire an accountant to manage their finances.
- • The accounting services market in Canada was valued at $8.3 billion in 2020.
- • The global market size of forensic accounting services is estimated to reach $9.85 billion by 2027.
- • 95% of CFOs believe that the strategic role of the finance function is increasing in importance.
- • The market for accounting services in Australia is expected to grow at a CAGR of 7.4% from 2020 to 2025.
- • In the UK, there are over 300,000 accountants working in various roles.
- • The accounting services industry is one of the top 15 fastest-growing industries in the US.
Hold onto your calculators, folks, because the accounting services industry is multiplying faster than you can say debit! With a global market size hitting $574.82 billion in 2019, the numbers only get juicier – from the US raking in $166 billion in 2020 to the UKs £11.1 billion accounting & auditing extravaganza. And lets not forget about the tech-savvy accountants, as 83% of firms are riding the digital wave, predicting a $12.03 billion market for accounting software by 2026. So, whether youre counting beans or breaking down balance sheets, one things for sure: this industry is adding up to a whole lot of success!
Global Market Size
- The global accounting services market size was valued at $574.82 billion in 2019.
- The global accounting software market is projected to reach $12.03 billion by 2026.
- The global market for outsourced accounting services is expected to reach $44.38 billion by 2027.
- The global market size of forensic accounting services is estimated to reach $9.85 billion by 2027.
- Globally, there are over 3 million accountants and auditors employed in various sectors.
- The market for virtual accounting services is projected to reach $4.70 billion by 2026.
- The global market for management accounting services is expected to reach $3.77 billion by 2026.
- The global market for auditing services is expected to reach $226 billion by 2027.
- The global market size of financial auditing services is expected to reach $186.7 billion by 2027.
Interpretation
As the numbers in the accounting services industry skyrocket faster than a debited expense, it's clear that numbers truly do make the world go round. With a market size reaching heights that would have even the most seasoned accountant doing a double-take, it seems the demand for financial sleuths and number crunchers is only set to rise. It's a thrilling time for the industry, where keeping track of the bottom line isn't just a job – it's a global phenomenon. With the market expanding faster than you can say "GAAP," it seems the only audit trend we can count on is the continuous growth of this lucrative field.
Industry Trends
- 83% of accounting firms see technology as a key driver of change in the industry.
- The average salary for a Certified Public Accountant (CPA) in the US is $73,334 per year.
- Around 80% of small businesses hire an accountant to manage their finances.
- 95% of CFOs believe that the strategic role of the finance function is increasing in importance.
- The market for accounting services in Australia is expected to grow at a CAGR of 7.4% from 2020 to 2025.
- The accounting services industry is one of the top 15 fastest-growing industries in the US.
- The global market for tax accounting services is anticipated to grow at a CAGR of 6.9% from 2021 to 2028.
- 35% of accounting firms consider cybersecurity as a top concern in their industry.
- The demand for forensic accounting services in the US is projected to increase by 6.9% annually through 2026.
- The accounting services industry in China is forecast to grow at a rate of 8.6% annually from 2021 to 2026.
- The market for tax preparation services in the US is expected to grow at a CAGR of 4.4% from 2021 to 2028.
- The market for forensic accounting services in the UK is projected to grow at a CAGR of 5.2% from 2021 to 2028.
- 65% of accounting firms believe client demand for real-time financial information is increasing.
Interpretation
In the world of numbers, trends, and balance sheets, it seems the accounting industry is undergoing a technological revolution while still holding onto its traditional roots. With the rapid rise in demand for accounting services globally, it's no surprise that accountants are seen as the financial superheroes of the business world. From managing small business finances to tackling cybersecurity concerns and delving into forensic investigations, accountants navigate the intricate labyrinth of numbers with finesse and precision. As the strategic role of finance continues to grow, accountants are not just number crunchers but also visionaries shaping the financial landscape of tomorrow. So, whether it's in the bustling streets of New York or the busy lanes of Beijing, accountants are the unsung heroes ensuring financial stability and prosperity for businesses worldwide.
Regional Market Insights
- In the UK, there are over 300,000 accountants working in various roles.
- The Asia-Pacific region accounts for the largest share of the global accounting services market.
- The Asia-Pacific region accounted for 40% of the global accounting software market share in 2020.
Interpretation
With over 300,000 accountants crunching numbers in the UK alone, it's clear that numbers are not just a British obsession. The Asia-Pacific region has emerged as the heavyweight champ in the global accounting services arena, boasting the largest slice of the market pie. And when it comes to accounting software, the Asia-Pacific region seems to have hit the jackpot, holding onto a luscious 40% slice of the global market share in 2020. Looks like the numbers game is truly on a global scale, and accountants everywhere are counting their way to the top!
Revenue Analysis
- The accounting services industry in the US generated $166 billion in revenue in 2020.
- The market size of the UK accounting & auditing sector was £11.1 billion in 2020.
- The revenue of the accounting, tax preparation, bookkeeping, and payroll services industry in the US is projected to reach $175 billion by 2025.
- The accounting services market in Canada was valued at $8.3 billion in 2020.
- The revenue of the accounting services industry in Germany is estimated to be €58.7 billion in 2021.
- The revenue of the accounting services industry in India is estimated to be INR 47,587 crore in 2021.
- The revenue of the accounting services industry in Brazil reached R$34.4 billion in 2020.
- The revenue of the accounting services industry in South Africa totaled R54 billion in 2020.
- The revenue of the accounting services industry in Japan is projected to reach ¥4.5 trillion by 2025.
- The revenue of the accounting services industry in France is estimated to be €34.2 billion in 2021.
Interpretation
In a world where numbers speak louder than words, the accounting services industry is certainly making its voice heard across the globe. With revenues as diverse as the countries they serve, from the colossal $166 billion in the US to the charming £11.1 billion in the UK, and from the impressive projections like the US's $175 billion by 2025 to the cultural nuances like Germany's €58.7 billion in 2021, it's clear that balance sheets are the universal language of business – whether you're crunching numbers in India's INR or Brazil's R$. So, as the industry continues to tally up its successes in countries far and wide, one thing remains constant: money may make the world go 'round, but accountants are the ones keeping it all in check.
Technology Adoption
- The adoption of cloud-based accounting services is expected to grow at a rate of 30% annually.
- The adoption of artificial intelligence in the accounting sector is projected to reduce costs by 42% by 2025.
- 68% of accounting firms have invested in data analytics tools to improve decision-making.
- 43% of accounting firms have implemented automation tools in their processes to improve efficiency.
- The adoption of blockchain technology in accounting is expected to grow by 67% annually through 2026.
Interpretation
The future of the accounting industry is looking sharper than a perfectly balanced ledger sheet, with cloud-based services forecasted to soar at a rate of 30% annually. As artificial intelligence swoops in to reduce costs by 42% by 2025, it's clear that number-crunching will be getting a hi-tech makeover. With 68% of accounting firms diving into data analytics tools for better decision-making and 43% embracing automation for enhanced efficiency, the profession is poised to evolve at a pace that would make even the most diligent accountant's head spin. And let's not forget the buzz around blockchain technology, set to make a grand entrance with a 67% annual growth rate through 2026. Simply put, the accounting world is gearing up for a tech-savvy revolution that's more exciting than finding a rare error in a balance sheet.