The Latest Accounting Services Industry Statistics Explained
In 2021, the revenue of the accounting services industry in the U.S. is expected to reach $116 billion.
The statistic indicates that in the year 2021, the accounting services industry in the United States is projected to generate a total revenue of $116 billion. This figure serves as a measure of the anticipated financial performance and size of the industry for the specified period. The revenue generated by the accounting services sector is a key indicator of the demand for financial management and advisory services by businesses and individuals in the U.S. The statistic suggests a substantial economic contribution by the accounting industry to the overall economy, highlighting its significance in providing financial expertise and support to various sectors.
The accounting services industry in the U.S. has grown by 1.3% per year on average from 2016 to 2021.
The statistic states that the accounting services industry in the U.S. has experienced an average annual growth rate of 1.3% between the years 2016 and 2021. This indicates that over the five-year period, the industry has been steadily expanding, although at a modest rate. This growth rate may reflect increased demand for accounting services due to factors such as evolving tax laws, regulatory changes, and the overall growth of businesses. The statistic suggests that the accounting services industry has been resilient and able to adapt to changing market conditions, positioning it as a stable and potentially lucrative sector for businesses and professionals in the field.
There are around 134,000 accounting services firms operating in the U.S. in 2021.
The statistic indicates that there are approximately 134,000 accounting services firms actively operating in the United States in the year 2021. This data point signifies a robust presence of accounting services in the U.S. market, highlighting the importance of financial and accounting expertise across various industries. The large number of accounting firms suggests a competitive landscape in which businesses have a wide range of options to choose from when seeking accounting services, potentially leading to better service quality and pricing through market competition. Furthermore, this statistic underscores the significant demand for accounting services in the U.S. economy, emphasizing the vital role that these firms play in supporting businesses with their financial planning, reporting, and compliance needs.
Accounting services industry employment in the U.S. is expected to grow at a rate of 0.2% in 2021.
The statistic that the accounting services industry employment in the U.S. is projected to grow at a rate of 0.2% in 2021 indicates a modest increase in the number of individuals employed in this sector over the course of the year. This growth rate suggests that while there will be some expansion within the industry, it is anticipated to be relatively slow compared to other sectors. Factors contributing to this projected growth may include ongoing demand for accounting services as businesses continue to navigate financial complexities, as well as potential shifts in regulatory requirements impacting the need for accounting professionals. Overall, the 0.2% growth rate signals a gradual but steady upward trend in employment within the accounting services industry in the United States for the year 2021.
There are more than 13,000 accounting firms in the UK in 2021.
This statistic indicates that the accounting industry in the UK is significant and competitive, with a large number of accounting firms operating in the country. The presence of over 13,000 accounting firms signifies a robust market for accounting services, offering a wide range of options for businesses and individuals seeking accounting expertise. This also suggests that there is a high demand for accounting services in the UK, leading to a diverse landscape of firms catering to various industries and client needs. The sheer number of accounting firms highlights the importance of the accounting profession in the UK’s economy and emphasizes the importance of professional financial services in today’s business environment.
The UK accounting industry generated revenue of £20 billion in 2020.
The statistic that the UK accounting industry generated revenue of £20 billion in 2020 indicates the total amount of money earned by businesses in the accounting sector throughout the year. This revenue figure reflects the collective income generated from providing accounting services such as auditing, financial reporting, tax preparation, and advisory services to clients in various industries. The substantial revenue generated by the accounting industry highlights its significance as a vital component of the UK economy, playing a crucial role in facilitating financial transparency, compliance with regulations, and decision-making for businesses and individuals. The statistic also suggests the scale and competitiveness of the accounting sector in the UK, underscoring the demand for professional accounting services in the market.
More than half (54.9%) of accounting firms worldwide expect to see growth in the next 12 months.
The statistic indicates that a majority of accounting firms across the globe, specifically 54.9%, anticipate experiencing growth within the upcoming year. This suggests a prevalent optimistic outlook within the accounting industry concerning business expansion and success. Factors such as increasing demand for accounting services, economic improvements, and shifts in regulations may be contributing to this positive sentiment among accounting firms. The statistic highlights a trend of growth and perhaps indicates a promising future for the accounting sector on a global scale.
According to a 2019 survey, 89% of accountants feel that adapting to new technology is extremely important for future professional success.
The statistic from a 2019 survey indicates that a significant majority, specifically 89% of accountants, believe that adapting to new technology is a critical factor for achieving future professional success. This suggests that the accounting industry recognizes the increasing importance of technology in modern business practices and highlights the necessity for accountants to stay abreast of technological advancements to remain competitive and provide relevant services to their clients. The high percentage of respondents emphasizing the significance of integrating technology into their work signifies a clear recognition within the accounting profession of the transformative impact technology can have on their roles and the importance of skill development in this area to maintain professional relevance and success in the evolving business landscape.
The auditing services market segment currently accounts for 55.6% of the global accounting services industry revenue.
This statistic indicates that auditing services, within the broader accounting services industry, represent 55.6% of the total revenue generated globally. This suggests that auditing is a significant and dominant segment within the accounting services market, likely showcasing the high demand for assurance and compliance services by businesses and organizations around the world. The strong presence of auditing services in the industry revenue points to the critical role they play in ensuring financial transparency, accuracy, and regulatory compliance, demonstrating their importance in the overall financial ecosystem.
In 2020, North America accounted for 50% of the global accounting services market.
The statistic indicates that in 2020, North America held a substantial share of the global accounting services market, amounting to 50%. This means that half of the total market revenue generated by accounting services worldwide originated from North America. This can be interpreted as a significant market presence and influence of North American accounting firms within the industry. The statistic suggests that the region likely plays a crucial role in shaping trends, setting standards, and driving innovation within the accounting services sector on a global scale.
The global accounting services market is expected to grow from $464.9 billion in 2020 to $468.4 billion in 2021, a compound annual growth rate (CAGR) of 0.7%.
The statistic indicates that the global accounting services market is projected to see a modest increase in its total value, rising from $464.9 billion in 2020 to $468.4 billion in 2021. This growth represents a compound annual growth rate (CAGR) of 0.7%, suggesting a relatively stable and gradual expansion over the specified period. While the percentage increase may seem small, it reflects a consistent upward trend in the market size of accounting services worldwide, potentially driven by factors such as increasing business complexities, regulatory requirements, and the adoption of digital technologies within the industry.
Nearly 90% of organizations plan to outsource at least some of their accounting functions by 2023.
The statistic indicates that a significant proportion, close to 90%, of organizations are intending to delegate certain accounting responsibilities to external service providers by the year 2023. This trend towards outsourcing accounting functions suggests a growing reliance on specialized expertise and resources external to the organization, likely driven by factors such as cost efficiency, access to advanced technologies, increased focus on core competencies, and the need to adapt to evolving regulatory requirements. By outsourcing accounting tasks, organizations can potentially streamline their operations, enhance accuracy and compliance, and allocate internal resources more strategically, ultimately aiming to improve overall financial management and performance.
As of April 2020, 94% of businesses worldwide were postponing or cancelling their plans for international expansion due to COVID-19, impacting accounting services industry as well.
The statistic suggests that a significant majority (94%) of businesses worldwide were experiencing disruptions to their plans for international expansion as of April 2020 due to the COVID-19 pandemic. This widespread trend has had a direct impact on various industries, including accounting services. The postponement or cancellation of international expansion plans is likely a response to the uncertainties and challenges posed by the global health crisis, such as travel restrictions, supply chain disruptions, and economic instability. As businesses adapt to the new normal, it is crucial for the accounting services industry to be prepared for shifts in demand and to provide support and guidance to clients navigating this rapidly changing business environment.
The Asia-Pacific region accounted for the largest share, contributing 30.1% of the total worldwide accounting services according to 2017 data.
The statistic highlights that the Asia-Pacific region played a significant role in the global accounting services sector in 2017, accounting for the largest share at 30.1% of the total worldwide services. This indicates the region’s substantial presence and impact on the accounting industry on a global scale. The high contribution from Asia-Pacific suggests a strong demand for accounting services in the region, likely driven by economic growth, increasing cross-border transactions, and the expansion of multinational corporations. This statistic underscores the importance of the Asia-Pacific region in the accounting services sector and its pivotal role in shaping the global landscape of financial reporting and compliance.
In 2021, Ernst & Young was the second largest accounting firm in the world, with global revenue of approximately 37.2 billion U.S. dollars.
The statistic indicates that in the year 2021, Ernst & Young (EY) held the position of being the second-largest accounting firm globally in terms of revenue. With a reported global revenue of about 37.2 billion U.S. dollars, EY’s financial performance solidified its significant presence and scale within the accounting industry. This statistic reflects EY’s ability to attract a substantial client base and deliver services that generate substantial revenue streams, positioning it as a major player in the accounting and professional services landscape on a global scale.
In Canada, there were 793 accounting services establishments as of December 2020.
The statistic “In Canada, there were 793 accounting services establishments as of December 2020” indicates the total number of businesses that provide accounting services in Canada as of the end of December 2020. These establishments can include accounting firms, individual accountants, bookkeeping services, and other related businesses. The number of accounting services establishments can be a crucial indicator of the size and competitiveness of the accounting industry in Canada, offering insights into the demand for accounting services and the overall economic activity within the country. Monitoring this statistic over time can help assess trends in the industry, track the growth or contraction of the accounting services sector, and inform policy and business decisions related to accounting services and financial management.
India’s accounting services market was valued at over $2.5 billion in 2019.
The statistic that India’s accounting services market was valued at over $2.5 billion in 2019 indicates the significant size and economic importance of the accounting industry in India. This value represents the total revenue generated by accounting firms providing services such as audit, taxation, financial reporting, and consulting to businesses and individuals. The size of the accounting services market reflects the demand for financial expertise and compliance with regulations in India, driven by factors such as economic growth, globalization, and increasing complexity in financial transactions. The statistic underscores the role of accounting services in supporting business operations, financial decision-making, and regulatory compliance in the Indian economy.
The Australian accounting services industry generated a revenue of $20.1 billion in 2020.
The statistic “The Australian accounting services industry generated a revenue of $20.1 billion in 2020” indicates the total earnings generated by accounting firms in Australia over the course of the year 2020. This figure represents the collective revenue generated from providing various accounting services such as auditing, taxation, bookkeeping, and financial consulting to individual clients, businesses, and organizations in Australia. The revenue generated by the accounting industry is a key indicator of the economic activity within the sector, reflecting the demand for financial services and the overall health of the business environment in the country. This statistic provides valuable insights into the size and importance of the accounting services industry within the Australian economy.
The accounting firms in Australia have grown at a rate of 1.2% per year on average from 2016 to 2021.
The statistic indicates that the accounting firms in Australia have experienced a growth rate of 1.2% per year, on average, between the years 2016 and 2021. This means that over the five-year period, the number or size of accounting firms in Australia has been increasing steadily at a relatively modest pace. The growth rate of 1.2% per year suggests a gradual but consistent expansion within the industry. Factors contributing to this growth could include increasing demand for accounting services, changes in regulations or government policies, and overall economic conditions that have supported the expansion of accounting firms in the Australian market.
References
0. – https://www.www.ibisworld.com
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5. – https://www.www.techsciresearch.com
6. – https://www.www.globenewswire.com
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8. – https://www.www2.deloitte.com
