North America holds the largest accounting services market share with more than 40% of the global accounting services market
LONDON, March 2, 2022 /PRNewswire/ — North America is the largest region in the global accounting services market, accounting for 42.4% of the global market in 2021. It is followed by Western Europe, Asia Pacific, and other regions. Going forward, the fastest growing regions in the accounting services market will be South America and Africawhere growth will be at CAGRs of 13.82% and 13.63% respectively from 2021 to 2026.
The accounting services market North America is supported by the increase in disposable income, which leads to increased expenditure on accounting services and opens up more employment opportunities. For example, in 2021, according to trade economy data, from Canada personal disposable income increased further, from CAD 1,463,752 million ($1,129,794 million) in the second quarter of 2021 at CAD 1,471,864 million ($1,136,055 million) in the third trimester.
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Major Players in the Accounting Services Market
The accounting services market is fragmented with a large number of small players in the market. The top ten market competitors accounted for 21.04% of the total market in 2020. Major market players include PWC (PricewaterhouseCoopers), Ernst & Young, KPMG, Deloitte, ADP (Automatic Data Processing, Inc.) and others. .
The business strategies adopted by leading companies in the accounting services market include building business through strategic collaboration, launching applications, building business by providing auditing, consulting, tax and advanced consulting to many of the world’s most admired brands, as well as acquisitions and mergers to strengthen their service offerings and gain competitive advantages.
Accounting Services Market Growth Analysis
The size of the global accounting services market is expected to grow from $1175.88 billion in 2021 for $1324.77 billion in 2022 at a compound annual growth rate (CAGR) of 12.7%. The accounting services market growth is mainly driven by companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, working at distance and the closure of business activities that resulted in operational losses. challenges. The accounting services market is expected to reach 2019.02 billion in 2026 at a CAGR of 11.1%.
Segmentation of the accounting services market
The accounting services market is segmented by type into payroll services, tax preparation services, bookkeeping, financial auditing and other accounting services. Bookkeeping, financial auditing and other accounting services was the largest segment of the accounting market, accounting for 83.6% of the total in 2021. Going forward, the tax preparation services market is expected to be the fastest growing segment of the accounting services market segmented by type, at a CAGR of 13.9% during the period 2021-2026.
The accounting services market is also segmented by end-use industry into IT services, manufacturing, financial services, construction and others, and by service provider into large enterprises and small and medium enterprises.
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