North America Has The Largest Accounting Services Market Share With Over 40% Of The Global Accounting Services Market
TBRC's global accounting services market research report goes into systematic detail on North America's accounting services industry outlook, and also covers the other regions in the market as thoroughly
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 Africa, where growth will be at CAGRs of 13.82% and 13.63% respectively from 2021-2026.
The accounting services market in North America is supported by rising disposable income, which leads to higher spending on accounting services and opens up more job opportunities. For instance, in 2021, as per data from the trading economics, Canada's personal disposable income had further increased from CAD 1,463,752 million ($1,129,794 million) in the second quarter of 2021 to CAD 1,471,864 million ($1,136,055 million) in the third quarter.
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Key Accounting Services Market Players
The accounting services market is fragmented with a large number of small players in the market. The top ten competitors in the market made up to 21.04% of the total market in 2020. Major players in the market include PWC (PricewaterhouseCoopers), Ernst & Young, KPMG, Deloitte, ADP (Automatic Data Processing, Inc.), and others.
Business strategies adopted by major companies in the accounting services market include strengthening business through strategic collaboration, launching applications, strengthening business by providing industry-leading audits, consulting, tax and advisory services to many of the world's most admired brands, and acquisitions and mergers to strengthen their service offerings and gain competitive advantages.
Accounting Services Market Growth Analysis
The global accounting services market size is expected to grow from $1175.88 billion in 2021 to $1324.77 billion in 2022 at a compound annual growth rate (CAGR) of 12.7%. The growth in the accounting services market 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 accounting services market is expected to reach $2019.02 billion in 2026 at a CAGR of 11.1%.
Accounting Services Market Segmentation
The accounting services market is segmented by type into payroll services, tax preparation services, and bookkeeping, financial auditing and other accounting services. The 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 in the accounting services market segmented by type, at a CAGR of 13.9% during 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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