Accounting Finance Market Size - By Service (Bookkeeping & Accounting, Auditing & Assurance, Taxation, Financial Advisory, Payroll), Deployment Mode (On-premises, Cloud-based), Organization Size (Large Enterprises, SME), End Use & Forecast, 2024 – 2032

Accounting Finance Market Size

Accounting Finance Market size was valued at USD 636.1 billion in 2023 and is estimated to register a CAGR of over 5% between 2024 and 2032. There has been a notable shift toward integrating sustainability considerations into accounting and financial practices. Accounting services leverage artificial intelligence and automation to enhance efficiency and accuracy. From data entry to financial analysis, AI algorithms streamline processes, reducing manual errors and saving time. Accountants focus more on strategic advisory roles, leveraging technology to provide insights and value-added services to clients, driving market growth.
 

For instance, in March 2024, Qonto, a prominent European business finance provider for SME and freelancers, revealed its acquisition of Regate, a French fintech firm specializing in comprehensive accounting and financial automation solutions. Through this integration, Qonto aims to enhance its platform with additional features such as accounts payable, accounts receivable, and bookkeeping, thereby facilitating seamless data exchange between SME and their accounting professionals.
 

The increased demand for sustainable investing is driving green finance as investors prioritize Environmental, Social, and Governance (ESG) factors. This trend urges companies to adopt transparent ESG reporting practices, necessitating specialized accounting and financial services to assess and communicate their sustainability efforts effectively. Accountants and finance professionals play a pivotal role in integrating ESG metrics into financial analysis, risk management, and investment decision-making processes. There is a growing need for expertise in sustainable accounting practices with green finance gaining traction, driving innovation and growth opportunities within the accounting and finance sector.
 

Cybersecurity threats expose financial data vulnerabilities, jeopardizing the confidentiality, integrity, and availability of sensitive information. Breaches can result in significant financial losses, regulatory penalties, and reputational damage for businesses. Moreover, compromised financial data can lead to identity theft, fraud, and unauthorized transactions, eroding trust among clients and investors. Evolving cyber threats pose challenges despite robust security measures, requiring constant vigilance, investments in cybersecurity infrastructure, and employee training. Failure to address these vulnerabilities adequately can have profound consequences, undermining the stability and credibility of the accounting and finance sector.
 

Accounting Finance Market Trends

Accounting services increasingly embrace collaboration, driving partnerships with technology firms, consultants, and industry experts. This collaborative approach allows for the integration of diverse skill sets and resources, enabling accountants to offer more comprehensive solutions tailored to clients' evolving needs in a rapidly changing business landscape.
 

For instance, in May 2024, Temenos Multifonds announced an extension of its partnership with Citi Securities Services, aimed at consolidating Citi's worldwide fund services onto the Temenos Multifonds SaaS platform. This strategic move involves integrating Citi's regional fund accounting operations into a unified global operating model on Temenos Multifonds. Citi will harness the Organization Size of Temenos' cloud-based fund administration platform to deliver a cohesive global service to its clientele.
 

Blockchain technology disrupts traditional accounting practices, transforming processes such as auditing, transaction verification, and data security. Smart contracts automate financial transactions, reducing the need for intermediaries and enhancing transparency. This decentralized ledger system revolutionizes how financial data is recorded and verified, minimizing errors and fraud. As blockchain adoption grows, accountants and finance professionals need to adapt to this paradigm shift, leveraging blockchain expertise to stay competitive and provide innovative solutions to clients.
 

Accounting Finance Market Analysis

Based on service, the market is divided into bookkeeping and accounting services, auditing and assurance services, taxation services, financial advisory services, payroll services, and others. The bookkeeping and accounting services segment was valued at over USD 150 billion in 2023. Bookkeeping services undergo digital transformation, leveraging cloud-based software and automation tools for streamlined data management and reporting. Real-time access to financial information enables more accurate decision-making and improved client communication. Bookkeepers increasingly offer value-added advisory services, guiding clients on financial planning and business strategy for sustainable growth.
 

For instance, in September 2022, LPL Financial introduced a specialized bookkeeping service tailored for financial advisors. This service is crafted to offer LPL-affiliated advisors with personalized assistance, precise financial reporting, and current records and classification of their financial information. The bookkeeping service connects advisors with seasoned bookkeepers well-versed in wealth management standards, with the goal of streamlining advisors' workflows and maintaining accuracy in their financial reporting.
 

Based on organization size, the accounting finance market is categorized into large enterprises, and SME. The large enterprises segment is anticipated to register a CAGR of over 6.5% from 2024 to 2032. Large enterprises increasingly outsource specialized accounting functions to third-party service providers. This strategic move allows them to access expertise, scalability, and cost efficiency while focusing on core business activities. Outsourcing accounting services also ensures compliance with evolving regulations and standards, thereby mitigating risks, enhancing financial transparency, and reporting accuracy.
 

In September 2023, FloQast, a company specializing in accounting workflow automation software, revealed a strategic consulting collaboration with PwC Germany. This partnership is geared toward improving financial close solutions within the region. The alliance seeks to revolutionize financial close processes for businesses across German-speaking countries by merging FloQast's technology with PwC Germany's industry knowledge and expertise.
 

North America dominated the global accounting finance market with a major share of over 35% in 2023. In North America, the markets witness increasing adoption of cloud-based accounting software, driven by remote work trends and the need for flexible, scalable solutions. This shift toward digital platforms enhances collaboration, data accessibility, and efficiency, enabling businesses to adapt to evolving market dynamics effectively and sustainably.
 

For instance, in April 2024, M3, a prominent provider of financial and operational management solutions for the hospitality sector, announced an extension of its collaboration with Paymerang, a company specializing in payment automation. This extended partnership is set to expedite payment automation for hotel finance teams. Its goal is to furnish M3's clientele with upgraded payment automation functionalities, enabling them to streamline their accounts payable procedures, mitigate fraud risks, and enhance overall efficiency.
 

In the countries in Europe, including France, Spain, the UK, and Germany, there is a growing emphasis on sustainability reporting and compliance with ESG standards. Regulatory frameworks are evolving to incorporate ESG criteria into financial reporting, driving the demand for specialized accounting services. The firms in these countries are increasingly integrating ESG considerations into their financial strategies to meet investor expectations and regulatory requirements.
 

In the Asia Pacific region, including countries such as China, Japan, and India, there is a rapid adoption of digital payment systems and fintech solutions. This trend is reshaping traditional banking & financial services, driving the need for advanced accounting and financial management tools to adapt to the evolving digital landscape.
 

Accounting Finance Market Share

Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited (EY), and PricewaterhouseCoopers International Limited (PwC) held significant market share of over 10% market share in 2023. These major players in the market are actively engaging in several strategic initiatives to maintain competitiveness and drive growth. Deloitte Touche Tohmatsu Limited, one of the Big Four accounting firms, competes fiercely with PricewaterhouseCoopers (PwC) in providing a wide range of auditing, consulting, and advisory services to clients worldwide. Both companies strive to differentiate themselves through innovative solutions, industry expertise, and a global network of professionals, vying for market leadership in the dynamic accounting and finance industry.
 

PricewaterhouseCoopers (PwC) competes head-to-head with Deloitte Touche Tohmatsu Limited in offering comprehensive accounting, auditing, and consulting services to clients across various industries. With a focus on innovation, technology, and strategic partnerships, PwC aims to maintain its competitive edge and market position, continuously evolving to meet the evolving needs of clients in the rapidly changing accounting and finance landscape.
 

Accounting Finance Market Companies

Major companies operating in the accounting finance industry are:

• BDO International Limited
• Deloitte Touche Tohmatsu Limited
• Dixon Hughes Goodman LLP
• Ernst & Young Global Limited (EY)
• Grant Thornton International Ltd.
• HLB International Limited
• KPMG International Cooperative
• Kreston International Limited
• Moore Global Network Limited
• Parker Randall International
• PricewaterhouseCoopers International Limited (PwC)
   

Accounting Finance Industry News

• In November 2023, Zoho, a SaaS company based in India, unveiled Zoho Practice, a complimentary comprehensive practice management solution designed specifically for Chartered Accountants (CAs). This fresh software initiative seeks to enhance accountants' productivity and operational effectiveness, empowering them to concentrate on expanding their practices.
   
• In October 2023, Crowe LLP, a firm specializing in public accounting, consulting, and technology, partnered with High Alpha Innovation, a venture builder. They aimed to foster the creation and exploration of opportunities utilizing AI to improve and innovate existing services provided to Crowe's clients within the financial services and private equity domains.
   

The accounting finance market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue ($Bn) from 2021 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Service

• Bookkeeping and accounting services
• Auditing and assurance services
• Taxation services
• Financial advisory services
• Payroll services
• Others

Market, By Deployment Mode

• On-premises
• Cloud-based

Market, By Organization Size

• Large enterprises
• Small and Medium Enterprises (SME)

Market, By End Use

• BFSI
• Healthcare
• Manufacturing
• Retail and consumer goods
• IT and telecommunications
• Energy and utilities
• Government & public sector
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America 
• MEA
  • UAE
  • South Africa
  • Saudi Arabia
  • Rest of MEA