Business Research Company Accounting Services Market 2022 – Opportunities and Strategies – Global Forecast to 2031
LONDON, GREATER LONDON, United Kingdom, Oct. 24, 2022 /EINPresswire.com/ — Major companies in the accounting services market are rapidly moving towards the digitalization process, following the emergence of communication and technology from the information. Investor expectations, growing competition, new regulatory pressures and growing opportunities are putting organizations under pressure to digitize their processes and management. Accounting service firms are investing in various technologies, such as machine learning, mobility, cloud computing, performance monitoring and artificial intelligence, to streamline the process, reduce operational costs and increase efficiency . With machine learning and cloud computing, companies are digitizing data, records, customer history, briefings, reports, testimonials, and other information that allows them to find relevant information quickly. For example, according to a report by Ernst & Young, the key point was that just 16% of consumers in Europe expect the way they do their banking to change in the long term because of COVID-19. There is also a generation gap. Those over 55 are the group least likely to have changed the way they bank, with only 17% expecting to bank more online in the next 1-2 years, compared to 28% of under 35s.
The global accounting services market size is expected to grow from USD 0.59 trillion in 2021 to USD 1.01 trillion in 2026 at a rate of 11.4%. The global accounting services market share is then expected to grow at a CAGR of 11.5% from 2026 and reach $1.74 trillion by 2031.
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The use of advanced technologies such as artificial intelligence to quickly analyze and identify irregularities in data is expected to drive the accounting services market growth over the forecast period. Auditors use artificial intelligence to spot suspicious activity or inaccuracies in accounting entries and transactions. Artificial intelligence uses rules created by humans to reason about problems and draw conclusions by identifying patterns from the huge data sets available. Artificial intelligence tools can be tuned to understand how accounting entries are used to hide irregularities such as incorrect revenue recognition or deferred liabilities by companies.
The major players covered in the global accounting services industry are PwC, Ernst & Young, Deloitte Touche Tohmatsu Limited, KPMG, ADP (Automatic Data Processing, Inc).
The TBRC Accounting Services market report is segmented by Type into Payroll Services, Tax Preparation Services, Bookkeeping, Financial Audit and Other Accounting Services, by Service Provider into Large, Small and Medium Enterprises , by end user in IT services, manufacturing, financial services, building, other.
Accounting Services Market 2022 – By Type (Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing, and Other Accounting Services), By End-Use Industry (IT Services, Manufacturing, Financial Services, Construction) , by Service Provider (Large, Small, and Medium Enterprise), and by Region, Opportunities and Strategies – Global Forecast To 2031 is part of a series of new reports from The Business Research Company that provide insight into the Accounting, forecasts Accounting Services market size and growth for overall market, Accounting Services market segments, geographies, Accounting Services market trends, Accounting Services market drivers, restraints, revenues, profiles and market shares of the main competitors.
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