PUBLISHER: The Business Research Company | PRODUCT CODE: 1428255
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428255
Financial accounting advisory services encompass a comprehensive set of expert third-party guidance designed to assist firms and organizations in achieving their commercial, financial, and operational objectives. These services play a crucial role in ensuring compliance with evolving financial standards, promoting transparency, and instilling confidence in reporting processes to facilitate informed decision-making.
The primary categories of financial accounting advisory services include accounting change services, buy-side support, bankruptcy services, IPO advisory services, financial reporting issue and restatement services, technical accounting, financial statement preparation, accounting software migration, cash flow management services, among others. Accounting change services involve modifications in accounting principles and estimates. These services cater to organizations of various sizes, including large enterprises and small and medium-sized enterprises, with applications in personal, general company, listed company, government, and other contexts. These services find relevance across different industry verticals such as banking, financial services and insurance (BFSI), IT and telecom, manufacturing, retail and e-commerce, among others.
The financial accounting advisory services market research report is one of a series of new reports from The Business Research Company that provides financial accounting advisory services market statistics, including financial accounting advisory services industry global market size, regional shares, competitors with a financial accounting advisory services market share, detailed financial accounting advisory services market segments, market trends and opportunities, and any further data you may need to thrive in the financial accounting advisory services industry. This financial accounting advisory services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The financial accounting advisory services market size has grown strongly in recent years. It will grow from $98.58 billion in 2023 to $105.66 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The expansion observed in the historical period can be ascribed to the adoption of new accounting standards, regulatory alterations affecting financial reporting obligations, the global reach and expansion of multinational corporations, increased intricacies in financial reporting and compliance, and the progression of audit and assurance standards.
The financial accounting advisory services market size is expected to see strong growth in the next few years. It will grow to $140.41 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated expansion in the forecast period can be ascribed to the uptake of enterprise resource planning (ERP) systems, heightened concerns regarding corporate governance and risk management, an increasing demand for transparency in financial reporting, and the adoption of cloud-based financial accounting solutions. Key trends projected for the forecast period encompass the incorporation of artificial intelligence, the integration of machine learning in financial advisory, the proliferation of advisory services for cryptocurrency and blockchain, and the assimilation of predictive analytics in financial decision-making.
The anticipated surge in the demand for financial services is poised to drive the growth of the financial accounting advisory services market. Financial services encompass the offerings provided by financial institutions, and financial accounting advisory services play a crucial role in offering expert guidance, improving financial transparency, and facilitating well-informed decision-making. For example, as of September 2022, the United States Census Bureau reported a real median household income of $70,784 in 2021, with a 1.2% increase in income inequality between 2020 and 2021. Additionally, S&P Global projected a 12.1% increase in median household income, from $72,465 in 2022 to $81,230 in 2027 in the US. Hence, the growing demand for financial services is a key factor propelling the financial accounting advisory services market.
The escalating threat posed by cyberattacks is expected to contribute to the expansion of the financial accounting advisory services market. Cyberattacks involve deliberate and malicious efforts to exploit, disrupt, or gain unauthorized access to computer systems, networks, or digital devices. Financial accounting advisory services play a vital role in evaluating and mitigating the financial implications arising from cyberattacks, offering strategic guidance for recovery and ensuring regulatory compliance. For instance, data from January 2023, as provided by Checkpoint, an Israel-based provider of IT security products, indicates a 38% increase in global cyberattacks in 2022 compared to 2021. Therefore, the growing threat of cyberattacks stands as a driving force for the financial accounting advisory services market.
Technological advancements stand out as a prominent trend gaining traction in the financial accounting advisory services market. Leading companies within this market are embracing new technologies to maintain their competitive positions. For instance, in June 2023, Numeric, a US-based financial services company, introduced Numeric AI and Numeric Essentials. Numeric AI, powered by artificial intelligence, empowers accountants to leverage extensive language models for increased efficiency and control. This tool automates the creation of flux explanations by utilizing information from underlying general ledger transactions, account trends, and prior descriptions. Numeric Essentials, an industry-first free close management solution, employs real-time collaboration tools to assist both large and small accounting teams in enhancing their month-end close processes.
Prominent companies in the financial accounting advisory services market are concentrating on developing innovative solutions, such as automated reporting solutions, for private equity portfolio companies to gain a competitive edge. Automated reporting solutions refer to software tools streamlining and systematizing the generation and delivery of reports, thereby enhancing efficiency and accuracy in data-driven decision-making. In April 2023, Riveron, a US-based national business advisory firm, launched VUE, an automated reporting solution for private equity portfolio companies. This groundbreaking service integrates and transforms financial and operational data, establishing a single source of truth for key reporting metrics. VUE utilizes simple, low-code platforms to automate data extraction and integration from diverse systems. This solution aids portfolio companies in streamlining reporting, improving decision-making with real-time insights, and addressing challenges related to legacy ERP deficiencies and integration gaps across business applications.
In September 2021, WilliamsMarston LLC, a US-based business management consulting company, completed the acquisition of Chord Advisors LLC for an undisclosed amount. This strategic move is anticipated to enhance WilliamsMarston LLC's ability to provide exceptional services with a powerful and unique service offering. Chord Advisors LLC, based in the US, specializes in providing accounting services to various clients, including support with technical accounting and IPO readiness.
Major companies operating in the financial accounting advisory services market report are JPMorgan Chase & Co, The International Business Machines Corporation, PricewaterhouseCoopers International Limited (PwC), Ernst & Young Global Limited, Oracle Corporation, KPMG International Limited, SAP SE, Deloitte Consulting LLP, Capgemini SE, The PNC Financial Services Group Inc., BDO International Ltd., RSM International Limited, Nexia International, Baker Tilly US LLP, Bain & Company Inc., AlixPartners LLP, FTI Consulting Inc., Grant Thornton LLP, CBIZ Inc., Protiviti Inc., Alvarez & Marsal Holdings LLC, Crowe LLP, Plante & Moran PLLC, Armanino LLP, CohnReznick LLP, EisnerAmper LLP, MorganFranklin Consulting LLC, Sensiple Software Solutions Pvt Ltd., Accutech Systems Corporation, Quint Group Limited.
North America was the largest region in the financial accounting advisory services market in 2023. The regions covered in the financial accounting advisory services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the financial accounting advisory services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The financial accounting advisory services market includes revenues earned by entities by providing services such as GAAP (generally accepted accounting principles) conversions, transaction accounting, and new standards implementation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Financial Accounting Advisory Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on financial accounting advisory services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for financial accounting advisory services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The financial accounting advisory services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.