The global accounting and audit services market was valued at almost USD 255 billion in 2016 and is expected to surpass USD 358 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on accounting and audit services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the accounting and audit services market during the forecast period. Some of the top vendors listed in this industry analysis include Deloitte Touche Tohmatsu, PricewaterhouseCoopers, Ernst & Young, KPMG, and BDO.
In terms of geographical analysis, the Americas led the global market by accounting for around 35% of the overall revenue from the global accounting and audit services market.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “Many small and medium-sized service providers in the accounting and auditing space are adopting cloud computing and cloud storage to reduce fixed overheads. The rising adoption of cloud accounting is fueled by advantages such as easy access to data and reduced infrastructural requirements. Companies such as Deloitte are offering cloud accounting in their service portfolios to cater to the changing needs of buyers such as real-time access to audit data.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Lack of in-house expertise in accounting standards
Most large-scale organizations, especially listed companies, are faced with the need to comply with all accounting and audit-related norms that are applicable in the region of their operational presence. Such mandates make it difficult for these companies to establish a strong in-house team that can cater to the changes and variations in accounting standards and norms across regions. As a result, there is increased demand for external accounting and auditing service providers in the global market.
Need for unbiased auditing for shareholders and non-participating directors
It is imperative for listed companies to have unbiased auditing to eliminate any chances of differences in opinions among board members. Hence, they outsource it to external auditing firms that can perform an unbiased audit and add their perspectives from an outsider’s point of view.
Increase in M&A activities
Many big companies are resorting to M&A to increase their regional presence and capabilities. M&A activities involve multiple complex accounting tasks such as merging of the involved companies’ assets and settling of debts if any. The rise in M&A activities across the globe is propelling the demand for accounting and audit services.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Accounting and Audit Services – Procurement Market Intelligence 2017’.
