LONDON, Oct. 16, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Financial Accounting Advisory Services Global Market Report 2023, the global financial accounting advisory services market is poised for significant growth, with projections indicating an increase from $91.88 billion in 2022 to $98.58 billion in 2023, marking an impressive compound annual growth rate (CAGR) of 7.3%. This market is set to reach $129.55 billion in 2027, maintaining a steady CAGR of 7.1%. As financial services continue to shape our global economy, the demand for expert financial guidance is stronger than ever.
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Major Driver – Rise In Demand For Financial Services
The surge in demand for financial services is a driving force behind the growth of the financial accounting advisory services market. Financial services offered by institutions play a crucial role in managing economic activities. Financial accounting advisory services provide expert guidance, enhancing financial transparency and aiding in informed decision-making. As per the United States Census Bureau, the real median household income in 2021 was $70,784, with income inequality increasing by 1.2% between 2020 and 2021. Furthermore, S&P Global anticipates a 12.1% increase in the median household income in the United States, reaching $81,230 in 2027 from $72,465 in 2022. This expanding demand for financial services underscores the growth trajectory of the financial accounting advisory services market.
Prominent players in the financial accounting advisory services market, including JPMorgan Chase & Co, PricewaterhouseCoopers International Limited (PwC), and Ernst & Young Global Limited, are pivotal in providing expert financial guidance. These companies continue to harness technology and innovation to ensure their positions at the forefront of the industry. For instance, Numeric, a US-based financial service company, recently introduced Numeric AI and Numeric Essentials. Numeric AI is an AI-powered tool designed to enhance efficiency by automating the drafting of flux explanations using information from general ledger transactions and prior descriptions. Numeric Essentials is a revolutionary free close management solution that fosters real-time collaboration among accounting teams, facilitating the improvement of month-end closing processes.
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In 2022, North America emerged as the largest region in the financial accounting advisory services market, with North America projected as the fastest-growing region during the forecast period.
The financial accounting advisory services market is segmented into essential categories:
- By Type: 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, and Other Types.
- By Organization Size: Large Enterprises and Small And Medium-Sized Enterprises.
- By Application: Personal, General Company, Listed Company, Government, and Other Applications.
- By Industry Vertical: Banking, Financial Services And Insurance (BFSI), IT And Telecom, Manufacturing, Retail And E-Commerce, and Other Industry Verticals.
As the financial world continues to evolve, the Financial Accounting Advisory Services Global Market Report 2023 emerges as a vital resource for industry players. This report offers comprehensive insights, trend analysis, and market projections. With the market set to reach $129.55 billion in 2027, this financial accounting advisory services market report serves as an essential tool for industry professionals, offering them the roadmap to navigate the complex landscape of financial advisory services.
Financial Accounting Advisory Services Global Market Report 2023 by The Business Research Company provides insights on the financial accounting advisory services market size, financial accounting advisory services market segments, financial accounting advisory services market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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