India Accounting Professional Services Market Size (2024 - 2029)

The India Accounting Professional Services Market is experiencing significant growth, driven by the adoption of computerized and remote techniques that have become more prevalent post-COVID-19. This shift has transformed the role of accounting professionals, who are increasingly integrated into the strategic direction of businesses rather than solely managing finances. The market's expansion is further supported by the increased demand for accounting services, as firms adapt to new methodologies and remote work environments.

Home Market Analysis Professional and Commercial Services Research Professional Services Research Legal, Accounting, and HR Research Accounting Services Research India Accounting Professional Services Market Market Size

Market Size of India Accounting Professional Services Industry

India Accounting Professional Services Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 5.00 %
Market Concentration Medium

Major Players

India Accounting Professional Services Market Major Players

*Disclaimer: Major Players sorted in no particular order

India Accounting Professional Services Market Analysis

India Accounting Professional Services Market is poised to grow at a CAGR of over 5% during the forecast period.

Accounting services have changed irrevocably after the COVID-19 outbreak is finally over. Accounting has adopted computerized and remote techniques that were seldom commonplace before the epidemic, like many other industries. Due to the epidemic, many more accounting businesses are allowing their employees to work from home. Before the pandemic, the average percentage of employees in the accounting sector who worked from home was roughly 40%; however, during the COVID-19 lockdowns, this number more than doubled to 83%. The fact that many accounting industry workers were already accustomed to working remotely means that neither overall nor individual productivity has decreased as a result of having to work from home.

Additionally, it has made individuals rethink and modify their perceptions of the contemporary accountant. Many accounting companies are increasingly strategic to the whole strategy and direction of a corporation, moving beyond their traditional role as someone who just took care of the company's finances. Many people, including us, have incorporated the Profit First methodology into their core business philosophies. According to certain research, COVID-19 has resulted in a 7 in 10 increase in business for accounting firms.

The measuring, processing, and sharing of financial and non-financial information regarding economic entities like enterprises and corporations are known as accounting, also known as accountancy. Accounting, also known as the "language of business," is used to measure the outcomes of an organization's economic actions. A variety of stakeholders, such as investors, creditors, managers, and regulators, are informed of these results. Accountants are those who practice accounting. Accounting professionals are financial experts who carry out tasks including financial statement maintenance, account auditing, and account analysis. They maintain accounts that belong to people or organizations, both public and private.

For any organization's financial health, an accounting expert plays a critical role. In addition to creating and maintaining financial statements, they are in charge of maintaining and interpreting financial records and giving the appropriate financial planning guidance. They also resolve actual commercial or financial issues.

India Accounting Professional Services Industry Segmentation

Accounting professionals are experts at maintaining financial records, including accounts, financial statements, and financial plans. They have expertise in audits and account analysis. They offer guidance on implementing profitable and cost-effective business strategies and assist organizations in resolving their financial issues. The India Accounting Professional Services Market is segmented By Type of Service (Tax Preparation Services, Bookkeeping Services, Payroll Services, and Others), By Region (North, South, East, and West).

Type Of Service
Tax Preperation Services
Book Keeping Services
Payroll Services
Others
Region
North
South
East
West
Need A Different Region Or Segment?
Customize Now

India Accounting Professional Services Market Size Summary

The India Accounting Professional Services Market is experiencing a transformative phase, driven by the adoption of advanced technologies and remote working practices that gained traction during the COVID-19 pandemic. The pandemic has accelerated the shift towards computerized and cloud-based accounting solutions, enabling professionals to work remotely without compromising productivity. This shift has redefined the role of accountants, who are now seen as strategic partners in business rather than just financial caretakers. The integration of methodologies like Profit First and the use of technologies such as AI, blockchain, and automation have enhanced the efficiency and strategic value of accounting services. These advancements have allowed accounting professionals to focus more on high-impact tasks, thereby increasing their contribution to organizational success.

The market is moderately consolidated, with major players like PwC India, Deloitte, Ernst and Young, and KPMG dominating the landscape. These firms have been proactive in expanding their service offerings and embracing digital transformation to stay competitive. For instance, KPMG's alliance with IBSFINtech to enhance corporate treasury automation solutions and PwC India's acquisition of Venerate Solutions highlight the ongoing efforts to integrate innovative solutions into their services. Despite the presence of new entrants, the established players maintain a stronghold due to their existing client relationships and comprehensive service portfolios. As the market continues to evolve, the focus on technological integration and strategic advisory roles is expected to drive further growth and innovation in the accounting professional services sector in India.

Explore More

India Accounting Professional Services Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Industry Attractiveness - Porters' Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitutes

      5. 1.4.5 Intensity of Competitive Rivalry

    5. 1.5 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type Of Service

      1. 2.1.1 Tax Preperation Services

      2. 2.1.2 Book Keeping Services

      3. 2.1.3 Payroll Services

      4. 2.1.4 Others

    2. 2.2 Region

      1. 2.2.1 North

      2. 2.2.2 South

      3. 2.2.3 East

      4. 2.2.4 West

India Accounting Professional Services Market Size FAQs

The India Accounting Professional Services Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

PwC India, Ernst and Young , Deloitte, KPMG and Grant Thornton LLP are the major companies operating in the India Accounting Professional Services Market.

India Accounting Professional Services Report Snapshots

India Accounting Professional Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)