UK Accountancy Market – Upcoming Trends and Opportunities
A new report “UK Accountancy Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast” offered by DecisionDatabases.com gives an analytical study of the market, its value chain, latest trends, forecasts, innovation, drivers, and restraints. The historical study from 2015 helps in a better understanding of the UK Accountancy market. The report also details about the market players who hold a dominating position in the current business scenario.
The accounting services comprise the preparation of financial balance sheet and the generation of fiscal statements. The business movement in the industry is directly correlated to the pattern of economic movement across the United Kingdom, owing to UK’s dominance over business revenue distribution. The UK is a major financial and corporate center for accounting and home to the head-offices for several MNCs, henceforth; UK accountancy is a key establishment for financial management and is followed globally. Growing demand for financial and legal services is a major growth driver, which is expected to boost its market demand over the coming years. Growth in this market has also been boosted by growing consultancy & advisory industry in order to strengthen the consultancy capabilities by accountancy firms. With a sustainable economic growth in the future, the trading scenario for financial & accounting management market is projected to remain positive for the study period. Over the coming years, an outstanding growth in digital technology is also tending to fuel the market demand for consultancy services for efficiency savings & cost cutting requirement. However, growing preference for software-based services can restrict the UK accountancy market growth in the near future. Increasing adoption of advance technologies in the accountancy sector to become more flexible, responsive and efficient will further aid in its market growth.
The UK accountancy market
has been segmented based on activities into, audit and accounting, tax and legal services, corporate finance and business recovery, and consultancy services. The consultancy services is a leading activity segment and is expected to attend a double-digit growth over the forecast period on account of the growing consultancy business worldwide and increasing revenue generation by consultancy services to diversify investment to reduced free income across the globe. Over the past few years, a large number of merger & acquisitions have occurred among consultancy firms to increase the revenue of major accountancy firms globally. After consultancy, tax and legal services is a major activity segment and is expected to grow at a considerable rate in the forthcoming years due to rising demand from MNCs and celebrities to reduce their tax burdens and to avoid any legal issues.
UK accountancy market is witnessing a global surge due to worldwide growing demand for legal, consultancy, auditing and other financial services.
The major industry player includes four companies such as Deloitte Touche Tohmatsu Limited, Ernst & Young, KPMG, and PricewaterhouseCoopers. These four firms make up the large proportion of the total UK accountancy market.
In March 2016, ICAEW Public Sector and PricewaterhouseCoopers launched a new accounting learning program to provide accountants with a content-rich e-learning certification course to enhance their implementation skills and beyond.
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