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Accounting Services Market to Reach $ 1.5 Trillion, Globally, by 2032 at 9.2% CAGR: Allied Market Research

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Surge in trend of error-free & less time-consuming transactions, increase in environmental, social, and governance (ESG) reporting, and growth in awareness regarding outsourcing financial and accounting operations contribute towards the growth of the market.  
PORTLAND, Ore., Dec. 4, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Accounting Services Market by Type (Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing, and Others), and End User (Finance Sector, Manufacturing and Industrial Sector, Retail Sector, Public Sector, IT and Telecom Industry, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the global accounting services industry generated $628.41 billion in 2022, and is anticipated to generate $ 1.5 trillion by 2032, witnessing a CAGR of 9.2% from 2023 to 2032.

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127 – Tables48 – Charts260 – PagesPrime determinants of growth  
Increased collaboration of small & medium enterprises with e-commerce players and surge in trend of error-free & less time-consuming transactions between companies are becoming the major factors driving the growth of the market. However, high operating costs are expected to hamper the market growth. Contrarily, rise in the adoption of Internet-of-Things and block chain-based accounting service platforms can be seen as an opportunity for the market growth in the coming years. 
Report coverage & details:
Report Coverage
Details
Forecast Period
2023–2032
Base Year
2022
Market Size in 2022
$628.41 Billion
Market Size in 2032
$ 1.5 Trillion
CAGR
9.2 %
No. of Pages in Report
341
Segments covered
Type, End User, and Region.
Drivers
Surge in trend of error-free & less time-consuming transactions
Increases in environmental, social, and governance (ESG) reporting
Growth in awareness regarding outsourcing financial and accounting operations
Opportunities
Rise in adoption of IoT and block chain-based accounting service platforms
Increased collaboration of SMEs with e-commerce players
Restraints
Regulatory challenges, and accounting scandals
 
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The financial auditing segment to maintain its leadership status throughout the forecast period 
Based on type, the financial auditing segment held the highest market share in 2022, accounting for nearly two-fifths of the global accounting services market revenue, owing to the fact that auditing firms are incorporating data analytics and technology tools to enhance audit processes, improve efficiency, and identify anomalies in large data sets. However, the bookkeeping segment is projected to attain the highest CAGR of 13.5% from 2023 to 2032. This is attributed to the fact that bookkeeping services are investing in robust security measures to protect sensitive financial information and comply with data protection regulations, with the increase in importance of data security and privacy.   
The finance sector segment to maintain its leadership status throughout the forecast period
Based on end user, the finance sector segment held the highest market share in 2022, accounting for more than one-fourth of the global accounting services market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is owing to the fact that financial institutions are increasingly adopting digital technologies for their operations, requiring accounting services to adapt to digital financial reporting, data analytics, and cybersecurity measures. However, the public sector segment is projected to attain the highest CAGR of 13.6% from 2023 to 2032. This is due to the fact that accounting services help government agencies maintain accountability by providing clear financial statements and reports. This transparency is essential for building trust among citizens and stakeholders.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global accounting services revenue, owing to the fact that many accounting firms in North America are focusing on industry-specific expertise. They are tailoring their services to cater to the unique needs of clients. However, the Asia-Pacific region is expected to witness the fastest CAGR of 12.9% from 2023 to 2032, and is likely to dominate the market during the forecast period. This is attributed to the fact that accounting firms in the Asia-Pacific region are offering data security and privacy compliance services to ensure businesses adhere to regulations and protect sensitive financial information.
Leading Market Players: –
Ernst & Young Global Limited (EY) ADP, INC. KPMG International Limited DelloitePlante & Moran, PLLC BDORSM International Ltd. McKinsey & Company Grant Thornton International Ltd (GTIL)PwCThe report provides a detailed analysis of these key players of the global accounting services market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:David Correa1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.Int’l: +1-503-894-6022Toll Free: +1-800-792-5285UK: +44-845-528-1300India (Pune): +91-20-66346060Fax: [email protected] Allied Market Research Blog: https://blog.alliedmarketresearch.comBFSI Blog
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HONOR Unveils Four-Layer AI Architecture and Forges Ahead with Google Cloud for More AI Experiences at VivaTech 2024

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Experience AI-powered Studio-level Portrait Photography on the New HONOR 200 Series  
PARIS, May 22, 2024 /PRNewswire/ — Global technology brand HONOR has made its debut today at VivaTech, one of Europe’s largest tech and innovation events. During its keynote, HONOR showcased its innovative approach to on-device AI and unveiled its pioneering Four-layered AI Strategy. HONOR also announced upcoming Gen-AI experiences with Google Cloud, which are set to be featured on its anticipated smartphones, opening up exciting possibilities for enhancing user experiences.

“At HONOR, we firmly believe that, by combining the power of on-device AI’s personalization, intuitiveness, and privacy protection, everyone can unlock the full potential of AI safely and securely,” said George Zhao, CEO of HONOR Device Co., Ltd. “We are also delighted to forge ahead with Google Cloud, leveraging our combined expertise to unlock the potential of this hybrid approach and deliver even more seamless AI experiences to our users.”
Introducing HONOR’s Four-Layer AI Architecture
During the keynote, HONOR unveiled its Four-Layer AI Architecture and demonstrated its strategic focus on integrating AI into MagicOS. This Four-Layer Architecture comprises distinct layers. At the base layer, Cross-device and Cross-OS AI form the foundation of an open ecosystem, which allows the sharing of computing power and services among devices and operating systems. Building upon this foundation, the Platform-level AI layer enables a personalized operating system, allowing intent-based human-computer interaction and personalized resource allocation. At the third layer, App-level AI is poised to introduce a wave of innovative, generative AI applications that will revolutionize user experiences. Lastly, at the top, the Interface to Cloud-AI services layer provides users with easy access to massive cloud services while prioritizing privacy protection, creating a truly holistic and future-forward AI experience.
As part of MagicOS 8.0, Magic Portal is the industry’s first intent-based UI, which understands user behavior and streamlines complex tasks into single-step processes. Currently, Magic Portal supports 100 top applications across seven scenarios, including travel, productivity, messaging, search, entertainment, shopping, and social media, with plans to expand usage scenarios to provide even more seamless and intelligent AI experiences in the future.
As part of HONOR’s Four-Layer Architecture, HONOR is set to integrate cutting-edge Gen-AI experiences, powered by Google Cloud, into its upcoming smartphones, promising to deliver a new level of intelligence and innovation to users with enhanced privacy protection.
Revolutionizing Portrait Experience with HONOR 200 Series
Following the successful launch of AI Motion Sensing Capture, a cutting-edge feature that leverages AI to automatically capture fast-moving actions, HONOR also announced that the upcoming HONOR 200 Series will take mobile photography to new heights with an all-new AI-enhanced Portrait experience.
The HONOR 200 Series is poised to revolutionize portrait photography by bringing the mastery of Studio Harcourt, a legendary French photography studio known for its expertise in capturing classic portrait shots with iconic figures, to every step of the process, leveraging AI technology to recreate the iconic studio’s legendary lighting and shadow effects.
By using AI to learn from a vast dataset of Studio Harcourt portraits, the HONOR 200 Series has successfully broken down the entire portrait photography process into nine distinct steps, and perfectly replicates the full Studio Harcourt method, ensuring flawless and studio-quality portraits with every shot.
The HONOR 200 Series is set to launch in Paris on June 12, powered by MagicOS 8.0, further solidifying HONOR’s commitment to democratizing AI technology. In a move to make AI more accessible to a wider audience, HONOR also announced plans to roll out MagicOS 8.0 to its HONOR Magic V2 and HONOR 90 devices, empowering more users to experience the transformative power of AI.
The Human-AI Synergy: Smart Devices for a Better Future
At the event, HONOR also hosted an insightful panel discussion featuring esteemed industry expert Dr. Justine Cassell. The discussion delved into the future of multimodal interaction, highlighting how this integration enhances convenience and privacy protection for device users.
“On-device AI can better empower individuals,” emphasized George. “The on-device offers personalized recommendations while safeguarding user privacy by keeping data on the device. For instance, HONOR’s Magic Portal design ensures users retain control over service selection and decision-making.”
In terms of multimodal interaction, Dr. Justine Cassell noted, “Humans live multimodally. The rise of on-body devices like rings, and pins, alongside powerful smartphones, shows growing comfort with AI integrating verbal language, and nonverbal cues like gestures and facial expressions. This predicts the adoption of multimodally-sensitive AI on phones.”
“Human-centric is HONOR’s design philosophy, with human at the center of all devices,” George envisioned. “Empowered by AI, cross-device integration can combine the unique advantages of different devices in the future. Rather than learning user behaviors in isolation on each device, this approach allows for macro-level, unified user intent recognition, offering tailored recommendations and suggestions.”
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Borderless AI Appoints Former Chime HR Executive Beth Steinberg to Board of Advisors to Build on Global HR Expertise

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Steinberg’s decades of experience driving strategies for corporate talent and people management will strengthen the company’s market position and enhance its impact on the global human resources space
TORONTO, May 22, 2024 /PRNewswire/ — Borderless AI, the AI-powered startup revolutionizing the Employer of Record (EOR) industry, has appointed Beth Steinberg, former Chief People Officer at Chime, to its Board of Advisors to leverage her deep understanding of the unique needs of human resources teams to build successful global HR programs.

Following Borderless AI’s $27M seed funding in March 2024, Steinberg’s appointment furthers the company’s focus on harnessing the vast capabilities of generative AI to automate and accelerate the processes of onboarding, managing, and paying international team members.  Borderless AI’s novel AI agent Alberni, is the first of its kind specifically created to perform complex and time-consuming HR tasks, such as automating the process of generating global employment agreements or onboarding new global employees, all within minutes by leveraging conversational AI. Steinberg’s appointment underscores the need for advanced technology to propel innovation in the HR category and the company’s commitment to advancing the work of people management and HR teams.
“Having an acute sense of the HR industry is critical to ensure we are providing products and services to our customers that drive real value and impact,” said Willson Cross, co-founder and CEO of Borderless AI. “Beth brings vast expertise and understanding of the nuances of the human resources category, and her leadership experience and passion for innovation will help Borderless AI equip organizations with the tools and information they need to scale globally and deliver results for their people.”
Steinberg most recently held the position of Chief People Officer of  Chime, where she currently serves in an advisory role. During her time as Chime’s Chief People Officer, Steinberg led the company’s human resources strategy, building purposeful programs to drive HR efforts and people and team growth across the organization.
“I am excited to join the advisory board of Borderless AI, a company whose mission aligns with my belief that talent should be borderless,” said Steinberg, Board of Advisors, Borderless AI. “The company’s all-in-one platform allows businesses to focus on growth while tapping into the world’s talent pool, simplifying global HR processes. By harnessing this innovative technology, Borderless AI is breaking down barriers and empowering companies to build diverse, high-performing teams. I look forward to being part of this transformative journey.”
Steinberg joins Borderless AI as a tenured HR expert, with over 30 years of experience holding leadership and advisory roles in the human resources field.  In addition to her role as Chime’s CPO, she has led human resources teams at various companies including Meta, Nike, Electronic Arts, and Nordstrom, driving change and impact on an individual and company level.
A committed member of the  HR community at large, Steinberg will continue to advise numerous other companies, including freelance and talent management platform Contra, and VC firm Felicis,  in addition to her role on Borderless AI’s Board of Advisors. She also holds an acting role at Mensch Ventures, the People and Talent advisory firm she founded in 2016, and has served for over 10 years as a company sponsor and mentor in the TechWomen program, helping to empower young women around the world to build careers in STEM.
Steinberg is joining the Board of Advisors alongside recent appointee Leonard Shen, a former Visa and PayPal executive, who is advising the company’s growth in the compliance arena. Together, Steinberg and Shen bring expertise in pivotal functions to further Borderless AI’s market position and advancement in the EOR space.
For more information on Borderless AI, visit hireborderless.ai. You can also try out Alberni for free here.
About Borderless AIBorderless AI is a global payroll solution that leverages the power of generative AI to automate and speed up the process of onboarding, managing, and paying international team members. With Borderless AI, businesses can compliantly hire and manage talent worldwide without establishing a foreign entity while alleviating the complexities and risks associated with hiring global employees. With a focus on innovation and customer service, Borderless AI developed Alberni, the world’s first AI agent for global HR. Alberni uses conversational AI to simplify global employment tasks from contract creation to expense management. The company is headquartered in Toronto, Canada, and has raised $27 million in seed funding to date, backed by Susquehanna and Aglaé Ventures.
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Peloton delivers Platform v2 with enhanced security, mobility, and speed, powering business solutions for the world’s energy enterprises

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CALGARY, AB, May 22, 2024 /PRNewswire/ — Peloton Computer Enterprises Ltd. — the global standard for energy data management is proud to announce the release of Platform v2. The Peloton Platform delivers a cohesive experience for traditionally siloed operations, hosting solutions encompassing Well Data Lifecycle, Production Data Lifecycle and Land Data Management. The Platform is designed to manage your assets by providing efficiencies for removing disparate processes and data redundancy. Peloton Platform maximizes security, leverages mobility, accelerates data input, and enables real-time, data driven decisions for energy clients. Learn how you can GET IT ALL, and get it today at https://www.peloton.com/get-it-all-lp.

 
Security: Peloton’s best in class security includes our 24/7 security team and SOC1/2 compliance embedded within the Peloton Platform. With superior security measures and dedicated platform monitoring, Peloton ensures data integrity and reliability, backed by global, redundant data centers to minimize the risk, and offer material cost savings compared to on-premises solutions.Mobility: The Platform offers industry leading mobility, allowing customers to access and manage critical operational data anytime, anywhere. With intuitive mobile apps and fast, local data centers, Peloton empowers users with seamless accessibility and enhanced productivity.Integration: The Peloton Platform provides data integration across all three solutions (Well Data Lifecycle, Production Data Lifecycle, and Land Data Management) creating a unified ecosystem for the data management of your assets. Plus, ETL/Web API processes empower organizations to seamlessly manage integrations to third party databases and applications. By centralizing these functions, Platform clients benefit from saving countless hours of manual data entry and significant costs associated with rework from relying on disparate or out of date information. The Platform delivers stakeholder data trust and peak data efficiency, ensuring better decision-making and resource optimization across organizational silos.Faster Data Input: Peloton’s Well Data Lifecycle, Production Data Lifecycle and Land Data Management solutions on the Peloton Platform, revolutionize data input workflows by automating processes and reducing manual entry. With a suite of direct integrations, import tools, automated data synthesis from sensor and contextual data points, our solutions accelerate data entry and enhance accuracy, enabling users to focus on critical tasks without the burden of tedious data input.Real-time: The Peloton Platform offers real-time data ingestion and visualization in cloud storage solutions, providing clients with instant access to critical data during and after operations. With ultra-low latency connections and standardized data delivery, Peloton empowers clients with actionable insights for efficient decision-making using current information.”Organizational data silos and data redundancy breed frustration and erode trust in your operations. Too many organizations are still relying on disparate processes and custom solutions preventing a single source of truth and hampering their abilities to do more with less effort”, said Adil Walji, Peloton CTO.
About Peloton: Peloton is a leading provider of innovative technology solutions for the energy industry, offering solutions to optimize operations and enhance productivity. With a focus on security, mobility, integration, and real-time monitoring, Peloton powers energy clients to thrive in an ever-evolving landscape. For more information, visit https://www.peloton.com/get-it-all-lp.
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