Press Release

Saudi Arabia Vision 2030 to Significantly Boost Demand for Accounting Services

Growing government focus on Vision 2030, rising adoption of scalable accounting services and surging need for effective tax planning to drive Saudi Arabia accounting services market through 2023

According to TechSci Research report, “Saudi Arabia Accounting Services Market By Type of Services, Competition Forecast & Opportunities, 2013 – 2023’’, accounting services market in Saudi Arabia is projected to surpass $ 783 million by 2023. Rising focus on economic reforms by the government under Vision 2030 for boosting economic growth and attracting foreign investments in the country are among the key factors expected to drive the market growth. Increasing number of companies opting for accounting services for mitigating internal frauds, growing focus towards the development of SMEs led by the Small and Medium Enterprises General Authority to further boost the number of SMEs operating in the country, and rising availability of scalable accounting services would fuel the country’s accounting services market during the forecast period. 

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Tax preparation services segment dominates Saudi Arabia accounting services market, and the segment is anticipated to grow at the fastest pace in the coming years, on account of implementation of Value Added Tax (VAT) in the country on 1st January 2018 and increasing number of companies outsourcing tax preparation services to ensure compliance with tax and Zakat laws of Saudi Arabia. Central region is the largest demand generating region for accounting services, majorly owing to the presence of Riyadh, which is one of the major economic hubs as well as the capital city of the country.

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“Demand for accounting services is expected to grow at a fast pace in Saudi Arabia over the next five years, as more and more companies are anticipated to seek accounting services to ease their burden associated with taxation, payroll and book-keeping processes, as well as to keep their focus towards core competencies. Moreover, with a rising number of firms offering a wide array of accounting services coupled with increasingly stringent tax policies in the country, more and more companies are anticipated to opt for accounting services during the forecast period to comply with Saudi accounting and taxation guidelines and regulations.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Saudi Arabia Accounting Services Market By Type of Services, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of accounting services market and provides statistics and information on market size, structure and future market growth. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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Saudi Arabia Accounting Services Market By Type of Services (Tax Preparation Services, Bookkeeping Services, Payroll Services & Others), Competition Forecast & Opportunities, 2013 – 2023

ICT | May, 2018

Growing government focus on Vision 2030, rising adoption of scalable accounting services and surging need for effective tax planning to drive Saudi Arabia accounting services market through 2023

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