Like most of the financial sector, the Global Accounting Services market's revenue fell in 2009, after reaching a historical peak in 2008. But the industry rebounded quickly from the relatively minor drop in revenue compared to other financial industries. These contrasting growth trends during the past five years are expected to keep annualized industry revenue growth at a mild at an annualized rate of 1.0% to reach $373.6 billion in 2013. Mild upward growth is expected to continue in 2013, with revenue rising 1.8%.
Stabilization in global economic conditions and strong performance in developing countries will encourage clients to dust off plans for expansion and change, driving demand for accounting advisory and tax work on deals like initial public offerings (IPOs) and mergers and acquisitions (M&As). Renewed activity will mark a turnaround from the past five years, during which many businesses delayed plans and tried to cut spending and reduce debt amid economic uncertainty and difficulty accessing funding. Work on major corporate transactions tends to be a more volatile industry undertaking, thus strongly influencing overall industry performance. Audit and tax preparation tend to be less volatile and, therefore, provide a relatively stable revenue base.
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