The Strategic Case for Targeting the Singapore Accountancy Sector in 2025

Singapore's accountancy sector has emerged as a cornerstone of the city-state's economic resilience, driven by a confluence of structural demand, regulatory evolution, and global megatrends. As of 2025, the sector's total revenue reached S$3.5 billion in 2024, reflecting a 7.5% annual growth rate, according to a Business Times survey. Central to this expansion is the dominance of the Big 4 accounting firms-Deloitte, PwC, EY, and KPMG-which collectively command 70% of the sector's revenue, according to the same survey. Their influence is not merely a relic of market consolidation but a dynamic force shaping the trajectory of Singapore's professional services landscape.

Market Dominance of the Big 4: A Structural Advantage

The Big 4's entrenched position in Singapore is underpinned by their ability to scale services across audit, assurance, and advisory functions. In 2024, these firms contributed S$112.5 million-nearly half of the sector's total revenue growth-primarily through a 9.6% surge in audit and assurance services, according to the survey. This growth outpaced the broader sector, which saw firms of all sizes expand revenues by 4.8% to 12%, with medium-sized entities achieving the highest growth at 47.4%, according to the survey. The Big 4's dominance is further reinforced by their capacity to attract high-value clients, including multinational corporations seeking compliance with Singapore's stringent regulatory frameworks and global ESG (Environmental, Social, and Governance) standards.

Sustainability-Driven Demand: A New Revenue Catalyst

The sector's growth is increasingly being fueled by sustainability initiatives, a trend that aligns with Singapore's national strategy to position itself as a global ESG hub. According to Second Minister for Finance Indranee Rajah, revenue in sustainability-related fields has tripled since 2022, as reported in the survey. The Big 4 firms are at the forefront of this shift, leveraging their expertise in audit and assurance to offer ESG reporting and sustainability assurance services. For instance, Deloitte and PwC have expanded dedicated ESG consulting divisions, while EY and KPMG have integrated carbon accounting tools into their service portfolios, as noted in the survey. This specialization not only diversifies their revenue streams but also strengthens client retention in an era where regulatory scrutiny of corporate sustainability practices is intensifying.

Strategic Implications for Investors

The Singapore accountancy sector presents a compelling investment case for several reasons. First, the Big 4's dominance ensures a stable revenue base, even as smaller firms innovate. Their ability to capture 70% of sector revenue, according to the survey, suggests a moat built on brand trust, regulatory alignment, and operational scale. Second, the sector's growth is no longer confined to traditional audit services. The tripling of sustainability-related revenue since 2022, as reported in the survey, indicates a structural shift toward value-added services, which are less cyclical and more resilient to macroeconomic volatility. Third, Singapore's proactive policy environment-such as the mandatory adoption of ESG reporting for listed companies-creates a tailwind for firms that can offer compliance solutions.

For investors, the sector's expansion also extends beyond the Big 4. While these firms dominate, the 47.4% revenue growth recorded by medium-sized entities, according to the survey, highlights untapped potential in niche players specializing in sustainability or digital transformation. However, the Big 4's ability to absorb and replicate these innovations ensures their continued leadership.

Conclusion

Singapore's accountancy sector is a microcosm of the global shift toward sustainability and regulatory rigor. The Big 4's dominance, coupled with their agility in adapting to ESG-driven demand, positions them as key beneficiaries of this transition. For investors, the sector offers a blend of stability and growth, with sustainability initiatives acting as a multiplier for long-term value creation. As the sector's total revenue is projected to expand further in 2025, the strategic imperative to target this market becomes increasingly clear.