How Has The Financial Auditing Professional Services Market Size Evolved Historically?
The financial auditing professional services market has seen considerable growth due to a variety of factors.
• The market size for professional services in financial auditing has seen impressive growth in recent years. It is projected to expand from $152.61 billion in 2024 to $163.43 billion in 2025, indicating a compound annual growth rate (CAGR) of 7.1%.
Factors such as regulatory compliance, globalization, corporate governance, and financial scandals have contributed to the growth witnessed in the past period.
What Will Be The Financial Auditing Professional Services Market Size In The Future?
The financial auditing professional services market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for substantial growth in the financial auditing professional services market in the coming years. The market is predicted to expand to a value of $225.71 billion by 2029, with a compound annual growth rate (CAGR) of 8.4%.
The surge in this period is associated with challenges relating to data security, intricate financial tools, budding markets, risk management, and digital transformation. The forecast period is also projected to be characterized by key trends such as inclusion of technology, auditing from remote locations, blockchain auditing, sustainability auditing, continuous audits, and tailored audit solutions.
What Are The Key Drivers Fueling Growth In The Financial Auditing Professional Services Market?
The increasing occurrence of banking fraud is predicted to drive the expansion of the financial auditing professional services market. Fraud is committed when an individual deliberately misleads a system to access data or deprive someone else of their rights. Financial auditing professional services can help lessen bank fraud, which might include demanding a larger payment or compensation for services, by preventing false reporting and risk management. For example, the Reserve Bank of India Annual Report 2021-2022, the regulating authority for India's banking system, reports an increase of 23.69% in total fraud cases reported by banks and other financial bodies. The number of fraud cases rose from 7,359 in 2020-21 to 9,103 in 2022. Thus, these growing instances of banking fraud are fueling the growth of the financial auditing professional services market.
What Are The Principal Market Segments In The Global Financial Auditing Professional Services Industry?
The financial auditing professional services market covered in this report is segmented –
1) By Service: Employee Benefit Plan Audit, Service Organization Control (SOC) Audit, Financial Statement Audit, Due Diligence, Other Services
2) By Type: External Audit, Internal Audit
3) By End-Use: BFSI, Government, Manufacturing, Healthcare, Retail And Consumer, IT And Telecom, Other End-Uses
Subsegments:
1) By Employee Benefit Plan Audit: 401(k) Plan Audits, Pension Plan Audits, Health And Welfare Plan Audits
2) By Service Organization Control (SOC) Audit: SOC 1 Audit, SOC 2 Audit, SOC 3 Audit
3) By Financial Statement Audit: External Financial Statement Audit, Internal Financial Statement Audit, Compliance Audits
4) By Due Diligence: Financial Due Diligence, Operational Due Diligence, Tax Due Diligence
5) By Other Services: Forensic Auditing, Risk Assessment Services, Internal Control Reviews
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Which Emerging Market Trends Are Altering The Financial Auditing Professional Services Sector?
Collaborative alliances are augmenting as a significant trend in the market for professional financial auditing services. Major players in the market are intent on developing collaborations that will enrich their offerings of products and services in the future. To illustrate, in May 2022, an alliance was formed between PlainID, an Israel-based company offering authorization and policy-based access solutions, and PwC, a professional services company based in the UK. The main aim of this strategic alliance with PwC is to upheave financial services by incorporating PlainID's progressive authorization features into PwC's consulting structures, thereby intensifying the security and operational efficiency of financial services.
Who Are the Key Players in the Financial Auditing Professional Services Market?
Major companies operating in the financial auditing professional services market include:
• Binder Dijker Otte (BDO) Global
• Grant Thornton International Ltd
• Ernst & Young (EY) Global Limited
• Deloitte Touche Tohmatsu Limited
• Mazars
• Moore Stephens International Limited
• KPMG International
• Nexia International Limited
• PricewaterhouseCoopers
• RSM International Association
• Withum Smith+Brown PC
• BF Borgers CPA PC
• Moore Global
• Crowe Global
• Baker Tilly International
• Marcum LLP
• PKF International
• UHY International
• EisnerAmper LLP
• Wipfli LLP
• Reinsel Kuntz Lesher LLP
• Armanino LLP
• Plante Moran
• Moss Adams LLP
• CohnReznick LLP
• Cherry Bekaert LLP
• Dixon Hughes Goodman LLP
• Eide Bailly LLP
• CBIZ Mayer Hoffman McCann LLC
What are the Regional Insights into the Financial Auditing Professional Services Market?
North America was the largest region in the financial auditing professional services market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the financial auditing professional services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
