Overview and Scope
Accounting and auditing encompass the processes of recording, analyzing, and verifying financial transactions to ensure accuracy and compliance with regulatory standards. These are used for facilitating financial reporting, assessing organizational performance, detecting and preventing fraud, and providing assurance to stakeholders about the reliability of financial information.
Sizing and Forecast
The accounting and auditing market size has grown strongly in recent years. It will grow from $209.04 billion in 2023 to $222.35 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to demand for efficient business processes, pressure on business leaders, visibility and agility in business process improvement, proper management of inventory systems, improved working capital management.
The accounting and auditing market size is expected to see strong growth in the next few years. It will grow to $289.28 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to understanding the importance of forecast drivers, seeking expert opinions, leveraging insights from different perspectives, incorporating feedback loops, refining and iterating. Major trends in the forecast period include increased adoption of technology, growth in demand for specialized services, expansion of online accounting services, rise of blockchain technology in auditing, emphasis on cybersecurity in auditing.
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Segmentation & Regional Insights
The accounting and auditing market covered in this report is segmented –
1) By Type: Financial Audits, Capital Markets, Corporate Reporting, Actuarial Services, Internal Audit
2) By Service Provider: Large Enterprises, Small And Medium Enterprise
3) By End Users: Consumer Markets, Energy And Natural Resources, Financial Services, Government And Public Services, Life Science And Healthcare, Media And Telecommunications, Technology
North America was the largest region in the accounting and auditing market in 2023. The regions covered in the accounting and auditing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising occurrences of financial fraud are expected to drive the accounting and auditing markets going forward. Financial fraud refers to deceptive or illegal activities conducted with the intent to mislead or deceive others for financial gain. Accounting and auditing detect and prevent financial fraud by providing oversight, ensuring compliance with regulations, conducting thorough examinations of financial records, and implementing internal controls to mitigate the risks of fraudulent activities. For instance, in May 2023, according to UK Finance, a UK-based trade association for the banking sector, authorized fraud losses reached £485.2 million ($616 million), with 207,372 total cases in 2022, an increase of 6% compared to 2021. Therefore, rising occurrences of financial fraud are driving the accounting and auditing markets.
Key Industry Players
Major companies operating in the accounting and auditing market are Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, Ernst & Young Global Limited, KPMG International, BDO Global, RSM International, Grant Thornton International Ltd (GTIL), Allinial Global, Baker Tilly International, Moore Global, HLB International, Mazars, PrimeGlobal, Crowe Global, CBIZ, Evelyn Partners, DFK International, CliftonLarsonAllen, Marcum LLP, Plante Moran, PKF International, Armanino LLP, Wipfli, Eide Bailly, Citrin Cooperman, Haines Watts Group, EisnerAmper, Kearney & Company, UHY Hacker Young, Johnston Carmichael
The accounting and auditing market report table of contents includes:
- Executive Summary
- Accounting And Auditing Market Characteristics
- Accounting And Auditing Market Trends And Strategies
- Accounting And Auditing Market – Macro Economic Scenario
- Global Accounting And Auditing Market Size and Growth
.
- Global Accounting And Auditing Market Competitive Benchmarking
- Global Accounting And Auditing Market Competitive Dashboard
- Key Mergers And Acquisitions In The Accounting And Auditing Market
- Accounting And Auditing Market Future Outlook and Potential Analysis
- Appendix
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