Auditing Services Market Size, Share, Analysis, Growth, Trends, Industry Report 2024-2033| Deloitte, PricewaterhouseCoopers LLP, Ernst & Young Global Limited, KPMG International Cooperative, BDO International Ltd

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The Auditing Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Auditing Services Global Market Report 2024, The auditing services market size has grown strongly in recent years. It will grow from $226.82 billion in 2023 to $239.29 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to globalization of businesses, regulatory compliance requirements, increased complexity of financial transactions, public accountability and investor confidence, risk management needs, corporate governance practices.

The auditing services market size is expected to see steady growth in the next few years. It will grow to $290.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to cybersecurity audits, focus on eSig auditing, remote auditing solution, collaboration with internal audit teams, advanced data analytics and AI integration. Major trends in the forecast period include regulatory technology (regtech) adoption, integration with blockchain technology, advancements in technology, digital transformation in auditing, data privacy and confidentiality.

The growing corporate spending on financial auditing and recording is expected to propel the growth of the auditing services market going forward. The growing corporate spending on financial auditing and recording refers to an increase in the proportion of money that corporations are spending on auditing and recording due to increased emphasis on financial transparency, regulatory compliance, and sound corporate governance practices. Auditing services help companies identify errors and fraud in financial statements, comply with laws and regulations, improve internal controls, and reduce risk. For instance, in November 2022, according to Harvard Law School, a US-based private research university, total auditing fees of companies reporting in a fiscal year reached $18.9 billion in 2021, with an increase of 3.3% from 2020, and the average amount that SEC (Securities and Exchange Commission) registrants paid for an audit service and average audit-related fees increased to $2.17 million and $0.23 million, respectively. In addition, average audit fees increased to $1.9 million and $2.9 million for US and foreign companies, respectively 2021. Therefore, the growing corporate spending on financial auditing and recording is driving the growth of the auditing services market.

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The auditing services market covered in this report is segmented –

1) By Type: Internal Audit, External Audit, Other Types

2) By Service: Operational Audits, Financial Audits, Advisory and Consulting, Investigation Audit, Other Services

3) By End-Use: Banking, Financial Services and Insurance (BFSI), Government, Manufacturing, Healthcare, Retail And Consumer, Information Technology (IT) And Communications

Major companies operating in the auditing services market are undergoing into strategic collaborations to create technological advancements in auditing services to sustain their position in the market. A strategic collaboration is a partnership agreement or alliance between two or more entities, such as companies, organizations, or governments, with the aim of achieving mutually beneficial objectives. For instance, in May 2023, KPMG Ltd, a Netherland-based multinational professional services network, and MindBridge Analytics Inc., a Canada-based Software company, have partnered to bring advanced AI technology to auditing, aiming to improve risk identification and provide insights. The alliance will leverage MindBridge’s technology within KPMG’s smart audit platform, KPMG Clara, to automate part of the auditing function. Additionally, the alliance will facilitate the identification of unexpected or high-risk transactions more efficiently and contribute to the training and upskilling of the next generation of auditors in innovation and data analytics.

The auditing services market report table of contents includes:

1. Executive Summary

2. Auditing Services Market Characteristics

3. Auditing Services Market Trends And Strategies

4. Auditing Services Market – Macro Economic Scenario

5. Global Auditing Services Market Size and Growth

26. South America Auditing Services Market

27. Brazil Auditing Services Market

28. Middle East Auditing Services Market

29. Africa Auditing Services Market

30. Auditing Services Market Competitive Landscape And Company Profiles

Top Major Players: