How big is the accounting and auditing market today, and what are its future growth expectations?
The accounting and auditing market size has grown strongly in recent years. It will grow from $222.35 billion in 2024 to $238.06 billion in 2025 at a compound annual growth rate (CAGR) of 7.1%. 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 $308.63 billion in 2029 at a compound annual growth rate (CAGR) of 6.7%. 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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What have been the primary factors driving the accounting and auditing market’s 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.
What are the key segments within the accounting and auditing market?
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
Subsegments:
1) By Financial Audits: External Audits, Statutory Audits, Internal Control Reviews
2) By Capital markets: IPO Services, Regulatory Compliance, Due Diligence, Mergers And Acquisitions (M&A) Advisory
3) By Corporate Reporting: Financial Reporting, Management Reporting, Regulatory And Tax Reporting, ESG (Environmental, Social, Governance) Reporting
4) By Actuarial Services: Insurance Actuarial Services, Pension And Employee Benefits Actuarial Services, Risk And Investment Actuarial Services
5) By Internal Audit: Operational Audits, Compliance Audits, Risk Management Audits, IT Audits
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Which key players are shaping the accounting and auditing market?
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
How will emerging trends drive the accounting and auditing market throughout the forecast period?
Major companies operating in the accounting and auditing market are increasing their focus on integrating Internet of Things (IoT) and blockchain technology into financial auditing solutions, such as web-based analytics tools, to enhance data accuracy, improve transparency, streamline auditing processes, and strengthen fraud detection capabilities. Blockchain analyzers typically offer features such as transaction tracking, address monitoring, risk assessment, and reporting capabilities to help users understand and assess blockchain activity effectively. For instance, in February 2023, Ernst & Young Global Limited, a UK-based professional services company, launched the fourth generation of the EY Blockchain Analyzer. This platform features Reconciler, including bulk reconciliation of off-chain records to the public ledger, expanded support for cryptocurrencies such as Dogecoin, and enhanced analytical capabilities. The integration of the Internet of Things (IoT) and blockchain technology ensures enhanced data integrity, traceability, and security, driving increased demand for auditing services in industries adopting these technologies and reinforcing EY’s commitment to technological advancement in the accounting and auditing market.
How do regional factors impact the accounting and auditing market, and which region is the largest contributor?
North America was the largest region in the accounting and auditing market in 2024. The regions covered in the accounting and auditing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Accounting And Auditing Market Report 2025 Offer?
The accounting and auditing market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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