The Business Research Company’s report on the Financial Auditing Professional Services Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the financial auditing professional services market’s growth in recent years?
Rising incidences of banking fraud are expected to propel the growth of the financial auditing professional services market going forward. Fraud refers to the act of intentionally deceiving a system to gain access to information or deny another individual their rights. Financial auditing professional services help reduce bank fraud, such as requesting higher payment or reimbursement for services by preventing misreporting and managing risks. For instance, according to the Reserve Bank of India Annual Report 2021-2022, India’s central bank and regulatory body responsible for the regulation of the Indian banking system, total fraud cases reported by banks and other financial institutions increased by 23.69% and the fraud cases increased from 7,359 in 2020-21 to 9,103 in 2022. Therefore, the rising incidences of banking fraud are driving the financial auditing professional services market.
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How does the future projection of the financial auditing professional services market size compare to its historical growth?
The financial auditing professional services market size has grown strongly in recent years. It will grow from $152.61 billion in 2024 to $163.43 billion in 2025 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to regulatory compliance, globalization, corporate governance, financial scandals.
The financial auditing professional services market size is expected to see strong growth in the next few years. It will grow to $225.71 billion in 2029 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to data security concerns, complex financial instruments, emerging markets, risk management, digital transformation. Major trends in the forecast period include technology integration, remote auditing, blockchain auditing, sustainability audits, continuous auditing, customized audit solutions.
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Which key players are shaping the future of 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 trends will propel the growth and evolution of the financial auditing professional services market?
Strategic partnerships are a key trend gaining popularity in the financial auditing professional services market. Major market players are focusing their efforts on a partnership that will improve their products and service portfolios in the future. For instance, in May 2022, PlainID, an Israel-based authorization company that provides authorization and policy-based access solutions, entered into a strategic partnership with PwC, a UK-based professional services company, to revolutionize financial services. The partnership with PwC is designed to enhance the security and efficiency of financial services by integrating PlainID’s advanced authorization capabilities into PwC’s consulting frameworks.
Which regions are expected to become dominant players in 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
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What are the emerging key segments in the financial auditing professional services market, and how are they evolving?
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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How is the financial auditing professional services market defined?
Financial auditing professional services refer to services that provide financial records of an organization and help the professionals with an accurate representation of the transactions. Financial auditing professional services are used to evaluate the financial statements of an organization.
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