May 24, 2019: The global financial auditing professional services market size is likely to reach USD 190.7 billion by 2025, expanding at a CAGR of 7.4% from 2018 to 2025, according to a new study conducted by Grand View Research, Inc. Introduction of stringent laws and regulations pertaining to auditing and reporting of financial statements by corporates and enterprises is estimated to drive the market over the forecast period.
Changing auditing and reporting practices and trade policies are playing a pivotal role in the growth of the global financial auditing professional market. Accounting, consulting, and auditing firms are responding to situations by aggressively deploying additional resources in order to improve their service delivery models in line with rapidly changing requirements of their clients. They have developed highly-customized service delivery models by combining shared services delivery model, offsite delivery model, offshore development center model, and onsite delivery model in order to meet clients' requirements as well as to comply with regulatory norms.
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Financial audit professional service providers are acquiring technology-based companies in order to develop advanced data analytics capabilities. For instance, in 2018, PricewaterhouseCoopers Hungary Ltd. acquired Data Solutions Kft., a data mining company, as part of efforts to focus on development of data-based products and solutions while Deloitte Touche Tohmatsu Limited acquired Mexia Consulting Pty Ltd, a Microsoft Azure integration consultancy, in order to augment cloud service offerings. Data analytics services are expected to emerge as new sources for revenue generation that can support core business of auditing firms.
Further key findings from the report suggest:
- The internal auditing segment is anticipated to experience the highest growth over the forecast period as corporates and enterprises emphasize on internal auditing to enable fraud detection and fraud investigation
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- The financial statement audit segment is projected to register the highest CAGR of 7.7% over the forecast period as regulations governing external auditing and reporting of organizations get stringent
- The BFSI sector is poised to be the most promising end-user segment over the forecast period as internal auditing becomes a common practice among organizations to detect frauds and curb fraudulent activities
- North America is likely to be the leading revenue contributor in the global financial auditing professional services market throughout the forecast period. It is expected to reach USD 61.04 billion by 2025
- On the other hand, Asia Pacific is estimated to witness the highest CAGR as multinational corporations (MNCs) continue to invest and expand in the region
- Key players operating in the financial auditing professional services market include Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers (PwC), KPMG International, Ernst & Young (EY), Grant Thornton International Ltd., Binder Dijker Otte (BDO) Global, RSM International Association, Mazars, Nexia International Limited, and Moore Stephens International Limited.
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