Auditing Services Market Size Outlook | 2031
The Auditing Services Market size is expected to grow from US$ 255.4 billion in 2023 to US$ 404.3 billion by 2031; it is anticipated to expand at a CAGR of 5.9% from 2023 to 2031. Increasing demand for auditing services across various industries, such as healthcare, IT & telecommunications, BFSI, and others, to manage businesses' workflow is expected to boost the auditing services market growth.
Auditing Services Market Analysis
The auditing services market involves the verification and evaluation of financial records, processes, and systems to ensure compliance with regulations and best practices. Audits focus on verifying the accuracy and reliability of financial information, assessing internal controls, and identifying areas for improvement. Auditing services can include financial audits, internal audits, compliance audits, and more. The market for auditing services is influenced by factors such as globalization, technological advancements, regulatory requirements, and the need for transparency and accountability.
Auditing Services Market
Overview
- Auditing services refer to the review and evaluation of financial data and non-financial data, as well as the systems and processes that record and summarize such data. These services play an important role in ensuring the precision, reliability, and transparency of financial information, which is essential for maintaining the financial health and well-being of companies.
- Audits are necessary to ensure that companies adhere to reporting standards and provide truthful and honest information about their financial position. They are particularly important for shareholders, lenders, consumers, and suppliers, as they provide assurance and confidence in a company's financial statements.
- Increasingly authoritarian government rules encompassing financial disclosure and reporting are driving the demand for auditing services. Companies are required to comply with these regulations, creating opportunities for auditing firms to provide their expertise and services.
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Auditing Services Market: Strategic Insights
Market Size Value in US$ 255.4 billion in 2023 Market Size Value by US$ 404.3 billion by 2031 Growth rate CAGR of 5.9% from 2023 to 2031 Forecast Period 2023-2031 Base Year 2023
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Auditing Services Market: Strategic Insights
| Market Size Value in | US$ 255.4 billion in 2023 |
| Market Size Value by | US$ 404.3 billion by 2031 |
| Growth rate | CAGR of 5.9% from 2023 to 2031 |
| Forecast Period | 2023-2031 |
| Base Year | 2023 |
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Auditing Services Market Drivers and Opportunities
Growing Corporate Spending on Financial Audit to Drive the Auditing Services Market Growth
- Companies are increasingly required to comply with regulations and reporting standards, such as the Sarbanes-Oxley Act (SOX) and International Financial Reporting Standards (IFRS). These regulations emphasize the importance of accurate financial reporting and internal controls, leading to a greater demand for auditing services.
- Stakeholders, including shareholders, lenders, and consumers, rely on audited financial statements to make informed decisions. Audits ensure that companies are following reporting standards and are truthful and honest about their financial position. This need for transparency and accountability drives the demand for auditing services.
- Technological advancements in audit services have enabled auditors to gain actionable insights by leveraging financial numbers and graphs from organizations. These advancements have advanced the efficiency and effectiveness of audits, attracting new entrants to the market.
Auditing Services Market Report Segmentation Analysis
- Based on type, the market is segmented into internal audit and external audit. The external audit segment is expected to hold a substantial auditing services market share in 2023. External audit refers to an examination conducted by an independent accountant or auditing firm. The purpose of an external audit is to provide an autonomous opinion on the financial statements of an entity, which is often required by investors, lenders, and publicly held businesses.
- External audits focus on certifying the accuracy and reliability of financial statements, ensuring compliance with accounting standards and regulatory requirements. The certification provided by external auditors is crucial for investors, lenders, and stakeholders in assessing the financial health and transparency of an organization.
- External audits are typically performed at the end of the year, looking backward to verify the accuracy of financial records and events of the past. However, some audit firms are adopting a continuous focus, conducting mini-audits throughout the year.
Auditing Services Market Share Analysis by Geography
The scope of the auditing services market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant auditing services market share. This can be attributed to several factors, including the presence of numerous multinational establishments, the voluntary adoption of efficient internal auditing, and regulatory services in the region. North America, comprising countries such as the US and Canada, has a well-established regulatory scenario and a stable business environment, which drives the demand for auditing services. The region is also home to many major auditing firms, including Deloitte, EY, KPMG, PwC, and RSM US, which contribute to the growth and competitiveness of the market. Additionally, the rising adoption of efficient internal auditing and reporting practices by companies further fuels the demand for auditing services in North America.
Auditing Services Market Report Scope
The "Auditing Services Market Analysis" was carried out based on type, service, and geography. In terms of type, the market is segmented into internal audit and external audit. Based on service, the market is segmented into financial audits, operational audits, advisory and consulting, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Auditing Services Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the market. The auditing services market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. A few recent key market developments are listed below:
- In February 2024, Endexx Corporation, a leader in the development and distribution of innovative wellness and nutritional products, today announced a strategic update on its auditing and financial reporting processes, underscoring its commitment to operational excellence and heightened transparency for its shareholders.
[Source: Endexx Corporation, Company Website]
- In July 2023, PwC won the next-generation AI award in audit services at the International Accounting Forum & Awards. PwC was awarded the 2023 Digital Innovation of the Year Award.
[Source: PwC, Company Website]
Auditing Services Market Report Coverage & Deliverables
The market report on “Auditing Services Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country- level for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, recent developments.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Service, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Growing corporate spending on financial audits and technological advancements in audit services are the major factors that propel the market.
The growth of audit and optimization services is anticipated to play a significant role in the market in the coming years.
The key players holding majority shares in the market are EY, Crowe LLP, Deloitte, Grant Thornton LLP, and Mazars.
The market is expected to reach US$ 404.3 billion by 2031.
The market was estimated to be US$ 255.4 billion in 2023 and is expected to grow at a CAGR of 5.9% during the forecast period 2023 - 2031.
The List of Companies
- EY
- Crowe LLP
- Deloitte
- Grant Thornton LLP
- Mazars
- Moore Global
- Nexia; Protiviti Inc.
- RSM US LLP
- Smithers
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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