How is the Financial Auditing Professional Services Market Poised for Growth: Trends and Opportunities Through 2034
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How has the financial auditing professional services market size evolved in recent years?
The market size for professional services in financial auditing has seen considerable expansion in recent years. Anticipated to rise from $152.61 billion in 2024 to $163.43 billion in 2025, it’s expected to exhibit a compound annual growth rate (CAGR) of 7.1%. Factors contributing to this growth during the historic period include regulatory compliance, globalization, corporate governance, and financial scandals.
What are the predictions for the financial auditing professional services market size in the coming years?
In the coming years, robust expansion is anticipated in the financial auditing professional services market, with its size expected to reach $225.71 billion in 2029, showcasing a compound annual growth rate (CAGR) of 8.4%. This anticipated growth during the forecast period is largely driven by factors such as rising data security issues, the complexity of financial tools, developing markets, risk management, and digital transformation. The key trends that will shape this period include the integration of technology, remote auditing, blockchain auditing, sustainability audits, constant auditing, and tailored audit solutions.
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What key factors are fueling the growth of the financial auditing professional services market?
The anticipated growth of the financial auditing professional services market is attributed to the increasing instances of banking fraud. Banking fraud involves deliberate deception to unlawfully gain access to information or infringe upon someone else’s rights. Financial auditing professional services play a crucial role in minimizing bank fraud by deterring misreporting and managing risks, which may include requesting inflated payments or compensation for services. Drawing from the Reserve Bank of India Annual Report 2021-2022, the country’s central banking and regulatory authority overseeing the Indian banking system witnessed a 23.69% increase in reported fraud cases by banks and other financial establishments. The number of fraud cases surged from 7,359 in 2020-21 to 9,103 in 2022. Consequently, the growing number of banking fraud cases account for the expansion of the financial auditing professional services market.
How is the global financial auditing professional services market divided into key segments?
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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Who are the key firms paving the way for growth in 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
Which trends are expected to transform the financial auditing professional services market?
The emergence of strategic alliances is an increasingly important trend in the finance auditing professional services market. Major market participants are directing their energies to collaborations that will enhance their offerings in the future. As an example, in May 2022, PlainID, an organization based in Israel that delivers authorization and policy-based access solutions, formed a strategic alliance with PwC, a professional services firm based in the UK. This alliance aims to overhaul financial services by weaving PlainID’s high-level authorization functions into PwC’s consulting models, thereby improving the security and efficiency of these services.
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What regions are contributing significantly to the growth of 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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