Process Audit Services Global Market Report 2024

The process audit services market size has grown strongly in recent years. It will grow from $23.34 billion in 2023 to $24.68 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed during the historic period can be attributed to several factors, including the need to meet regulatory compliance requirements, initiatives aimed at improving quality, goals centered around operational efficiency, a heightened focus on risk management, and efforts towards performance measurement and benchmarking.

The process audit services market size is expected to see strong growth in the next few years. It will grow to $31.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period can be attributed to several key factors. These include the proliferation of digital transformation initiatives, a heightened emphasis on sustainability and Environmental, Social, and Governance (ESG) practices, the adoption of agile auditing methodologies, increasing demand for remote auditing solutions, and a growing focus on cybersecurity audits. Major trends expected during this period encompass the expansion of digital audit solutions, the emergence of sustainable audit practices, adoption of agile audit methodologies, growth in remote audit services, and an increased focus on enhancing cybersecurity audit capabilities.

The surge in digital transformation initiatives is poised to drive the growth of the process audit services market. Digital transformation initiatives involve strategic endeavors by organizations to harness digital technologies, processes, and capabilities to fundamentally change their operations, deliver enhanced value to customers, and maintain competitiveness in the digital era. This surge is propelled by the imperative for organizations to adapt to rapidly evolving technological landscapes and shifting consumer preferences. By integrating advanced digital technologies, digital transformation initiatives enhance process audit services, streamlining operations, enhancing data accuracy, and ensuring compliance with evolving regulatory standards. For example, findings from a survey conducted by International Business Machines Corporation in January 2024 revealed significant adoption and exploration of artificial intelligence (AI) and generative AI among IT professionals at large organizations, underscoring the role of digital technologies in shaping audit processes.

Key players in the process audit services market are leveraging innovative digital audit platforms to bolster their profitability. Platforms such as EY Virtual Internal Auditor (EY VIA) facilitate auditing processes by providing comprehensive risk visibility across organizations, enabling data-driven decision-making, and offering insights to prioritize and predict future risks effectively. Ernst & Young Global Limited launched the EY VIA platform in July 2022, enabling organizations to respond swiftly and make informed decisions by comprehensively assessing audit risks. This platform covers all audit risks within organizations, offering deeper insights and allowing for full population testing instead of sampling, thus ensuring thorough risk assessment. It integrates data from various sources, including enterprise resource planning (ERP) systems, for continuous auditing and monitoring, while also providing automated data extraction capabilities for relevant master, transactional, and configuration data.

In September 2023, Kester Capital bolstered its market presence by acquiring GXP Engaged Auditing Services, a Germany-based accounting and auditing company specializing in process audit services. This strategic acquisition aims to enhance Kester Capital's service offerings on a broader scale, strengthening its position in the global market and augmenting its capabilities to cater to the evolving needs of organizations undergoing digital transformation initiatives.

Major companies operating in the process audit services market are Amazon.com Inc, Accenture plc, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, KPMG International Limited, Capgemini SE, BDO Global, Nexia International, Baker Tilly International, RSM International, Mazars LLP, PKF International, Grant Thornton International, Protiviti Inc., Crowe Global, Marcum LLP, Expertise Accelerated, Armanino, Mynd Solution, RKL eSolutions, SAAVHA Inc, JS Morlu LLC, Ermetic, Meru Accounting.

North America was the largest region in the process audit services market in 2023. The regions covered in the process audit services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the process audit services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Process audit services involve the systematic evaluation of organizational processes to gauge effectiveness, efficiency, adherence to standards, and alignment with strategic goals. Conducted by internal or external auditors, these assessments aim to pinpoint areas for enhancement and ensure processes operate as intended.

The primary types of process audit services include series and parallel audits. Series audits entail a methodical examination of business operations to verify compliance with established standards and controls. These audits address various applications, including individual and public processes, and serve diverse end-users such as banking and financial services, government entities, manufacturing firms, healthcare organizations, retail and consumer businesses, and information technology and communications sectors.

The process audit services market research report is one of a series of new reports that provides process audit services market statistics, including process audit services industry global market size, regional shares, competitors with a process audit services market share, detailed process audit services market segments, market trends and opportunities, and any further data you may need to thrive in the process audit services industry. This process audit services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The process audit services market includes revenues earned by entities by providing services such as process evaluation, compliance audits, risk assessment, internal control reviews, and documentation and reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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