Accounting and Auditing Global Market Report 2024

The accounting and auditing market size has grown strongly in recent years. It will grow from $209.04 billion in 2023 to $222.35 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The expansion observed in the historical period can be credited to the increased demand for efficient business processes, heightened pressure on business leaders, enhanced visibility and agility in business process improvements, effective management of inventory systems, and better management of working capital.

The accounting and auditing market size is expected to see strong growth in the next few years. It will grow to $289.28 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth during the forecast period is largely due to the recognition of key forecasting drivers, the pursuit of expert opinions, the utilization of insights from diverse perspectives, the integration of feedback loops, and continuous refinement and iteration. Notable trends expected in this period include a surge in the adoption of technology, an increase in the demand for specialized services, the expansion of online accounting services, the emergence of blockchain technology in auditing, and a heightened focus on cybersecurity within the auditing sector.

The anticipated growth of the accounting and auditing sectors is largely due to an increase in financial fraud, which includes any illegal activities intended to deceive for financial advantage. These sectors play a critical role in mitigating fraud through rigorous oversight, compliance enforcement, detailed financial reviews, and the establishment of internal controls. For example, UK Finance reported that in 2022, authorized fraud losses in the UK climbed to £485.2 million ($616 million), marking a 6% increase from 2021 with 207,372 reported cases. This trend underscores the growing need for robust accounting and auditing services to combat financial fraud.

Leading firms within the accounting and auditing industry are increasingly incorporating Internet of Things (IoT) and blockchain technologies into their auditing solutions. These technologies are used to enhance the precision of data, boost transparency, streamline audit processes, and improve fraud detection. In February 2023, Ernst & Young Global Limited introduced the latest version of their EY Blockchain Analyzer, now including features such as bulk reconciliation of non-blockchain records with public ledgers and extended support for additional cryptocurrencies such as Dogecoin. The adoption of IoT and blockchain not only ensures better data reliability and traceability but also raises the demand for audit services among sectors leveraging these advanced technologies.

In October 2022, Guidehouse, a consultancy based in the US, acquired the public sector advisory practices from Grant Thornton LLP. This acquisition expands Guidehouse's expertise in financial services, human capital management, and information technology, enhancing its competitive edge in the accounting and auditing fields. Grant Thornton LLP is recognized for its comprehensive array of accounting and advisory services.

Major companies operating in the accounting and auditing market are Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, Ernst & Young Global Limited, KPMG International, BDO Global, RSM International, Grant Thornton International Ltd (GTIL), Allinial Global, Baker Tilly International, Moore Global, HLB International, Mazars, PrimeGlobal, Crowe Global, CBIZ, Evelyn Partners, DFK International, CliftonLarsonAllen, Marcum LLP, Plante Moran, PKF International, Armanino LLP, Wipfli, Eide Bailly, Citrin Cooperman, Haines Watts Group, EisnerAmper, Kearney & Company, UHY Hacker Young, Johnston Carmichael.

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

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

Accounting and auditing involve the meticulous recording, examination, and validation of financial transactions to guarantee precision and adherence to regulatory norms. These practices support financial reporting, evaluate organizational performance, aid in fraud detection and prevention, and offer stakeholders confidence in the trustworthiness of financial data.

The several types of accounting and auditing are categorized into financial audits, capital markets, corporate reporting, actuarial services, and internal audits. Financial audits specifically entail a comprehensive review of a company's financial statements to confirm their accuracy and regulatory compliance. Service providers in this field range from large enterprises to small and medium-sized enterprises, serving a diverse array of end users across sectors such as consumer markets, energy and natural resources, financial services, government and public services, life sciences and healthcare, media and telecommunications, and technology.

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

The accounting and auditing market includes revenues earned by entities by providing services such as risk management and compliance, business valuation and appraisal, mergers and acquisitions advisory, and sustainability reporting and assurance services. 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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