United States, Rockville MD, Sept. 16, 2022 (GLOBE NEWSWIRE) -- A new study by Fact.MR, a market research and competitive intelligence provider, reveals that the global accounting & auditing market is estimated at US$ 217.74 billion in 2022 and is expected to progress at a CAGR of 5.7% from 2022 to 2032.
The sudden shift to flexible working styles by audit firms and the companies they audit presents new work challenges to them. With digital transformation, business models have become increasingly complex, creating new technology-driven demands on audit professionals. The new ways of working will also bring significant benefits as well as challenges that need to be addressed by audit firms. These factors are shaping the accounting & auditing space as well as other professional services markets.
Technology and data analytics has become increasingly central to the audit process as well as the business model of companies, and audit firms will need to have diverse skill sets. Audit firms have traditionally hired people with a business background; however, going forward, all auditors will need a higher level of technical understanding to cope with industry demand.
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Key Takeaways from Market Study
- The global accounting & auditing market is projected to expand at 5.7% CAGR and be valued at US$ 379.05 billion by 2032.
- The industry expanded at 5.4% CAGR from 2017 to 2021.
- Under service type, financial audits dominate the market and are valued at US$ 104.52 billion.
- North America leads the global market with 44% share at the end of 2021.
- Revenue from accounting & auditing is expected to increase at CAGRs of 6% and 5.9%, respectively, in Europe and South Asia & Oceania.
“Accounting & auditing market expected to provide exponential long-term opportunities for market players,” says a Fact.MR analyst.
Market Development
The business environment in the accounting & auditing market continues to reflect a rollup within the industry despite extreme competition among major players. To gain a solid hold in the market, prominent market players are employing organic and non-organic strategies.
• For instance, in June 2022, EY announced that it would invest US$ 1 billion in a next-generation assurance technology platform and application of advanced technologies, including artificial intelligence.
Furthermore, market players are making huge investments to offer technologically advanced products and services to their clients.
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Competitive Landscape
Prominent accounting & auditing companies are Armanino LLP, Baker Tilly US, LLP, Binder Dijker Otte, Citrin Cooperman, Crowe Global Crowe LLP, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Evelyn Partners, Grant Thornton LLP, Haines Watts Group, Johnston Carmichael, Kearney & Company, KPMG International, Mazars, MHA MacIntyre Hudson, Moore Global, PwC, RSM US LLP, and UHY Hacker Young.
The global accounting & auditing market is highly competitive owing to the top global players trying to gain market share through various strategies such as mergers & acquisitions, expansions, collaborations, and partnerships.
- In June 2020, BDO USA, LLP acquired Piercy Bowler Taylor & Kern to expand its presence in Nevada and Utah.
- In August 2022, Guidehouse, a leading global consulting provider, signed a definitive agreement to acquire Grant Thornton’s Public Sector Advisory practice.
Fact.MR has provided detailed information about the providers of accounting & auditing services positioned across regions, revenue growth, and product offering expansion, in the recently published report.
Segmentation of Accounting & Auditing Industry Survey
- By Service Type :
- Financial Audits
- Capital Markets
- Corporate Reporting
- Actuarial Services
- Internal Audits
- By End-Use Industry :
- Consumer Markets
- Energy and Natural Resources
- Financial Services
- Government & Public Services
- Life Science & Healthcare
- Media & Telecommunications
- Technology
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global accounting & auditing market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of service type (financial audits, capital markets, corporate reporting, actuarial services, internal audits) and end-use industry (consumer markets, energy & natural resources, financial services, government & public services, life science & healthcare, media & telecommunications, technology), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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