18-Sep-2019: The global financial auditing
professional services market size is likely to reach USD
190.7 billion by 2025, expanding at a CAGR of 7.4% from 2018 to 2025, according
to a new study conducted by Grand View Research, Inc. Introduction of stringent
laws and regulations pertaining to auditing and reporting of financial
statements by corporates and enterprises is estimated to drive the market over
the forecast period.
Changing auditing
and reporting practices and trade policies are playing a pivotal role in the
growth of the global financial auditing professional market. Accounting,
consulting, and auditing firms are responding to situations by aggressively
deploying additional resources in order to improve their service delivery
models in line with rapidly changing requirements of their clients. They have
developed highly-customized service delivery models by combining shared
services delivery model, offsite delivery model, offshore development center
model, and onsite delivery model in order to meet clients’ requirements as well
as to comply with regulatory norms.
Financial audit
professional service providers are acquiring technology-based companies in
order to develop advanced data analytics capabilities. For instance, in 2018,
PricewaterhouseCoopers Hungary Ltd. acquired Data Solutions Kft., a data mining
company, as part of efforts to focus on development of data-based products and
solutions while Deloitte Touche Tohmatsu Limited acquired Mexia Consulting Pty
Ltd, a Microsoft Azure integration consultancy, in order to augment cloud
service offerings. Data analytics services are expected to emerge as new
sources for revenue generation that can support core business of auditing
firms.
In depth research report on Financial
Auditing Professional Services Market
Further key findings from the report suggest:
·
The internal auditing segment is anticipated to experience
the highest growth over the forecast period as corporates and enterprises
emphasize on internal auditing to enable fraud detection and fraud
investigation
·
The financial statement audit segment is projected to
register the highest CAGR of 7.7% over the forecast period as regulations
governing external auditing and reporting of organizations get stringent
·
The BFSI sector is poised to be the most promising end-user
segment over the forecast period as internal auditing becomes a common practice
among organizations to detect frauds and curb fraudulent activities
·
North America is likely to be the leading revenue contributor
in the global financial auditing professional services market throughout the
forecast period. It is expected to reach USD 61.04 billion by 2025
·
On the other hand, Asia Pacific is estimated to witness the
highest CAGR as multinational corporations (MNCs) continue to invest and expand
in the region
·
Key players operating in the financial auditing professional
services market include Deloitte Touche Tohmatsu Limited,
PricewaterhouseCoopers (PwC), KPMG International, Ernst & Young (EY), Grant
Thornton International Ltd., Binder Dijker Otte (BDO) Global, RSM International
Association, Mazars, Nexia International Limited, and Moore Stephens
International Limited.
Grand View Research
has segmented the global financial auditing professional services market based
on type, service, end use, and region:
Financial Auditing Professional Services Type Outlook
(Revenue, USD Billion, 2014 - 2025)
·
External Audit
·
Internal Audit
Financial Auditing Professional Service Outlook (Revenue, USD
Billion, 2014 - 2025)
·
Employee Benefit Plan Audit
·
Service Organization Control (SOC) Audit
·
Financial Statement Audit
·
Due Diligence
·
Other
Financial Auditing Professional Services End Use Outlook
(Revenue, USD Billion, 2014 - 2025)
·
BFSI
·
Government
·
Manufacturing
·
Healthcare
·
Retail & Consumer
·
IT & Telecom
·
Other
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more research reports of this category:
About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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