Auditing Services Global Market is Likely to Upsurge $290.79 billion at a CAGR of 5.0% Globally By 2028, Size, Share, Trends, Demand, Growth Forecast and Opportunity outlook

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Auditing Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $290.79 billion In 2028 At A CAGR Of 5.0% :

The auditing services market size has grown strongly in recent years. It will grow from $226.82 billion in 2023 to $239.29 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to globalization of businesses, regulatory compliance requirements, increased complexity of financial transactions, public accountability and investor confidence, risk management needs, corporate governance practices.

The auditing services market size is expected to see steady growth in the next few years. It will grow to $290.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to cybersecurity audits, focus on eSig auditing, remote auditing solution, collaboration with internal audit teams, advanced data analytics and AI integration. Major trends in the forecast period include regulatory technology (regtech) adoption, integration with blockchain technology, advancements in technology, digital transformation in auditing, data privacy and confidentiality.

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Auditing Services Market Major Segments
The auditing services market covered in this report is segmented -
1) By Type: Internal Audit, External Audit, Other Types
2) By Service: Operational Audits, Financial Audits, Advisory and Consulting, Investigation Audit, Other Services
3) By End-Use: Banking, Financial Services and Insurance (BFSI), Government, Manufacturing, Healthcare, Retail And Consumer, Information Technology (IT) And Communications

Key Driver - Surge In Corporate Investments For Financial Auditing And Record-Keeping

The growing corporate spending on financial auditing and recording is expected to propel the growth of the auditing services market going forward. The growing corporate spending on financial auditing and recording refers to an increase in the proportion of money that corporations are spending on auditing and recording due to increased emphasis on financial transparency, regulatory compliance, and sound corporate governance practices. Auditing services help companies identify errors and fraud in financial statements, comply with laws and regulations, improve internal controls, and reduce risk. For instance, in November 2022, according to Harvard Law School, a US-based private research university, total auditing fees of companies reporting in a fiscal year reached $18.9 billion in 2021, with an increase of 3.3% from 2020, and the average amount that SEC (Securities and Exchange Commission) registrants paid for an audit service and average audit-related fees increased to $2.17 million and $0.23 million, respectively. In addition, average audit fees increased to $1.9 million and $2.9 million for US and foreign companies, respectively 2021. Therefore, the growing corporate spending on financial auditing and recording is driving the growth of the auditing services market.

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Prominent Trend - AI-Powered Auditing Solutions Take Center Stage In The Auditing Services Market

AI-based auditing solutions are a key trend gaining popularity in the auditing services market. Major companies operating in the auditing services market are integrating artificial intelligence and other digital technologies into auditing services to sustain their position in the market. For instance, in March 2023, Phoenix Technocyber, an India-based company specializing in technology solutions and auditing services, launched the TechOwl GRC GAP Assessment Tool. This IT auditing tool aims to streamline the auditing process, reduce manual effort, and enhance the accuracy and efficiency of IT audits by utilizing artificial intelligence and automation. The tool leverages AI algorithms and machine learning techniques to analyze large volumes of IT data, identify potential risks and vulnerabilities, and provide actionable insights to improve IT security and compliance.

Auditing Services Market Players
Major companies operating in the auditing services market report are Deloitte, PricewaterhouseCoopers LLP, Ernst & Young Global Limited, KPMG International Cooperative, BDO International Ltd., Baker Tilly US LLP, Nexia International Limited, CliftonLarsonAllen LLP, Moore Global Network Limited, RSM US LLP, Mazars Group, Grant Thornton LLP, FORVIS LLP, Crowe LLP, Moss Adams LLP, Plante Moran PLLC, Eide Bailly LLP, Sikich LLP, Marcum LLP, Armanino LLP, Wipfli LLP, EisnerAmper LLP, Rehmann LLC, Dixon Hughes Goodman LLP, UHY Advisors Inc., Schellman & Company LLC, Sensiba San Filippo LLP, Mayer Hoffman McCann P.C., Squar Milner LLP, Friedman LLP

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Largest And Fastest Growing Region In The Market
North America was the largest region in the global auditing services market size in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the auditing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Auditing Services Market Report Structure
3. Auditing Services Market Trends And Strategies
4. Auditing Services Market - Macro Economic Scenario
5. Auditing Services Market Size And Growth
…..
27. Auditing Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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