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Accounting And Auditing Market In-Depth Insights, Size, Share And Growth 2024
Accounting And Auditing Market Size
According to The Business Research Company's, 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 growth in the historic period can be attributed to demand for efficient business processes, pressure on business leaders, visibility and agility in business process improvement, proper management of inventory systems, improved working capital management.
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 growth in the forecast period can be attributed to understanding the importance of forecast drivers, seeking expert opinions, leveraging insights from different perspectives, incorporating feedback loops, refining and iterating. Major trends in the forecast period include increased adoption of technology, growth in demand for specialized services, expansion of online accounting services, rise of blockchain technology in auditing, emphasis on cybersecurity in auditing.
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Market Drivers and Trends:
The rising occurrences of financial fraud are expected to drive the accounting and auditing markets going forward. Financial fraud refers to deceptive or illegal activities conducted with the intent to mislead or deceive others for financial gain. Accounting and auditing detect and prevent financial fraud by providing oversight, ensuring compliance with regulations, conducting thorough examinations of financial records, and implementing internal controls to mitigate the risks of fraudulent activities. For instance, in May 2023, according to UK Finance, a UK-based trade association for the banking sector, authorized fraud losses reached £485.2 million ($616 million), with 207,372 total cases in 2022, an increase of 6% compared to 2021. Therefore, rising occurrences of financial fraud are driving the accounting and auditing markets.
Major companies operating in the accounting and auditing market are increasing their focus on integrating Internet of Things (IoT) and blockchain technology into financial auditing solutions, such as web-based analytics tools, to enhance data accuracy, improve transparency, streamline auditing processes, and strengthen fraud detection capabilities. Blockchain analyzers typically offer features such as transaction tracking, address monitoring, risk assessment, and reporting capabilities to help users understand and assess blockchain activity effectively. For instance, in February 2023, Ernst & Young Global Limited, a UK-based professional services company, launched the fourth generation of the EY Blockchain Analyzer. This platform features Reconciler, including bulk reconciliation of off-chain records to the public ledger, expanded support for cryptocurrencies suc as Dogecoin, and enhanced analytical capabilities. The integration of the Internet of Things (IoT) and blockchain technology ensures enhanced data integrity, traceability, and security, driving increased demand for auditing services in industries adopting these technologies and reinforcing EY's commitment to technological advancement in the accounting and auditing market.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Accounting And Auditing Market 2024 Key Insights:
• 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%.
• Increasing Financial Fraud Incidents Propel Accounting and Auditing Market
• Enhancing Security And Transparency Through Internet Of Things (IoT) And Blockchain Integration
• North America was the largest region in the accounting and auditing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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