Accounting And Auditing Market on Track for Strong Growth, Estimated to Grow at 6.7% CAGR Through 2029

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What Is the Expected CAGR for the Accounting And Auditing Market Through 2025?
The market size for accounting and auditing has seen robust growth in the recent past. It is projected to increase from $222.35 billion in 2024 to $238.06 billion in 2025, boasting a compound annual growth rate (CAGR) of 7.1%. The expansion in the historic phase is primarily due to the heightened demand for competent business operations, the mounting pressure on corporate leaders, the necessity for transparency and flexibility in enhancing business processes, effective orchestration of inventory systems, and better management of the working capital.

What's the Projected Size of the Global Accounting And Auditing Market by 2029?
The market size for accounting and auditing is projected to experience robust expansion in the next several years, reaching a market value of $308.63 billion in 2029 with an annual growth rate of 6.7%. This growth in the projection period can be credited to factors such as comprehension of forecast drivers, the inclusion of professional insights, utilization of various viewpoints, incorporation of feedback mechanisms and constant refinement and iteration. In the forecast period, major trends to look out for include the increasing embracement of technology, growing demand for niche services, the proliferation of online accounting services, application of blockchain technology in auditing, and a focus on cybersecurity in auditing.

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Top Growth Drivers in the Accounting And Auditing Industry: What's Accelerating the Market?
The increasing instances of financial fraud are anticipated to stimulate the accounting and auditing sectors in the future. Financial fraud is characterized by dishonest or unlawful actions aimed at misleading others for financial advantage. By administering supervision, ensuring regulatory adherence, conducting detailed reviews of fiscal records, and introducing internal checks to reduce the threat of fraud, accounting and auditing can uncover and prevent financial fraud. For example, UK Finance, a UK-based banking sector trade association, reported in May 2023 that authorized fraud losses hit £485.2 million ($616 million), with a total of 207,372 cases in 2022, marking a 6% rise from 2021. Consequently, the escalating instances of financial fraud are propelling the accounting and auditing sectors forward.

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What Trends Will Shape the Accounting And Auditing Market Through 2029 and Beyond?
Leading firms in the accounting and auditing sector are placing a greater emphasis on incorporating Internet of Things (IoT) and blockchain technology into financial auditing solutions like web-based analytics tools. This move is designed to heighten data precision, improve visibility, simplify auditing procedures, and bolster fraud detection mechanisms. Blockchain analysis tools typically furnish features such as transaction tracking, address monitoring, risk assessment and reporting capabilities to effectively comprehend and evaluate blockchain activities. For example, Ernst & Young Global Limited, a UK-based professional services firm, unveiled the fourth iteration of the EY Blockchain Analyzer in February 2023. This platform, equipped with the Reconciler feature, allows for mass reconciliation of off-chain records to the public ledger. It also extends support for other cryptocurrencies like Dogecoin and bolsters analytical abilities. The amalgamation of the Internet of Things (IoT) and blockchain technology guarantees improved data integrity, trackability, and safety - factors that spur greater demand for auditing services in sectors utilizing these technologies. This augments EY's pledge to tech advancement in the accounting and auditing sector.

What Are the Main Segments in the Accounting And Auditing Market?
The accounting and auditing market covered in this report is segmented -

1) By Type: Financial Audits, Capital markets, Corporate Reporting, Actuarial Services, Internal Audit
2) By Service Provider: Large Enterprises, Small And Medium Enterprise
3) By End Users: Consumer markets, Energy And Natural Resources, Financial Services, Government And Public Services, Life Science And Healthcare, Media And Telecommunications, Technology

Subsegments:
1) By Financial Audits: External Audits, Statutory Audits, Internal Control Reviews
2) By Capital markets: IPO Services, Regulatory Compliance, Due Diligence, Mergers And Acquisitions (M&A) Advisory
3) By Corporate Reporting: Financial Reporting, Management Reporting, Regulatory And Tax Reporting, ESG (Environmental, Social, Governance) Reporting
4) By Actuarial Services: Insurance Actuarial Services, Pension And Employee Benefits Actuarial Services, Risk And Investment Actuarial Services
5) By Internal Audit: Operational Audits, Compliance Audits, Risk Management Audits, IT Audits

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Which Top Companies are Driving Growth in the Accounting And Auditing Market?
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

Which Regions Will Dominate the Accounting And Auditing Market Through 2029?
North America was the largest region in the accounting and auditing market in 2024. The regions covered in the accounting and auditing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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