Press release
Process Audit Services Market Expansion Continues, with Forecast Valuation of $33.04 Billion by 2029
Process Audit Services Market
Process Audit Services Market Size Growth Forecast: What to Expect by 2025?
In the past few years, the size of the process audit services market has seen a robust growth. With a compound annual growth rate (CAGR) of 6.6%, the predicted growth proposals that the market escalation from $24.68 billion in 2024 to $26.3 billion by 2025. The growth experienced in the historic period is due to factors such as regulatory compliance requirements, initiatives for quality enhancement, operational efficiency objectives, focus on risk management, and measurement and benchmarking of performance.
How Will the Process Audit Services Market Size Evolve and Grow by 2029?
The market for process audit services is projected to witness robust expansion in the coming years, growing to $33.04 billion by 2029, with a compound annual growth rate (CAGR) of 5.9%. The expansion during the forecast period is driven by factors like the rise of digital transformation initiatives, focus on sustainability and ESG practices, the application of agile auditing methodologies, escalating demand for remote auditing services, and a rising emphasis on cybersecurity audits. Key trends to watch during this period include the proliferation of digital audit solutions, the advent of sustainable audit practices, the acceptance of agile audit methodologies, the expansion of remote audit services, and a heightened focus on developing cybersecurity audit competencies.
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What Drivers Are Propelling the Growth of Process Audit Services Market Forward?
Advancements in digital transformation initiatives are anticipated to stimulate the expansion of the process audit services market. Such initiatives involve a company's strategic operations in utilizing digital technology, procedures, and capacities with an aim of fundamentally changing their modus operandi, providing value for clients, and maintaining competitiveness in the digital era. The escalation of these digital transformation initiatives is linked to organizations' requirements in adjusting to rapidly changing technology scopes and customer likes. These initiatives increase the value of process audit services as they incorporate cutting-edge digital technologies to enhance operations, refine data accuracy, and support conformity with developing regulatory standards. For example, a survey done by International Business Machines Corporation, a US-based technology firm, conducted in January 2024, indicated that 42% of IT professionals at large organizations were actively utilizing AI, with 40% exploring its potential. In addition, 38% of these IT experts are actively leveraging generative AI, with 42% analysing its potential. Hence, the advancement in digital transformation initiatives is propelling the growth of the process audit services market.
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What Are the Key Trends Driving Process Audit Services Market Growth?
Key players in the process audit services industry are pioneering new digital audit software, such as EY Virtual Internal Auditor (EY VIA), to expand their market profitability. The EY VIA platform is a software instrument that simplifies the audit process for businesses and establishments. For example, in July 2022, Ernst & Young Global Limited, an accounting firm based in the US, introduced the EY Virtual Internal Auditor (EY VIA) digital platform. This platform offers comprehensive views of a company's risks across audit processes, enabling prompt response and data-based decision making. EY VIA manages all audit risks within a company, providing valuable insights for effective risk prioritization and future risk prediction. Instead of conventional sampling, it facilitates full-scale testing, allowing a complete evaluation of a company's risk exposure. The platform consolidates data from numerous sources like enterprise resource planning (ERP) systems for continuous auditing and monitoring and also enables automated extraction of relevant master, transactional, and configuration data.
What Are the Key Segments in the Process Audit Services Market?
The process audit services market covered in this report is segmented -
1) By Type: Series Process Audit Service, Parallel Process Audit Service
2) By Application: Individual Processes, Public Processes
3) By End User: Banking, Financial Services And Insurance (BFSI), Government, Manufacturing, Healthcare, Retail And Consumer, Information Technology And Communications
Subsegments:
1) By Series Process Audit Service: Continuous Process Audits, Sequential Process Audits, Stage-Wise Process Audits
2) By Parallel Process Audit Service: Multi-Location Process Audits, Simultaneous Multi-Functional Audits, Cross-Functional Process Audits
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Who Are the Key Players Shaping the Process Audit Services Market's Competitive Landscape?
Major companies operating in the process audit services market are Amazon.com Inc., accenture* plc, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, KPMG International Limited, Capgemini SE, BDO Global, Nexia International, Baker Tilly International, RSM International, Mazars LLP, PKF International, Grant Thornton International, Protiviti Inc., Crowe Global, Marcum LLP, Expertise Accelerated, Armanino, Mynd Solution, RKL eSolutions, SAAVHA Inc., JS Morlu LLC, Ermetic, Meru Accounting
What Geographic Markets Are Powering Growth in the Process Audit Services Market?
North America was the largest region in the process audit services market in 2024. The regions covered in the process audit services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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