SAN FRANCISCO, July 2, 2019 /PRNewswire/ -- 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.
Key suggestions from the report:
- 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.
Read 117 page research report with TOC on "Financial Auditing Professional Services Market Size, Share & Trends Analysis Report By Type (External, Internal), By Service (Financial Statement, Employee Benefit Plan), By End Use, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/financial-auditing-professional-services-market
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.
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
- Financial Auditing Professional Services End Use Outlook (Revenue, USD Billion, 2014 - 2025)
- Retail & Consumer
- IT & Telecom
- Financial Auditing Professional Services Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- Latin America
- Middle East Africa
Find more research reports on Next Generation Technologies Industry, by Grand View Research:
- Operator Training Simulators (OTS) Market – Global operator training simulators (OTS) market is expected to witness significant growth over the forecast period owing to increasing number of employees, aging workforce, safety and risk avoidance factors and new digital generation workers.
- Hadoop Big Data Analytics Market – Global Hadoop big data analytics market are expected to experience brisk growth due to substantial information generation across different industry verticals over the forecast period.
- Enterprise Platform Market – High penetration of cloud applications in several modern enterprises and the increasing adoption of enterprise resource planning (ERP) and customer relationship management (CRM) in over 70% of businesses has led to high growth in the global enterprise platform market.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.