Global Financial Audit Professional Services Market, by Type (External Audit and Internal Audit), Service (Employee Benefit Plan Audit, Service Organization Control (SOC) Audit, Financial Statement Audit ,Due Diligence and others), End User (BFSI, Government, Manufacturing, Healthcare, Retail & consumer, IT and Telecom and others) - Industry Trends and Forecast to 2029
Financial Audit Professional Services Market Analysis and Size
Over the projected period, it is estimated that the market for global financial audit professional services market would produce sizable quantities of revenue. Market participants are concentrating on handling organizational financial concerns. With new companies and businesses getting listed publicly, it becomes mandatory to hold internal audits, and it thus have become a common practice among private companies as well as public companies. Stringent regulations regarding disclosure and reporting of financial details have been made to ensure the growth of the market over the forecast period.
Global financial audit professional services market was valued at USD 185.30 billion in 2021 and is expected to reach USD 369.22 billion by 2029, registering a CAGR of 9% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Financial Audit Professional Services Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (External Audit and Internal Audit), Service (Employee Benefit Plan Audit, Service Organization Control (SOC) Audit, Financial Statement Audit, Due Diligence and others), End user (BFSI, Government, Manufacturing, Healthcare, Retail & consumer, IT and Telecom and others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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Ernst & Young pvt Ltd (U.K.), Deloitte (U.K.), RSM International Association (U.K.), PwC (U.K.) , Moore Stephens International Limited (Moore Global) (U.K.), KPMG Inc.(Netherlands), Mazars ( France),BDO global (Belgium), Nexia International Limited (U.K.), Grant Thornton Bharat LLP (U.S.), Rodl & Partner (U.S.)
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Market Opportunities
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Market Definition
The financial audit professional services mainly focus on decreasing the audacity of financial frauds, misreporting and manipulating crucial financial figures in the particular business . The main purpose of auditing professional services is to hold internal audits in an organization or a firm to produce significant and considerable benefits .These further reduce the cyber threat and grant the audience with accurate results and thus, are projected to show significant growth in the market.
The Global Financial Audit Professional Services Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
Opportunities
- Increasing demands of the target market
Increasing demand for financial audition professional services across various industries such as healthcare, IT & telecommunication, BFSI and others to maintain an organization’s workflow and business requirements is another factor expected to further fuel the growth of the desired market over the forecast period.
- Technological Innovations and Investments
Additionally, the technological innovations and advancements further offer numerous growth opportunities within the market. The new ways of assisting auditors in the new insights and investments in R&D sector have created numerous opportunities. The financial audit professional services market will be in greater demand in due to these technological innovations and increased advancements during the projected period as it improves the operational productivity.
Restraints/Challenges
- Lack of awareness
Lack of awareness among individuals regarding the financial audition professional services is expected to restrain growth of the global market over the forecast period. This misleads to data proliferation, increasing frauds and unallowable access leading to major concerns arising about any personalized information with respect to the business.
- Data Privacy Concerns
The need to protect data privacy is becoming more difficult as the auditing system industry's user base grows. As more data is collected and online transactions are carried out in this business, worries about the security of data and payments are increasing. Consumers must disclose their financial information in order to receive value-added services. Because of these factors, customers worry about the security and privacy of their valuable and other private information. Such important and private information about transactions and individual details must be kept secure and the data must be maintained with total integrity. Over the forecast period, these concerns over privacy and security will further challenge the financial audit professional services market.
This financial audit professional services market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the financial audit professional services market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Global Financial Audit Professional Services Market
The rapid COVID-19 proliferation has a positive impact on the market for financial audit system platforms. Firm closures and strict lockdowns have impacted nearly every industry in the world. The novel coronavirus pandemic outbreak has had a severe impact on the global market. During the COVID-19 lockdown phase in nearly every economy, vivid companies shifted to online platforms for operation, internal final audit has gradually gained importance in the post-COVID era as its function is to monitor as well as detect misreporting. The demand for financial auditing professional services is estimated to grow profusely over the foreseeable period.
Recent Developments
- In 2021 – Verify, a New SAP Concur® Feature, Simplifies Expense Auditing by Using Artificial Intelligence and Machine Learning to Identify Potential Expense Report Issues and Anomalies.
- In 2020 – EY announced its NextWave strategy, which includes a US$1.5 billion investment in EY people, technology, and audits.
- In 2020 – The use of EY OpsChain Traceability by Birra Peroni continues the market adoption of blockchain. EY teams will use BSN to finish integrating and deploying EY Blockchain Analyzer for blockchain analytics and financial statement auditing.
Global Financial Audit Professional Services Market Scope
Global financial audit professional services market is segmented on the basis of type, service and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- External Audit
- Internal Audit
Service
- Employee Benefit Plan Audit
- Service Organization Control (SOC) Audit
- Financial Statement Audit
- Due Diligence
- Others
End-Use
- BFSI
- Government
- Manufacturing
- Healthcare
- Retail & Consumer
- IT & Telecom
- Others
Global Financial Audit Professional Services Market Regional Analysis/Insights
Global financial audit professional services market is analyzed and market size insights and trends are provided by type, service and end user as referenced above.
The countries covered in the financial audit professional services market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates financial audit professional services market because of the presence of many multinational corporations, and rising adoption of efficient internal auditing and reporting practices by companies in various countries in the region.
Asia-Pacific is expected to grow over the forecast period of 2022 to 2029 because of the rapid industrialization and urbanization as well as the increasing incidences of frauds in the hospitality sector across various emerging economies.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Global Financial Audit Professional Services Market Share Analysis
The financial audit professional services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to financial audit professional services market
Some of the major players operating in the financial audit professional services market are
- Ernst & Young pvt Ltd (U.K.)
- Deloitte (U.K.)
- RSM International Association (U.K.)
- PwC (U.K.)
- Moore Stephens International Limited (Moore Global) (U.K.)
- KPMG Inc.(Netherlands)
- Mazars (France)
- BDO global (Belgium)
- Nexia International Limited (U.K.)
- Grant Thornton Bharat LLP (U.S.)
- Rodl & Partner (U.S.)
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