PUBLISHER: The Business Research Company | PRODUCT CODE: 1808217
PUBLISHER: The Business Research Company | PRODUCT CODE: 1808217
Accounting and auditing involve the meticulous recording, examination, and validation of financial transactions to guarantee precision and adherence to regulatory norms. These practices support financial reporting, evaluate organizational performance, aid in fraud detection and prevention, and offer stakeholders confidence in the trustworthiness of financial data.
The several types of accounting and auditing are categorized into financial audits, capital markets, corporate reporting, actuarial services, and internal audits. Financial audits specifically entail a comprehensive review of a company's financial statements to confirm their accuracy and regulatory compliance. Service providers in this field range from large enterprises to small and medium-sized enterprises, serving a diverse array of end users across sectors such as consumer markets, energy and natural resources, financial services, government and public services, life sciences and healthcare, media and telecommunications, and technology.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The sharp rise in U.S. tariffs and the ensuing trade tensions in spring 2025 are having a considerable impact on the financial sector, particularly in the areas of investment strategies and risk management. The increased tariffs have intensified market volatility, leading institutional investors to adopt more cautious approaches and driving greater demand for hedging solutions. Banks and asset managers are encountering higher costs in cross-border transactions as disrupted global supply chains and declining corporate earnings weigh on equity market performance. At the same time, insurance providers are facing elevated claims risks linked to supply chain interruptions and trade-related business losses. Furthermore, reduced consumer spending and weaker export demand are limiting credit growth and dampening investment appetite. In response to these challenges, the sector must focus on diversification, accelerate digital transformation, and strengthen scenario planning to manage the heightened economic uncertainty and safeguard profitability.
The accounting and auditing market research report is one of a series of new reports from The Business Research Company that provides accounting and auditing market statistics, including the accounting and auditing industry global market size, regional shares, competitors with accounting and auditing market share, detailed accounting and auditing market segments, market trends, and opportunities, and any further data you may need to thrive in the accounting and auditing industry. This accounting and auditing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The accounting and auditing market size has grown strongly in recent years. It will grow from $222.35 billion in 2024 to $238.28 billion in 2025 at a compound annual growth rate (CAGR) of 7.2%. 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 $305.47 billion in 2029 at a compound annual growth rate (CAGR) of 6.4%. 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.
The forecast of 6.4% growth over the next five years reflects a modest reduction of 0.3% from the previous estimate for this market. This reduction is primarily due to the impact of tariffs between the US and other countries. This is likely to directly affect the US through supply chain disruptions for blockchain-based ledger verification tools and cloud audit management systems, sourced from key regions such as Switzerland and Singapore, which could lead to financial reporting delays and increased compliance costs. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.
The anticipated growth of the accounting and auditing sectors is largely due to an increase in financial fraud, which includes any illegal activities intended to deceive for financial advantage. These sectors play a critical role in mitigating fraud through rigorous oversight, compliance enforcement, detailed financial reviews, and the establishment of internal controls. For example, UK Finance reported that in 2022, authorized fraud losses in the UK climbed to £485.2 million ($616 million), marking a 6% increase from 2021 with 207,372 reported cases. This trend underscores the growing need for robust accounting and auditing services to combat financial fraud.
Leading firms within the accounting and auditing industry are increasingly incorporating Internet of Things (IoT) and blockchain technologies into their auditing solutions. These technologies are used to enhance the precision of data, boost transparency, streamline audit processes, and improve fraud detection. In February 2023, Ernst & Young Global Limited introduced the latest version of their EY Blockchain Analyzer, now including features such as bulk reconciliation of non-blockchain records with public ledgers and extended support for additional cryptocurrencies such as Dogecoin. The adoption of IoT and blockchain not only ensures better data reliability and traceability but also raises the demand for audit services among sectors leveraging these advanced technologies.
In October 2022, Guidehouse, a consultancy based in the US, acquired the public sector advisory practices from Grant Thornton LLP. This acquisition expands Guidehouse's expertise in financial services, human capital management, and information technology, enhancing its competitive edge in the accounting and auditing fields. Grant Thornton LLP is recognized for its comprehensive array of accounting and advisory services.
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
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.
The countries covered in the accounting and auditing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The accounting and auditing market includes revenues earned by entities by providing services such as risk management and compliance, business valuation and appraisal, mergers and acquisitions advisory, and sustainability reporting and assurance services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Accounting And Auditing Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on accounting and auditing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for accounting and auditing ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The accounting and auditing market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.