Global Financial Auditing Professional Services Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Financial Auditing Professional Services Market 2021 (Includes Business Impact of COVID-19)
Global Financial Auditing Professional Services Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights. The global financial auditing professional services market report has been segmented on the basis of type, service, end use, and region.
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The global Financial Auditing Professional Services market size was valued at USD$132.57 billion in 2020 and is projected to reach USD $270.70 billion by 2030, and is anticipated to expand at a CAGR of 7.40% over the forecast period from 2020 to 2030.


Global Financial Auditing Professional Services Market: Overview


Financial audit is an independent reporting process of objective evaluation of an organizations financial record and other financial activities in order to assure regulators, investors, directors, and managers for reasonable financial statements are correct. Large organizations need to appoint an external auditor to audit their books and publish financial figures at the end of a financial year. According to the result, financial audit professional service companies opting cloud-based infrastructure and focusing on integrating digital technologies, such as data analytics. These technologies collect, analyze, and reporting financial data.


Global Financial Auditing Professional Services Market: Dynamics


Increasing stringent government regulations regarding disclosure and reporting of financial details are expected to drive growth of the global market over the forecast period.

In addition, increasing demand for financial audition professional services across various industries such as healthcare, IT & telecommunication, BFSI, etc., in order to maintain organizations workflow is another factor expected to further fuel growth of the target market over the forecast period.

Technological advancements in audition services in order to help auditor for taking actionable insights by using companies financial figures and graphs is another factor expected to boost growth of the target market over the forecast period.

However, lake of awareness among individuals regarding the financial audition professional services is a key factor expected to restrain growth of the global market over the forecast period. In addition, increasing individuals preference towards automation or artificial intelligence (AI) across various industries is another factor expected to hamper growth of the target market over the forecast period.

Increasing technological advancements and investment in research and development activity to improve professional services are expected to create potential revenue opportunities for players operating in the target market over the forecast period. In addition, increasing mergers and acquisitions by players operating in the target market for strengthening companies performance the market and enhance their presence globally.


Global Financial Auditing Professional Services Market: Segment Analysis


Among the type segments, the external segment is expected to dominate in the target market. the internal segment is expected to register higher CAGR over the forecast period, owing to increasing organizations preference towards effectively manage risks related to frauds, protecting business interests, and enhancing business performance.

Among the service segments, the financial statement audit segment is expected to account for highest market share over the forecast period, owing to stringent regulations governing financial auditing and reporting by organizations.

Among the end use segments, the BFSI segment is expected to register significant share in terms of revenue over the forecast period owing to increasing digitization in various sectors, stringent regulatory scenario, and rising adoption of proactive internal auditing practices by banks, financial institutions, and insurance companies.


Global Financial Auditing Professional Services Market: Regional Analysis


The market in North America is expected to dominate in the global market in terms of revenue over the forecast period, owing to regulatory scenario, presence of many multinational corporations, and rising adoption of efficient internal auditing and reporting practices by companies in various countries in the region.

The market in Asia Pacific is expected to register significant share in terms of revenue over the forecast period, owing to rapidly growing industrialization and favorable government regulation in countries in this region.

Global Financial Auditing Professional Services Market Segmentation:

Segmentation by type:

  
External Audit
  
Internal Audit

Segmentation by service:

  
Due Diligence
  
Employee Benefit Plan Audit
  
Financial Statement Audit
  
Service Organization Control (SOC) Audit

Segmentation by end use:

  
BFSI
  
Government
  
Manufacturing
  
Healthcare
  
Retail & Consumer
  
IT & Telecommunication


Key Market Players included in the report:


  
Binder Dijker Otte (BDO)
  
Deloitte Touche
  
Tohmatsu Limited
  
Ernst & Young (EY)
  
Grant Thornton International Ltd.
  
KPMG International
  
Mazars
  
Moore Stephens International Limited.
  
Nexia International Limited
  
PricewaterhouseCoopers (PwC)
  
RSM International Association.