Europe Auditing Services Market Size
| Study Period | 2020- 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 65.91 Billion |
| Market Size (2029) | USD 89.59 Billion |
| CAGR (2024 - 2029) | 6.33 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Auditing Services Market Analysis
The Europe Auditing Services Market size is estimated at USD 65.91 billion in 2024, and is expected to reach USD 89.59 billion by 2029, growing at a CAGR of 6.33% during the forecast period (2024-2029).
Auditing helps keep markets running smoothly by ensuring accurate and useful financial statements. Some companies are legally required to have a statutory audit, which shows its importance. Companies are becoming more global and are now listed on capital markets on different continents. The EU works with other countries to ensure adequate international oversight of auditors to protect investors.
Horizontal measures are the same for all statutory auditors and audit firms, regardless of whether or not the entity being audited is a public interest entity, making the audit report more informative for investors by providing them with relevant information about the audited company beyond a mere standardized opinion on the financial statements. There is no discount on COVID-19's effect on any industry. For better improvement of the process, the government has adopted new regulations.
One of the main drivers of growth in the European auditing services market is the increasing regulatory requirements and the need for companies to comply with international accounting standards. The market is also being shaped by technological advancements, such as the use of data analytics and artificial intelligence, which are changing the way audits are conducted.
Europe Auditing Services Market Trends
External Audit is Driving the Market
Audits play a vital role in the functioning of capital markets. The demand for audit services by public companies is also inelastic in that these companies must obtain an audit due to regulation, with no substitution for such services available. The market is expanding because of the increasingly stringent European laws governing the disclosure and recording of financial records. Additionally, rising corporate spending on financial auditing and recording pushes new competitors to choose auditing services, further driving market expansion. Additionally, there is a growing need for auditing services in several industries, including BFSI, IT and telecommunication, healthcare, and others. The number of public companies listed on regulated European exchanges that disclose audit fees has remained relatively consistent for the past 10 years.
External audits in Europe are primarily conducted by accounting firms, with the "Big Four" (Deloitte, PwC, EY, and KPMG) as major auditors. These firms handle a significant portion of audits across Europe. The European Court of Auditors serves as the external auditor for the EU, ensuring the reliability and legality of EU accounts. Additionally, the external audit committee of organizations like the IMF is crucial in overseeing external audit processes for accountability.
Legal Accounting Activities is Driving the Market in United Kingdom
Legal accounting activities play a significant role in driving the accounting market in the United Kingdom. This sector is characterized by specialized accounting services tailored to law firms and legal professionals' unique needs.
The legal and accounting activities sector encompasses legal representation of one party's interests against another, whether before courts or other judicial bodies, by individuals who are members of the bar. This includes advising and representation in civil cases, criminal actions, or labor disputes. In the United Kingdom, revenue generated from legal accounting activities experienced significant growth in the current year.
Europe Auditing Services Industry Overview
The European auditing services market is fragmented, with the presence of many players. Firms focus on expanding their presence in various European countries to tap into new business opportunities and broaden their client base. The companies are engaging in collaborations and mergers to enhance their service offerings and improve market competitiveness. The key players include Deloitte, EY, KPMG, PwC, AT Kearney, and Grant Thornton LLP.
Europe Auditing Services Market Leaders
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Deloitte
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KPMG
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EY
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PwC
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Grant Thornton LLP
*Disclaimer: Major Players sorted in no particular order
Europe Auditing Services Market News
- In April 2023, PwC Switzerland pursued an expansion strategy by acquiring Avoras, a renowned SAP-enabled business transformation services provider for the pharmaceutical and life sciences industry.
- In June 2023, KPMG acquired QuadriO, a German IT consultancy specializing in SAP products and services. The deal involves approximately 70 team members from QuadriO joining the Big Four firm. Founded in 2011, QuadriO focuses on SAP-based solutions and services, especially for banks, and has a workforce of over 70 people.
Europe Auditing Services Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Growing Complexity of Business Operations Driving Demand for Market
- 4.2.2 Increasing Use of Technology in Financial Reporting Driving Demand for Market
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4.3 Market Restraints
- 4.3.1 Intense Competition and Pricing Pressures
- 4.3.2 Regulatory Scrutiny and the Risk of litigation
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4.4 Market Opportunities
- 4.4.1 Auditing Firms Expand their Service Offerings
- 4.4.2 Increasing Globalization of Business Impact the Growing Demand for Auditing Services
- 4.5 Insights on Various Regulatory Trends Shaping the Market
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4.6 Industry Attractiveness - Porter's Five Forces Analysis
- 4.6.1 Bargaining Power of Buyers
- 4.6.2 Bargaining Power of Suppliers
- 4.6.3 Threat of New Entrants
- 4.6.4 Threat of Substitute Products and Services
- 4.6.5 Intensity of Competitive Rivalry
- 4.7 Impact of COVID-19 on the Market
- 4.8 Insights on Latest Trends and Technological Innovations in the Industry
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Internal Audit
- 5.1.2 External Audit
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5.2 By Service Line
- 5.2.1 Operational Audits
- 5.2.2 Financial Audits
- 5.2.3 Advisory and Consulting
- 5.2.4 Investigation Audits
- 5.2.5 Information System Audits
- 5.2.6 Compliance Audits
- 5.2.7 Other Service Lines
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5.3 By Country
- 5.3.1 UK and Ireland
- 5.3.2 Germany
- 5.3.3 France
- 5.3.4 Italy
- 5.3.5 Netherlands
- 5.3.6 Spain
- 5.3.7 Rest of Europe
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Deloitte
- 6.2.2 EY
- 6.2.3 KPMG
- 6.2.4 PwC
- 6.2.5 A.T. Kearney
- 6.2.6 Grant Thornton LLP
- 6.2.7 Bain & Company
- 6.2.8 BDO USA
- 6.2.9 Rodl and Partners
- 6.2.10 Alvarez & Marsal*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Europe Auditing Services Industry Segmentation
Auditing services examine and evaluate an organization's financial records and transactions, ensuring accuracy and compliance with relevant laws and regulations. Audits are typically conducted by independent, qualified professionals known as auditors. The European auditing services market is segmented by type, service line, and country. By type, the market is segmented into internal audit and external audit. The market is segmented by service line into operational audits, financial audits, advisory and consulting, investigation audits, information system audits, compliance audits, and other service lines (information technology (IT) audits, etc). The market is segmented by country: the United Kingdom and Ireland, Germany, France, Italy, Netherlands, Spain, and the Rest of Europe). The report offers market size and forecasts for the Europe auditing services market in value (USD) for all the above segments.
| By Type | Internal Audit |
| External Audit | |
| By Service Line | Operational Audits |
| Financial Audits | |
| Advisory and Consulting | |
| Investigation Audits | |
| Information System Audits | |
| Compliance Audits | |
| Other Service Lines | |
| By Country | UK and Ireland |
| Germany | |
| France | |
| Italy | |
| Netherlands | |
| Spain | |
| Rest of Europe |
Europe Auditing Services Market Research FAQs
How big is the Europe Auditing Services Market?
The Europe Auditing Services Market size is expected to reach USD 65.91 billion in 2024 and grow at a CAGR of 6.33% to reach USD 89.59 billion by 2029.
What is the current Europe Auditing Services Market size?
In 2024, the Europe Auditing Services Market size is expected to reach USD 65.91 billion.
Who are the key players in Europe Auditing Services Market?
Deloitte, KPMG, EY, PwC and Grant Thornton LLP are the major companies operating in the Europe Auditing Services Market.
What years does this Europe Auditing Services Market cover, and what was the market size in 2023?
In 2023, the Europe Auditing Services Market size was estimated at USD 61.74 billion. The report covers the Europe Auditing Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Europe Auditing Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Auditing Services Industry Report
Statistics for the 2024 Europe Auditing Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Auditing Services analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
