Market Size of US Auditing Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 50.24 Billion |
| Market Size (2029) | USD 59.01 Billion |
| CAGR (2024 - 2029) | 3.27 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
US Audit Market Analysis
The US Auditing Services Market size is estimated at USD 50.24 billion in 2024, and is expected to reach USD 59.01 billion by 2029, growing at a CAGR of 3.27% during the forecast period (2024-2029).
In recent decades, market consolidation has become a prominent trend, as auditing firms strategically acquire global accounting entities to broaden their service offerings and improve existing auditing services. This trend has led to a notable decrease in the number of global audit firms, consolidating major players into what is commonly referred to as the Big Four.
In the United States, this consolidation is particularly pronounced, where the Big Four accounting firms collectively audit nearly 97% of the total US S&P 500 market capitalization. The concentration is even more pronounced in specific industries, with one or two firms dominating certain sectors. For instance, the leading auditing service provider in the US telecommunications services sector encompasses nearly 92% of the S&P 500 market capitalization. Similar scenarios exist in industries such as energy, materials, and information technology, where the top two service providers control at least 75% of the S&P 500 market capitalization. Recent market drivers and opportunities encompass technological advancements, regulatory changes, and increasing demand for specialized audit services, driving the evolution of the US Auditing Services Market.
US Audit Industry Segmentation
Audit services mean the audit of annual financial statements and other procedures required by the statutory auditor to form an opinion on the company's financial statements and issue a report as required under section 143 of the Companies Act, 2013. The report covers a complete background analysis of the US property management market. It includes the assessment of the economy and the contribution of the economic sectors, market overview, market size estimation for key segments and emerging trends in the market segments, market dynamics, insights, and key statistics.
The US Auditing Services Market is segmented by type, service line. By type, the market is sub-segmented into internal audits and external audits. By service line, the market is sub-segmented into operational audits, financial audits, advisory and consulting, investigation audits, information system audits, compliance audits, and others. The report offers the market sizes and forecasts in value (USD) for all the above segments.
| Type | |
| Internal Audit | |
| External Audit |
| Service line | |
| Operational Audits | |
| Financial Audits | |
| Advisory and Consulting | |
| Investigation Audit | |
| Information System Audit | |
| Compliance Audit | |
| Other |
US Auditing Services Market Size Summary
The US audit industry is experiencing a phase of significant consolidation, with major firms like the Big Four dominating the market. This trend has led to a reduction in the number of global audit firms, as these entities strategically acquire smaller firms to expand their service offerings. In the United States, the concentration of audit services is particularly high, with the Big Four firms auditing nearly all of the US S&P 500 market capitalization. This dominance is even more pronounced in specific sectors such as telecommunications, energy, materials, and information technology, where a few firms control the majority of the market. The industry is evolving due to technological advancements, regulatory changes, and a growing demand for specialized audit services, which are shaping the future landscape of the US auditing services market.
Despite the high concentration, concerns have been raised about the potential risks to investors, as a ban or suspension of any major firm could have catastrophic effects on the market. The Big Four firms have been able to increase their fees, citing growing workloads and changing corporate structures, a practice not mirrored by non-Big Four firms. This fee disparity highlights the power these firms hold in the auditing space, raising questions about the quality of audits and the need for stricter regulations. The report provides a comprehensive analysis of the US audit services market, including economic contributions, market size estimation, emerging trends, and key player profiles such as Deloitte, KPMG, EY, and PwC. Recent partnerships, like those between Deloitte and Google Cloud, and EY and Microsoft, underscore the industry's focus on integrating advanced technologies to enhance audit capabilities.
US Auditing Services Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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1.5 Insights on Technological Advancements in the Market
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1.6 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Internal Audit
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2.1.2 External Audit
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2.2 Service line
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2.2.1 Operational Audits
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2.2.2 Financial Audits
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2.2.3 Advisory and Consulting
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2.2.4 Investigation Audit
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2.2.5 Information System Audit
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2.2.6 Compliance Audit
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2.2.7 Other
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US Auditing Services Market Size FAQs
How big is the US Auditing Services Market?
The US Auditing Services Market size is expected to reach USD 50.24 billion in 2024 and grow at a CAGR of 3.27% to reach USD 59.01 billion by 2029.
What is the current US Auditing Services Market size?
In 2024, the US Auditing Services Market size is expected to reach USD 50.24 billion.
