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Accounting & Auditing in Europe - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

ISIC 692 March 2024 Spotlight Report

Revenue

€225.6bn

2019-2024 3.0 %
2024-2029 X.X %

Employees

2m

2019-2024 2.4 %
2024-2029 X.X %

Businesses

831k

2019-2024 2.1 %
2024-2029 X.X %

Wages

€XX.Xbn

2019-2024 X.X %
2024-2029 X.X %

Accounting & Auditing in Europe industry analysis

Europe’s Accounting and Auditing industry is well-established, with leading nations like the UK and Germany generating significant revenue, partly because of London and Frankfurt being major global financial hubs. Growing enterprise numbers and employment rates have expanded the potential client pool for accounting and auditing firms. Despite the industry providing both procyclical and countercyclical services, volatile economic conditions have caused some operational disruption. Revenue is expected to contract at a compound annual rate of 3% over the five years through 2024 to €225.6 billion, including a forecast dip of 2.6% in 2024.

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  • Market estimates from 2014-2029
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Industry Statistics and Trends

Accounting & Auditing in Europe key trends

The EU Audit Reform mandates auditor rotation to boost audit quality.

 

This 2016 reform has fragmented the market, promoting competition and increasing opportunities for mid-tier and smaller firms by disrupting the Big Four’s dominance.

Digitalisation presents opportunities for efficiency but also raises competition.

 

Large firms invest in technology to automates processes and free up time for value-added services, but software tools also empower smaller businesses to self-manage their accounting and tax needs.

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Accounting & Auditing in Europe

Industry Revenue

Total value and annual change from 2011-2029. Includes 5-year outlook.

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Accounting & Auditing in Europe market size (2019-2024)

Industry revenue has declined at a CAGR of 3.0 % over the past five years, to reach an estimated €225.6bn in 2024.

Trends and Insights

Germany and the UK dominate Europe’s well-established accounting and auditing market

  • Europe’s accounting and auditing industry is very robust, even though the performance and structure of firms differs across Europe due to business factors and the regulatory environments of individual countries.

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Accounting & Auditing in Europe outlook (2024-2029)

Market size is projected to grow over the next five years.

Improving economic conditions bolster demand for accounting, audit and tax services

  • After soaring over the past couple of years, inflation will likely continue to edge back down lifting business sentiment and investment.

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Revenue

€225.6bn

2019-2024 3.0 %
2024-2029 X.X %

Employees

2m

2019-2024 2.4 %
2024-2029 X.X %

Wages

€XX.Xbn

2019-2024 X.X %
2024-2029 X.X %

European Leaders & Laggards

Europe Job Growth CAGR: 2.4 % *
  • Job Growth

Top 5 Countries

  1. Estonia +9.1%
  2. Russia +8.0%
  3. Slovenia +6.2%
  4. Lithuania +6.1%
  5. United Kingdom +4.8%

Bottom 5 Countries

  1. Spain -0.8%
  2. Romania -0.6%
  3. Germany -0.5%
  4. Iceland -0.3%
  5. Turkey 0.0%

* CAGR values are for the years 2019-2024.

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Biggest companies in the Accounting & Auditing in Europe

Company
Market Share (%)
2024
Revenue (€m)
2024
Profit (€m)
2024
Profit Margin (%)
2024
Deloitte Touche Tohmatsu Ltd
1,304.5
N/A
N/A
Ernst & Young Global Ltd
49,102.4
N/A
N/A

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Accounting & Auditing in Europe

Products & Services Segmentation

Industry revenue broken down by key product and services lines.

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Top Questions Answered in this Report

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What is the market size of the Accounting & Auditing industry in Europe in 2024?

The market size of the Accounting & Auditing industry in Europe is €225.6bn in 2024.

How many businesses are there in the Accounting & Auditing in Europe industry in 2024?

There are 831k businesses in the Accounting & Auditing industry in Europe, which has grown at a CAGR of 2.1 % between 2019 and 2024.

Has the Accounting & Auditing industry in Europe grown or declined over the past 5 years?

The market size of the Accounting & Auditing industry in Europe has been declining at a CAGR of 3.0 % between 2019 and 2024.

What is the forecast growth of the Accounting & Auditing industry in Europe over the next 5 years?

Over the next five years, the Accounting & Auditing industry in Europe is expected to grow.

What does the Accounting & Auditing in Europe include?

Audit services and Financial and management accounting are part of the Accounting & Auditing industry.

Which countries have the most businesses in the Accounting & Auditing industry in Europe?

The European country with the most businesses in the Accounting & Auditing industry is Italy.

How competitive is the Accounting & Auditing industry in Europe?

The level of competition is high and increasing in the Accounting & Auditing industry in Europe.

Related Industries

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Table of Contents

About this industry

Industry definition

The industry comprises a wide range of services including accounting, auditing, bookkeeping and tax consultancy. Companies prepare and examine financial accounts, record commercial transactions for other organisations, prepare personal and business income tax returns, offer tax advisory services, and represent businesses before tax authorities.

Related Terms

BIG FOURAUDITINGMANAGEMENT ACCOUNTING

What's included in this industry?

Audit servicesFinancial and management accountingTax servicesBookkeepingPersonal tax services

Companies

Deloitte Touche Tohmatsu LtdErnst & Young Global Ltd

Industry Code

ISIC 2006

692 - Accounting, bookkeeping and auditing activities; tax consultancy in Europe

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Performance

Key Takeaways

Germany and the UK dominate Europe’s well-established accounting and auditing market

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Revenue Highlights

Trends
  • Revenue
  • 2024 Revenue CAGR
  • Revenue Volatility

Employment Highlights

Trends
  • Employees
  • Employees per Business
  • Revenue per Employee

Business Highlights

Trends
  • Businesses
  • Employees per Business
  • Revenue per Business

Profit Highlights

Trends
  • Total Profit
  • Profit Margin
  • Profit per Business

Current Performance

Charts
  • Revenue in the Accounting & Auditing in Europe industry (2011 -2029)
  • Employees in the Accounting & Auditing in Europe industry (2011 -2029)
  • Business in the Accounting & Auditing in Europe industry (2011 -2029)
  • Profit in the Accounting & Auditing in Europe industry (2011 -2029)
Analysis

What's driving current industry performance in the Accounting & Auditing in Europe industry?


Outlook

Analysis

What's driving the Accounting & Auditing in Europe industry outlook?


Volatility

Analysis

What influences volatility in the Accounting & Auditing in Europe industry?

Charts
  • Industry Volatility vs. Revenue Growth Matrix

Life Cycle

Analysis

What determines the industry life cycle stage in the Accounting & Auditing in Europe industry?

Charts
  • Industry Life Cycle Matrix

Products and Markets

Highlights

Trends
  • Largest Market
  • Product Innovation

Key Takeaways

External audits generate significant revenue. Listed companies are required to publish their financials and have them audited externally, providing solid revenue for accountants and auditors.

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Products and Services

Charts
  • Products and Services Segmentation
Analysis

How are the Accounting & Auditing in Europe industry's products and services performing?

Analysis

What are innovations in the Accounting & Auditing in Europe industry's products and services?


Major Markets

Charts
  • Major Market Segmentation
Analysis

What influences demand in the Accounting & Auditing in Europe industry?


International Trade

Highlights

  • Largest Importer
  • Smallest Importer
  • Total Imports into Europe
  • Largest Exporter
  • Smallest Exporter
  • Total Exports into Europe
Heat maps
  • Industry Concentration of Imports by Country
  • Industry Concentration of Exports by Country
Data Tables

Value and annual change (%) included

  • Number of Imports and Exports by European Country (2024)

Geographic Breakdown

Business Locations

Heat maps
  • Share of Total Industry Revenue by Region (2024)
  • Share of Total Industry Enterprises by Region (2024)
  • Share of Total Industry Employment by Region (2024)
  • Share of Total Industry Wages by Region (2024)

Industry Geographic Breakdown

Data Tables

Values and annual change provided for 37 European countries:

  • Revenue (2024)
  • IVA (2024)
  • Enterprises (2024)
  • Employment (2024)
  • Exports (2024)
  • Imports (2024)

Competitive Forces

Highlights

Trends
  • Concentration
  • Competition
  • Barriers to Entry
  • Substitutes
  • Buyer Power
  • Supplier Power

Key Takeaways

Increased regulation aims to raise competition. The 2016 EU Audit Reform forces mandatory auditor rotation, but the Big Four can still attract large clients with their use their resources and reputations to cement their market positions.

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Supply Chain

Charts

Buyer and supply industries

Companies

Market Share

Charts
  • Industry Market Share by Company (2019-2024)

Companies

Data Tables

Top 2 companies by market share:

  • Market share (2024)
  • Revenue (2024)
  • Profit (2024)
  • Profit Margin (2024)

Data Tables
  • Countries of operation for Deloitte Touche Tohmatsu Ltd
  • Countries of operation for Ernst & Young Global Ltd

External Environment

Highlights

Trends
  • Regulation & Policy
  • Assistance

Key Takeaways

The EU Audit Reform aims to improve competition. Coming into force in 2016, the regulation requires companies to rotate auditors and restricts auditors from providing certain non-audit services to their clients.

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External Drivers

Analysis

What demographic and macroeconomic factors impact the Accounting & Auditing in Europe industry?

Financial Benchmarks

Highlights

Trends
  • Profit Margin
  • Average Wage
  • Largest Cost

Key Takeaways

Firms keep their profit strong despite facing challenging conditions. High wages, technology investment and regulatory standards have driven up costs, pushing firms to elevate their fees to maintain their profitability.

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Cost Structure

Charts
  • Share of Economy vs. Investment Matrix
  • Industry Cost Structure Benchmarks:
    • Marketing
    • Depreciation
    • Profit
    • Purchases
    • Wages
    • Rent
    • Utilities
    • Other
Analysis

What trends impact cost in the Accounting & Auditing in Europe industry?


Key Ratios

Data tables
  • IVA/Revenue (2014-2029)
  • Imports/Demand (2014-2029)
  • Exports/Revenue (2014-2029)
  • Revenue per Employee (2014-2029)
  • Wages/Revenue (2014-2029)
  • Employees per Establishment (2014-2029)
  • Average Wage (2014-2029)

Country Benchmarks

European Leaders & Laggards

Data Tables

Top and boottom five countries listed for each:

  • Revenue Growth (2024)
  • Business Growth (2024)
  • Job Growth (2024)

European Country Performance

Data Tables

Rankings available for 37 countries. Statistics ranked include:

  • IVA/Revenue (2024)
  • Imports/Demand (2024)
  • Exports/Revenue (2024)
  • Revenue per Employee (2024)
  • Wages/Revenue (2024)
  • Employees per Establishment (2024)
  • Average Wage (2024)

Structural Comparison

Data Tables

Trends in 37 countries benchmarked against trends in Europe

  • Concentration
  • Competition
  • Barriers to Entry
  • Buyer Power
  • Supplier Power
  • Volatility
  • Capital Intensity
  • Innovation
  • Life Cycle

Key Statistics

Industry Data

Data Tables

Including values and annual change:

  • Revenue (2014-2029)
  • IVA (2014-2029)
  • Establishments (2014-2029)
  • Enterprises (2014-2029)
  • Employment (2014-2029)
  • Exports (2014-2029)
  • Imports (2014-2029)
  • Wages (2014-2029)

Methodology

Where does IBISWorld source its data?

IBISWorld is a world-leading provider of business information, with reports on 5,000+ industries in Australia, New Zealand, North America, Europe and China. Our expert industry analysts start with official, verified and publicly available sources of data to build an accurate picture of each industry.

Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and IBISWorld's proprietary database of statistics and analysis to provide balanced, independent and accurate insights. 

IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools.

To learn more about specific data sources used by IBISWorld's analysts globally, including how industry data forecasts are produced, visit our Help Center.