Posting double-digit growth rates, the accounting and auditing markets in China and India are creating wide opportunities. Growing economies, dynamic business environments and constantly changing accounting and auditing standards are the main driving forces behind the growth in the reviewed market. Therefore, a number of accounting and auditing companies are opening offices in these countries in order to benefit from such strong expansion.
China’s and India’s total GDP grew by nearly 11% and 12%, respectively, in 2013 and is projected to grow at an even faster pace in the future. Such increases are much higher than in developed countries like the US or the UK, where growth is around 3-5%. Strong growth in the economies of China and India is driving the expansion of business activities, not only in local markets, but also internationally, thus impacting on the rising demand for accounting and auditing services.
Figure 1 Accounting and Auditing Market Growth
Source: Euromonitor International from National Statistics