KPMG Reports 5.1% Revenue Growth to $38.4 Billion Amid Global Challenges | Image Source: Assets.kpmg.com
NEW YORK, December 17, 2024 – KPMG reported a strong 5.1% increase in global revenue, reaching $38.4 billion for the year, driven by investments in collective strategy and strong growth across all central service lines. Despite the difficult conditions of the global market, KPMG continued to focus on innovation, labour development and AI-based solutions, allowing the professional services company to progress steadily in all regions and sectors.
According to KPMG, the company’s tax and legal services experienced the strongest growth, increasing by 10% year after year. The increase was followed by an increase of 6 per cent in audit services and 2 per cent in advisory services. These results highlight the resilience of KPMG’s strategic investments in its key business functions, especially as clients are increasingly seeking advisory support for digital transformation, regulatory compliance and tax optimization.
“Our continued investment in innovation, technology and talent was fundamental to achieving this growth,” said KPMG. ”The expansion of our services reflects customer confidence in our ability to navigate complex and rapidly changing markets
Growth in all key regions
Despite economic uncertainties in many regions, KPMG has grown in all geographic areas. The Europe, Middle East and Africa (EMA) region recorded an 8 per cent increase in revenue, driven by a high demand for advisory services and audit services. The Americas region also performed well, indicating a 4 per cent increase in income, while the Asia-Pacific region showed resilience with a 1 per cent increase in income under more sensitive economic conditions.
According to KPMG, the overall footprint and adaptability to regional market dynamics were critical to achieving these results. The performance of EMA has been particularly remarkable given the economic difficulties facing the regions of Europe and the Middle East, where KPMG’s risk management, tax advice and digital transformation services have experienced increased demand.
“Growth in all regions demonstrates the strength of our global strategy and our ability to adapt to market conditions,” said KPMG. ”In a complex economic environment, we remain focused on the value and results of our clients. »
Strategic investments to strengthen performance
KPMG’s growth is attributed to its continued investments in technology, workforce development and AI-based solutions. The signature approach to business transformation through AI and the increase in the workforce have improved their service delivery through functions. According to KPMG, these strategic initiatives have strengthened their capacity to provide high-value tax services, audit and advisory solutions.
It should be noted that KPMG’s tax and legal services have experienced a 10 per cent increase in income due to increased demand for tax compliance, cross-border tax advice and legal services as a result of changing global regulatory frameworks. Audit services also registered a strong growth of 6 per cent, reflecting the growing importance of trust, transparency and governance for companies in the current market. Advisory services increased by 2 per cent, owing to the demand for digital transformation solutions, sustainability advice and risk management.
“We are proud of the progress we have made in all of our service lines,” said KPMG. ”Our clients trust us to offer ideas and solutions that meet their most pressing challenges, and our investments in innovation and experience continue to drive value. »
Global Headcount Surpluses 275 000
In line with its growth path, KPMG reported an increase in its global workforce, with a total of 275,288 employees. This growth reflects KPMG’s continued investment in talent development, labour growth and career development initiatives to meet growing client demand in all regions and sectors.
KPMG’s commitment to preparing its workforce for the future led by AI was a key factor in its success. Through training programs such as “24 hours of AI” and “A Summer”, the company has over 80,000 employees with essential AI skills and knowledge. In addition, the delivery of over 57,000 Microsoft Copilot licenses significantly improved employee productivity and enabled teams to achieve higher-value results.
“Our people are at the heart of our success,” said KPMG. We continue to invest in developing the skills, tools and skills they need to thrive in a rapidly changing business environment
Navigation challenge Market conditions
KPMG’s ability to achieve growth under difficult market conditions highlights the strength and resilience of its global strategy. While economic uncertainties and geopolitical challenges posed obstacles, the company’s investments in digital transformation, IV and talent development enabled it to adapt and produce results. According to KPMG, these efforts have placed the company as a trusted partner for customers seeking solutions to navigate complex economic and regulatory landscapes.
The focus on innovation and the ethical adoption of IA, through its trusted IA framework, was also instrumental in stimulating growth. By integrating trust, transparency and accountability into its IA initiatives, KPMG ensures that its solutions are tailored to the needs of clients while addressing security, fairness and data compliance concerns.
“In a challenging global environment, our ability to adapt and innovate has been critical to our success,” said KPMG. “We remain focused on supporting our clients with solutions that promote growth, efficiency and sustainability. »
KPMG’s strategic approach, combined with its strong performance in functions and regions, underscores its leadership in the professional services sector. As companies around the world continue to navigate in uncertainty, KPMG’s investments in innovation, technology and talent play a key role in stimulating future growth and delivering value to customers.
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