Deloitte reported Thursday $64.9 billion in global revenue in the fiscal year ending May 31, 2023, a 14.9% increase over the previous fiscal year in local currency terms, or 9.3% in terms of U.S. dollars.
Revenue from consulting services grew at the fastest pace at 19.1% in local currency terms, followed by risk advisory, which grew 17.5%. Audit and assurance revenue grew 13.8% in local currency. Revenue from tax and legal services grew 9.1% in terms of local currency. Financial advisory revenue grew 4.7% in local currency.
Among the different regions of the world, the Americas grew the fastest at 17.5%, followed by the Europe, Middle East and Africa region at 12.6%.
"In an environment of increasing complexity and an accelerated pace of technology-driven change around the globe, Deloitte's unrivaled breadth of expertise within our multidisciplinary model continues to differentiate us in the marketplace," said Deloitte Global CEO Joe Ucuzoglu in a statement Thursday. "This is an environment that places increasing value on diversity of thought and interdisciplinary solutions, playing directly to our strengths. Amidst transformative advances in technology and a dynamic economic and geopolitical landscape, our people take great pride in upholding the public's trust and helping clients and communities successfully navigate many of the most complex challenges of our time."
With interest raging over the past year in generative artificial intelligence technology like ChatGPT, Deloitte said it is actively incorporating generative AI into its platforms to optimize the way it delivers services. The firm recently announced an expansion of its strategic alliance with Nvidia to use AI technology and expertise to build generative AI solutions for enterprise software platforms.
The firm launched Unlimited Reality to guide clients into the era of spatial computing, creating metaverse solutions to simulate the future of business, as well as a generative AI practice to help them to improve productivity and business innovation.
In the past year, Deloitte expanded its Operate services and integrated it with its Advise and Implement services to help clients transform their critical business functions. The Operate delivery network leverages Deloitte's digital platforms from nearly 60 centers around the world in approximately 15 languages. Operate teams help clients respond to ransomware attacks, provide 24/7 cybersecurity monitoring and streamline regulatory filings using AI-enabled platforms.
Over the past year, Deloitte's Global Sustainability & Climate practice has worked with clients to turn their climate commitments into action. It has guided clients in developing paths to net-zero through Deloitte's GreenLight Solution decarbonization tool and GreenSpace Tech, both launched in 2023. The firm also introduced Deloitte's Sustainable Value Map to help expand collective thinking about how an organization's value can be improved in a sustainable way. The firm reports its performance against the World Economic Forum stakeholder capitalism metrics and aligns with the Global Reporting Initiative. It earned an A- rating from the Carbon Disclosure Project for its FY22 response to its climate change questionnaire. In addition, Deloitte is continuing to make disclosures in line with the recommendations of the Task Force on Climate-Related Financial Disclosures. It has also continued to advocate for a comprehensive global baseline for sustainability reporting based on the International Sustainability Standards Board's standards and collaborates with the Sustainable Markets Initiative on building a coordinated global effort within the private sector to accelerate the transition to a sustainable future.
