The new report by Expert Market Research titled, ‘Global Audit Software Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global audit software market, assessing the market based on its segments like components, deployment models, organisation sizes, verticals, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 3%
Advancements in technology, a growing volume of audit evidence in electronic format, the extensive practice of carrying out internal audits driven by data, regulatory mandates, and the need to manage large amounts of crucial data have been the key drivers of the global audit software market. Benefits offered by audit software include decreased risk, better security (through safely storing and managing audit documents and implementation plans in a central system), and better compliance with government rules and industry standards, while keeping a trackable and accurate audit trail.
Audit software also enables automatic audit scheduling, safety and quality, mobility in the audit procedure, automated templates for audits and checklists, and integration of audits with EHS and QMS systems. These capabilities and benefits offered by audit software are expected to boost the market.
The audit software market has been experiencing significant growth in recent years, driven by the increasing need for efficient and automated auditing processes across various industries. As businesses face growing regulatory compliance requirements and data complexity, audit software solutions provide essential tools to streamline and enhance the auditing workflow. These solutions offer features such as risk assessment, data analysis, document management, and reporting, enabling organizations to conduct more comprehensive and accurate audits.
Industry Definition and Major Segments
Audit software assists auditors and audit departments in managing all aspects of the audit process, including risk identification and evaluation, audit creation and management, resource allocation and project scheduling, issue remediation, capturing T&E, and status monitoring and reporting via dashboards and notifications.
By component, the market is segmented into:
- Solution
- Service
By deployment model, the market is divided into:
- On-Premises
- Cloud
By organization size, the market is classified into:
- Large Enterprises
- Small and Medium Enterprises
The various verticals in the market are:
- BFSI
- Energy and Utility
- Manufacturing
- Food and Beverage
- Accounting/CPA Firms
- Non-Profit Organizations
- Others
On the basis of region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The rise in the necessity to increase operational efficiency by the organisation is a crucial factor accelerating the market growth. The rising adoption of cloud-based services, integration of different technologies, such as artificial intelligence (AI) and machine learning (MI) with audit software, rise in the complexities of auditing and report generation for large enterprises, rise in the adoption of audit management software by various SMEs and integration of software with cloud-based technology are the significant factors boosting the audit software market.
Moreover, a rise in the research and development activities and a rise in the demand from the emerging economies will further create new opportunities for the audit software market in the forecast period.
Key Market Players
The major players in the market are Netwrix Corporation, MasterControl Inc., MetricStream, Intelex Technologies, Gensuite, IQVIA, and AuditDesktop, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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