Global Audit Software Market – Overview
The global Audit Software Market is garnering significant traction. Audit software is a management solution, helping enterprises to manage audit processes. There are different types of auditing processes, including financial, safety, and IT auditing. Corporate governance malpractices have been on the rise globally in the last few years. The market growth attributes to the growing demand for corporate governance and increasing regulatory requirements and compliance.
Besides, the increasing organizational need for improved operational efficiency escalates market growth. According to Market Research Future (MRFR), the global audit software market is expected to grow at a 14.48% CAGR throughout the assessment period (2019-2025). The growing adoption of cloud-based services and the integration of technologies, such as machine learning and artificial intelligence with audit software, boost market growth, providing high-quality reports, and enhanced accuracy.
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Additionally, the proliferation of audit analytics and cloud-based audit modules fosters the growth of the market. Growing numbers of business and advantages that audit software provides act as major tailwinds for market growth. Furthermore, the increasing use of web-based interfaces and social computing accelerates the size of the market. Simultaneously, the augmenting demand for hosted services from small and medium business units contribute to the growth of the audit software market.
On the other hand, complexities associated with the development of audit software are major factors projected to impede market growth. Also, the high costs of these audit solutions pose challenges to market growth. Nevertheless, expected technological advances would support the market growth throughout the review period, offering solutions and updates required to rule out shortfalls of the software. Furthermore, the increasing popularity of social audit and mobile audit is another dominant factor expected to contribute to market growth.
Global Audit Software Market – Segments
The report is segmented into five dynamics;
By Component : Solutions and Services.
By Deployment Model: On-Premise and On-Cloud.
By Organization Size : Large Enterprises and Small & Medium Enterprises.
By Vertical : BFSI, Energy & Utility, Manufacturing, Food & Beverage, Accounting/ CPA firms, Non-Profit Organizations, and others.
By Regions : Americas, Europe, APAC, and Rest-of-the-World (RoW).
Global Audit Software Market – Regional Analysis
North America dominates the global audit software market. The largest market share attributes to the rising need for effective risk management and regulatory compliance. Besides, the presence of numerous companies and well-established technology development centers in the region drive the growth of the market. Moreover, substantial investments from small and medium-sized businesses in deployments of audit analytics, boost the market growth.
Large technological advancements and increased adoption of cloud-based technologies act as major growth drivers. The US and Canada hold major shares in the audit software market in the region. The North American audit software market is expected to retain its dominance, registering a double-digit CAGR of 15.05% throughout the forecast period.
The Asia Pacific region stands second in the global audit software market. The market growth is driven by the rising need for effective risk management & regulatory compliance, the strong presence of notable industry players, and investments from SMEs in the region.
Rapidly developing countries like India and China catalyze the audit software industry growth in the region. Additionally, the rapid industrialization and the growing number of businesses in the region substantiate market growth. The APAC audit software market is projected to create a substantial revenue pocket, growing at 16.43% CAGR throughout the estimated period.
Europe also holds a sizable share in the global audit software market. Factors such as the increase in numbers of corporate offices in the region and technological upgrades influence the audit software market growth. Moreover, the rising adoption of cloud-based solutions fosters market growth in the region. The European audit software market is estimated to grow at an impressive CAGR during the assessment period.
Global Audit Software Market – Competitive Analysis
Highly competitive, the audit software market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, mature players incorporate strategic initiatives such as collaboration, mergers & acquisitions, expansion, and product/technology launch.
Industry players focus on developing their product portfolios, engaging the latest technologies in product development. For which these companies invest substantially in R&D to develop adept technologies and products. The market competition is likely to intensify due to new product launches and entrants in the market.
Players leading the global audit software market include SHLOKLABS (Portugal), Netwrix Corporation (US), MetricStream (US), MasterControl, Inc. (US), Intelex Technologies (Canada), Gensuite (US), AuditDesktop (Bulgaria), IQVIA (US), SAP SE (Germany), Onspring Technologies (US), LogicManager (US), and IQS, Inc. (the US), among others.
October 27, 2020 —- CaseWare International Inc. (Canada), a global leader in audit and assurance software, announced that a leading global software investor in the US Hg has made a significant strategic investment in accelerating the growth of next-generation audit and assurance cloud products. Hg’s investment in the global financial software businesses would help the company accelerate the CaseWare Cloud solution growth, which is already supported by more than a million audit engagements.
CaseWare develops cutting-edge audit software solutions for accounting firms, corporations, and governments. CaseWare’s platforms, including Working Papers and IDEA – aim to change the future of audit and audit analytics by adopting cloud technology, artificial intelligence (AI), and machine learning, enabling measurable returns on efficiency, quality, and value.
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