The Business Research Company’s report on the Audit Management Software Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the audit management software market in recent years?
The increasing demand for cloud services is expected to drive the growth of the audit management software market. Cloud services refer to a broad range of on-demand computing resources and applications that are delivered over the Internet. Cloud-based audit management software provides businesses with scalable solutions that can effortlessly adapt to increasing data requirements without the need for substantial infrastructure investment. This flexibility enables organizations to expand their audit capabilities as they grow, fueling the demand for cloud-based solutions. For instance, in September 2023, Gartner, a US-based technological research company, forecasted substantial growth in public address and voice alarm systems service and user spending, projecting a nearly 22% rise to over $597 billion in 2023, up from $491 billion in 2022. Furthermore, by 2026, 75% of organizations are expected to adopt cloud-powered digital transformation strategies. Therefore, the increasing demand for cloud services will support the growth of the audit management software market.
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What is the projected market size of the audit management software industry, and how is it expected to grow?
The audit management software market size has grown rapidly in recent years. It will grow from $1.71 billion in 2024 to $1.92 billion in 2025 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to rise in audits and inspections, data security concerns, globalization of businesses, quality management standards, increased complexity of business operations, internal control requirements, demand for real-time reporting.
The audit management software market size is expected to see rapid growth in the next few years. It will grow to $3.39 billion in 2029 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to demand for mobile auditing solutions, continuous monitoring requirements, focus on vendor risk management, evolving regulatory landscape, integration with other enterprise systems. Major trends in the forecast period include shift to cloud-based solutions, focus on data analytics and AI, collaborative and remote auditing, automation of routine audit tasks, user-friendly interfaces and dashboards, enhanced security features.
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Who are the key players driving competition in the audit management software market?
Major companies operating in the audit management software market are ACL Services Limited, MasterControl Inc., Wolters Kluwer NV, The International Business Machines Corporation, Thomson Reuters Corporation, SAP SE, Protiviti Inc., RiskLogix Solutions Limited, Workiva Inc., ComplianceBridge Corporation, SAI Global Pty. Limited, TRONIXSS, Ideagen PLC, Lockpath Inc., AuditBoard Inc., Siemens AG, Alteryx Inc., Syntelic Solutions Corporation, Hitachi Limited, Conduent Inc., Oracle Corporation, Envista LLC, Thales Group, Xactium Limited, MetricStream Inc., Resolver Inc., AuditFile Inc., AuditSoft Inc., AuditWare Development Company Inc., Workrunner Inc.
What key trends are expected to drive the atrial fibrillation market during the forecast period?
Major companies operating in the audit management software market are incorporating Ai assistants into their products to strengthen their positions in the market. For instance, in July 2023, KPMG International Limited, a Netherlands-based accounting services company launched generative artificial intelligence (AI) to its tax professionals, leveraging its $2 billion commitment to integrate advanced technology into everyday business operations. As part of its expanded partnership with Microsoft, KPMG is utilizing the Azure cloud platform and OpenAI’s ChatGPT to enhance the capabilities of its accountants and consultants. The firm aims to provide faster insights and boost productivity across its tax practice, allowing professionals access to ChatGPT as a ‘virtual assistant’ for tasks such as gathering tax data and preparing reports on global tax obligations.
Which key geographies are driving the growth of the audit management software market?
North America was the largest region in the audit management software market in 2024. The regions covered in the audit management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the key segments driving growth in the audit management software market?
The audit management software market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Mode: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small And Medium Enterprises
4) By Industry Vertical: BFSI, Retail And E-commerce, Manufacturing, Government And Defense, Energy And Utilities, IT And Telecom, Education, Healthcare, Other Industries
Subsegments:
1) By Solution: Audit Planning and Scheduling, Risk Assessment And Management, Compliance Management, Reporting And Analytics, Workflow Management
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Maintenance And Upgrades
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What defines the structure and scope of the audit management software market?
The audit management software refers to software for simplifying the process of planning, scheduling, and carrying out the audit. An audit is a formal review and authentication of records and accounts, particularly financial accounts. Audit Management Software supports all types of audits, such as quality audits, operational audits, external audits, IT audits, and supplier audits, and easily tailors how the information is sent and viewed by key personnel, management, and other authorized users.
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