The Audit Management Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Audit Management Software Global Market Report 2024, The audit management software market size has grown rapidly in recent years. It will grow from $1.55 billion in 2023 to $1.75 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. 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 $2.9 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. 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..
The increasing demand for cloud-based audit management software will propel the growth of the audit management software market. Cloud-based audit software provides benefits such as lower initial costs and simpler integration. It enables safe online collaboration with clients and colleagues. Because of the use of audit management software, businesses have been able to use cutting-edge technologies to forecast insight-driven audits and validate outcomes, including blockchain, cognitive technology, and others. For instance, in 2021, according to a survey by the Institute of Internal Auditors Inc., a US-based non-profit organization, 22% of respondents planned to implement cloud-based technology in 2021, signaling a rapid acceleration in the ongoing digital transformation of internal audit. This shift is expected to result in a majority of internal audit teams adopting a cloud-based audit management or Governance, Risk, and Compliance (GRC) software solution for the first time. Therefore, the market will rise throughout the forecast period as a result of end-users’ embracing cloud-based audit software more quickly.
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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
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.
The audit management software market report table of contents includes:
1. Executive Summary
- Audit Management Software Market Characteristics
- Audit Management Software Market Trends And Strategies
- Audit Management Software Market – Macro Economic Scenario
- Global Audit Management Software Market Size and Growth
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31. Global Audit Management Software Market Competitive Benchmarking - Global Audit Management Software Market Competitive Dashboard
- Key Mergers And Acquisitions In The Audit Management Software Market
- Audit Management Software Market Future Outlook and Potential Analysis
- Appendix
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