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.
Major Players:
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.
Industry/Innovation/Related News:
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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