Industry Background:
Audit software is a computer program designed to assist in testing and examining clients’ all audit related activities such as documenting the audit, preparing audit reports, printing exception reports, evaluating internal control, scheduling the audit, and others. Audit management software supports internal audit, operational audit, supplier audit, IT audit, quality audit, and external audit. Increasing demand for automated workflow systems such as electronic scheduling, automated planning, filtering and grouping, conflict detection, audit workspace, compliance management, and others driving the demand for audit software. Further, technological advancement in audit management software such as integration of artificial intelligence, Internet of things (IoT), advanced analytics, and others expected to boost the market over the forecasted period.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Xactium (United Kingdom), ACL Services Ltd. (Canada), Master Control Inc. (United States), Wolters Kluwer (Netherland), IBM Corporation (United States), Thomson Reuters (United States), SAP SE (Germany), BasisCode (United States), Protiviti Inc. (United States), Chase Cooper Limited (United Kingdom), Workiva (United States), Oversight Systems (United States), Compliance Bridge (United States) and Process Gene (Israel) |
This growth is primarily driven by Emergence of Smart Digital Hubs for Real-Time Data Analysis, Increasing Demand from Small and Medium Enterprises and Incorporation of the Internet of thing (IoT) in Audit Software.
Globally, a noticeable market trend is evident Integration of Cognitive Technology with Audit Software
Major Players, such as Xactium (United Kingdom), ACL Services Ltd. (Canada), Master Control Inc. (United States), Wolters Kluwer (Netherland), IBM Corporation (United States), Thomson Reuters (United States), SAP SE (Germany), BasisCode (United States), Protiviti Inc. (United States), Chase Cooper Limited (United Kingdom), Workiva (United States), Oversight Systems (United States), Compliance Bridge (United States) and Process Gene (Israel), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Number of players are present in the market hence fragmented nature of the market. Market leaders are focusing on technological developments for better user interface. In addition, increasing demand from small and medium enterprises expected to generate lucrative opportunities for the companies providing audit management software.
Key Developments in the Market:
In March 2020, Riskonnect, a leader in integrated risk management solutions, acquired Xactium, a UK-based GRC software provider transforming the way companies assess and manage enterprise risk and compliance. The acquisition will accelerate Riskonnec's global growth, strengthen its financial services and project risk management capabilities, and provide its customer base with innovative, market-leading artificial intelligence (AI) and analytics technology for GRC.
5th March 2019, BasisCode Compliance LLC launched new Governance and Audit Manager Software which manage all governance and audit tasks on one common platform.
Influencing Trend:
Integration of Cognitive Technology with Audit Software and Emphasizing On Predictive and Advanced Data Analytical Tools for Audit Software
Market Growth Drivers:
Emergence of Smart Digital Hubs for Real-Time Data Analysis, Increasing Demand from Small and Medium Enterprises and Incorporation of the Internet of thing (IoT) in Audit Software
Challenges:
Complexity Involved In Analyzing Larger Amount of Data and Lack of Effective Strategy Regarding Audit Management among Enterprises
Restraints:
Security and Privacy Threats Associated to Audit Software, Lack of Skilled Professionals to Adopt New Technology and Complexity Involve in Audit Management Software
Opportunities:
Increasing Demand for Automated Workflow from Numerous Industries Such As IT, BFSI, and Others and Technological Advancement in Audit Management Software
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Audit Software Market
- Analysis about New Entrants in Audit Software Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Audit Software Study Sheds Light on
The Audit Software Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Audit Software industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Audit Software industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.