Global Audit Software Market -
Audit software refers to digital tools and platforms that help organizations automate the process of preparing and executing audits. These tools can help organizations analyze data, assess risks, track issues, and report results more efficiently and accurately. Audit software can also help organizations comply with industry-specific rules and regulations , draft internal audit reports, and improve their overall audit management processes.
The audit software market size was valued at USD 0.9 billion in 2021. The audit software industry is projected to grow from USD 1.02 Billion in 2022 to USD 2.48 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 13.50% during the forecast period (2022 - 2030).
There are various audit software solutions available in the market from different providers, offering a range of features and functionalities. Some of the top audit software solutions include AuditBoard, Onspring, Workiva, HSI Donesafe, and Thoropass.
Overall, the use of audit software can help improve audit effectiveness, increase efficiency, reduce errors and inconsistencies, and enhance the tracking and management of audit remediation activities. By leveraging the latest technology and automation capabilities, organizations can streamline their audit processes and ensure better compliance with regulatory requirements.
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Report Overview
- Market Overview Highlights
- Analysis Based Upon COVID 19
- Explanation Upon The Market Dynamics
- Value Chain Analysis
- Market Segmentation Overview
- The Regional Analysis
- Competitive Landscape Analysis
- Recent Developments
Segment Overview
By Component
- Solutions
- Services
By Deployment Mode
- Cloud
- On-premise
By Organisation Size
- Medium enterprise
- Small enterprise
- Large enterprise
By Vertical
- BFIS vertical
- Food and beverage
- Energy and utility
- Accounting CPA firms
- Manufacturing
- Non profit organisations
By Geography
- North America
- Europe
- Asia pacific
- Middle East
- South America
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 RD to develop adept technologies and products. The market competition is likely to intensify due to new product launches and entrants in the market.
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Major Players:
- Logic manager
- Netwrix Corporation
- SAP SE
- SHLOKLABS
- Audit Desktop
- IQVIA
- Metric Stream
- Gensuite
- MasterControl
- Interlex technologies
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