Global Audit Management Software market size 2024, Forecast To 2033
28 Feb, 2024
The audit management software market has undergone rapid expansion, rising from$1.55 billion in 2023 to$1.75 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. This surge in the historic period is attributed to an increase in audits and inspections, data security concerns, globalization of businesses, quality management standards, complexity of business operations, internal control requirements, and the demand for real-time reporting. Looking ahead, the audit management software market is anticipated to experience rapid growth, reaching$2.9 billion in 2028 with a CAGR of 13.5%. The growth in the forecast period can be attributed to the demand for mobile auditing solutions, continuous monitoring requirements, focus on vendor risk management, evolving regulatory landscape, and integration with other enterprise systems. Major trends in the forecast period include a 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, and enhanced security features.
Global Audit Management Software Market Key Driver
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. In 2023, the market size for audit management software is valued at X, and it is projected to reach Y by 2028.
Get A Free Sample Of The Global Audit Management Software Market ReportGlobal Audit Management Software Market Segments
The global 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
By Geography: The regions covered in the audit management software market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the audit management software market in 2023. The regions covered in the audit management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Audit Management Software Industry Players
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.
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Audit Management Software Market Overview
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.
Audit Management Software Global Market Report 2023 provides data on the global audit management software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The audit management software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.