What Does the Historical and Current Audit Management Software Market Size Trend Indicate?
The audit management software market has seen considerable growth due to a variety of factors.
• The market dimension of audit management software has experienced a significant surge recently. It is expected to see a trend of steady growth, expanding from a size of $1.71 billion in 2024 to $1.92 billion in 2025, with a compound annual growth rate (CAGR) of 12.0%. Factors contributing to the growth during the historic period include a surge in audits and inspections, concerns surrounding data security, the internationalization of firms, adherence to quality management standards, increased intricacy in business procedures, necessity for internal control, and the need for instantaneous reporting.
How Will the Audit Management Software Market Size Evolve over the Forecast Period?
The Audit Management Software market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the audit management software market size is anticipated to experience swift expansion. The market is forecasted to increase to $3.39 billion by 2029, displaying a compound annual growth rate (CAGR) of 15.3%.
The progression during the expected period can be credited to the need for mobile auditing solutions, ongoing monitoring necessities, concentration on vendor risk management, an ever-changing regulatory environment, and system integration with other businesses. Significant trends during this projected period encompass a move towards cloud-based solutions, emphasis on data analytics and artificial intelligence, cooperative and distanced auditing, the automation of mundane audit tasks, user-centered interfaces and dashboards, and improved security measures.
Which Factors Are Boosting Growth In The Audit Management Software Market?
The audit management software market is likely to expand due to the growing need for cloud services. These services encompass a wide array of computing resources and applications available on-demand and delivered via the Internet. By offering businesses the ability to easily adjust to burgeoning data needs without significant infrastructure investment, cloud-based audit management software becomes increasingly appealing. This adaptability allows organizations to enhance their audit functionalities as they enlarge, thus amplifying the demand for cloud-based solutions. For example, Gartner, a US-based technology research firm, predicted a remarkable growth in the service and user spending on public address and voice alarm systems. They projected an increase of nearly 22%, resulting in over $597 billion in 2023 from $491 billion in 2022. Moreover, it is anticipated that by 2026, 75% of organizations will have embraced digital transformation strategies powered by the cloud. Hence, the surge in demand for cloud services is poised to bolster the growth of the audit management software market.
What Key Areas Define The Segmentation Of The Global Audit Management Software Market?
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
Subsegments:
1) By Solution: Audit Planning and Scheduling, Risk Assessment And Management, Compliance Management, Reporting And Analytics, Workflow Management
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Maintenance And Upgrades
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How Are Emerging Trends Reshaping The Dynamics Of The Audit Management Software Market?
Key players in the audit management software market, such as KPMG International Limited, are integrating AI assistants into their offerings to bolster their market stance. For example, in July 2023, this Netherlands-based accounting services firm employed generative AI for its tax professionals through a $2 billion investment aimed at injecting progressive technology into day-to-day business operations. With an extended collaboration with Microsoft, KPMG leverages the Azure cloud platform and OpenAI's ChatGPT to upgrade the skills of its accountants and consultants. The company's objective is to offer expedited insights and enhance productivity throughout its tax practice by permitting professionals to utilize ChatGPT as a 'virtual assistant' for tasks like collecting tax information and drafting global tax obligation reports.
Who Are the Key Players In The Audit Management Software Market?
Major companies operating in the audit management software market include:
• 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.
What Is The Most Dominant Region In The Audit Management Software Market?
North America was the largest region in the audit management software market in 2024. The regions covered in the audit management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
