What Fueled The Previous Growth In The Internal Audit Management Software Market?
The internal audit management software market has seen considerable growth due to a variety of factors.
• The size of the internal audit management software market has seen significant growth in the past few years. Its valuation is predicted to increase from $40.41 billion in 2024 to $42.89 billion in 2025, with a compound annual growth rate (CAGR) of 6.1%.
Factors that have contributed to the growth in this market during the historical period include the rise in the implementation of cloud-based internal audit software solutions, the integration of predictive analytics, increasing regulatory compliance requirements, an uptick in demand for mobile-friendly internal audit software, and an enhancement in internal audit software functionalities.
What Can Be Expected from the Internal Audit Management Software Market Size?
The internal audit management software market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the internal audit management software market is predicted to experience significant growth, with expectations to reach $53.68 billion by 2029 at a compound annual growth rate (CAGR) of 5.8%.
This growth over the forecast period is due to several factors such as rising demand for data-centric internal audit solutions, ongoing developments supporting industry advancement, the growing acceptance of cloud-centric internal audit management software solutions, prioritization of live monitoring and notifications, and the application of high-end analytics tools. Leading trends predicted for the forecast period include the use of cloud-based solutions, integration with ERP systems, accessibility via mobile platforms, ongoing auditing methods, and the incorporation of advanced technologies like artificial intelligence (AI) and machine learning (ML).
What Are the Critical Driver Fuelling The Internal Audit Management Software Market's Growth?
The increased inclination towards subscription-based pricing models is predicted to drive the expansion of the internal audit management software market in the future. These pricing models involve a consistent payment structure where customers pay a stipulated price either monthly or yearly for a service or product. They are favored due to their benefits such as cost predictability and scalability based on usage or special features. Subscription-based pricing models usually entail lesser immediate costs compared to the traditional perpetual licensing models, hence making internal audit management software within the reach of organizations of various sizes, including small and medium-sized enterprises, without the necessity for a large upfront investment. For example, as per BankMyCell, a price comparison website from the US, Netflix, a US-based streaming entertainment service provider, implemented a subscription pricing model of basic, standard, and premium services, and is projected to attract 282.68 million customers in 2024, representing an 8.6% rise from 260.28 million in 2023. Therefore, the increased inclination towards subscription-based pricing models is potentially driving the indoor location market's growth.
How Is The Internal Audit Management Software Market segmented?
The internal audit management software market covered in this report is segmented –
1) By Product: Cloud-Based, On-Premises
2) By Application: Small And Medium Business, Large Business, Other Applications
3) By Vertical: Banking, Financial Services, And Insurance, Energy And Utility, Manufacturing, Food And Beverage, Accounting Or CPA Firms, Non-Profit Organizations
Subsegments:
1) By Cloud-Based: SaaS (Software As A Service) Solutions, Cloud Deployment Models (Public, Private, Hybrid), Subscription-Based Software, Multi-Tenant Cloud Platforms
2) By On-Premises: Licensed Software Solutions, Enterprise On-Premises Deployment, Single-Tenant Solutions, Customizable On-Premises Systems
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What Trends Are Shaping The Internal Audit Management Software Market?
Leading companies in the internal audit management software market are formulating innovative and adaptable digital platforms, like EY Virtual Internal Auditor (VIA), to improve auditing practices. EY Virtual Internal Auditor (VIA) is a digital tool that delivers a comprehensive picture of an organization's risks within its audit protocols. For example, Ernst & Young Global Limited (EY), a UK-based firm offering consulting, assurance, tax, and transaction services, introduced the EY Virtual Internal Auditor (VIA), a versatile digital platform, in July 2022. VIA incorporates superior analytics and SaaS technology that are designed to seamlessly connect with current systems and be adjustable to individual IA methodologies. Created on Microsoft Azure, VIA provides self-governing reporting, ongoing risk surveillance, an adaptable audit response model, and ICFR control testing.
Who Are the Key Players In The Internal Audit Management Software Market?
Major companies operating in the internal audit management software market are:
• SAP Audit Management
• Wolters Kluwer N.V.
• Protiviti Inc.
• Workiva
• MetricStream Inc.
• Netwrix Auditor
• Riskonnect Inc.
• SAI Global Assurance Pty Ltd.
• Reflexis Systems Inc.
• Resolver Inc.
• ACL Services Ltd.
• Gensuite LLC
• Onspring Inc.
• Oversight Systems Inc.
• AuditFile Inc.
• Plan Brothers Oy
• Insight Lean Solutions Inc.
• VComply
• Perillon Software Inc.
• Isolocity Corporation
• MasterControl Inc.
• ComplianceBridge Corporation
• AuditDesktop
• Ideagen Pentana Audit
What Is The Most Dominant Region In The Internal Audit Management Software Market?
North America was the largest region in the internal audit management software market in 2024. The regions covered in the internal audit management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
