Global Audit Management Software Market
Market Size in USD Billion
CAGR :
% 
 Forecast Period |
2022 –2029 |
 Market Size (Base Year) |
USD 1,172.80 Million |
 Market Size (Forecast Year) |
USD 2,987.82 Million |
 CAGR |
% |
| Major Markets Players |
Global Audit Management Software Market, By Component (Solution, Services), Deployment Mode (On-Premises, Cloud, SaaS), Organization Size (Large Enterprises, Small and Medium Enterprises), Industry Vertical (BFSI, Retail and E-Commerce, Manufacturing, Government and Defence, Energy and Utilities, IT and Telecom, Education, Healthcare, Others) - Industry Trends and Forecast to 2029
Market Analysis and Size
Audit management software is highly beneficial in supporting the audit's lifecycle followed by the development of standard protocols, review, implementation of audit recommendations, audit planning, report development, recommendations, and scheduling. The software supports all the types of audit, including internal audit, supplier audit, quality audit, operational audit, IT audit and external audit.
Global Audit Management Software Market was valued at USD 1172.80 million in 2021 and is expected to reach USD 2987.82 million by 2029, registering a CAGR of 12.40% during the forecast period of 2022-2029. “On-Premises” account for the largest type segment in the respective market due to the high adoption for applications that involve processing sensitive and confidential data. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Audit management software is a program or application that automates process-simplifying audit-related processes and incorporates record tracking mechanisms to ensure that the required paperwork is quickly identified and accessible. It is a program that lets businesses cut back on the time and energy needed to undergo an audit.
Report Scope and Market Segmentation
|
Report Metric |
Details |
|
Forecast Period |
2022 to 2029 |
|
Base Year |
2021 |
|
Historic Years |
2020 (Customizable to 2014 - 2019) |
|
Quantitative Units |
Revenue in USD Million, Volumes in Units, Pricing in USD |
|
Segments Covered |
Component (Solution, Services), Deployment Mode (On-Premises, Cloud, SaaS), Organization Size (Large Enterprises, Small and Medium Enterprises), Industry Vertical (BFSI, Retail and E-Commerce, Manufacturing, Government and Defence, Energy and Utilities, IT and Telecom, Education, Healthcare, Others) |
|
Countries Covered |
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America. |
|
Market Players Covered |
Xactium Limited. (UK), ACL Services Ltd. dba Galvanize. (Japan), MasterControl, Inc (US), Wolters Kluwer N.V. (Netherlands), IBM (US), Thomson Reuters/Tax & Accounting (Canada), SAP SE (Germany), Protiviti Inc. (US), RiskLogix, Workiva. (US), Ideagen Plc. (UK), Lockpath, Inc. (US), AuditBoard, Inc. (US), Dell (US), BWise. (Netherlands), Enablon S.A (France), MetricStream Inc. (US), ComplianceBridge Corporation. (US), Resolver (India), SAI Global Pty Limited. (Australia), TRONIXSS (US), and AuditFile, Inc. (US), among others |
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Market Opportunities |
|
Audit Management Software Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Emerging Technologies
The increase in the integration of emerging technologies with audit management software, such as Artificial Intelligence (AI), is one of the major factors driving the audit management software market. Also, the software assists in generating high-quality reports and features including maintenance of accuracy during auditing.
- Adoption of Audit Management Software
The rise in the adoption of audit management software by various SMEs accelerate the market growth. The increase in auditing and report generation complexities for large enterprises has a positive impact on market growth.
- Use in Audit Lifecycle
The use of the audit management software in the audit lifecycle, including scheduling, checklist, audit planning, development of standard protocols, report development, implementation of audit recommendations, checklist, and review further influence the growth of market.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the audit management software market.
Opportunities
Furthermore, integration of software with cloud-based technology extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, the decline in cost and time will further expand the market.
Restraints/Challenges
On the other hand, the use of a spreadsheet-based system for multiple types of auditing and data security concerns are expected to obstruct market growth. Complex business infrastructure is projected to challenge the audit management software market in the forecast period of 2022-2029.
This audit management software market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on audit management software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Audit Management Software Market
COVID-19 had a positive impact on the audit management software market due to the increase in the adoption of these services, including scheduling, checklist, audit planning, development of standard protocols, report development, and implementation of audit recommendations, among others. The audit management software market is expected to witness high growth in the post-pandemic scenario owing to the rise in awareness regarding the potential benefits of audit management software.
Global Audit Management Software Market Scope and Market Size
The audit management software market is segmented on the basis of component, deployment mode, organisation size and industry vertical. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Solution
- Services
Deployment Mode
- On-Premises
- Cloud
- SaaS
Organisation Size
- Large Enterprises
- Small and Medium Enterprises
Industry Vertical
- BFSI
- Retail and E-commerce
- Manufacturing
- Government and Defence
- Energy and Utilities
- IT and Telecom
- Education
- Healthcare
- Others
Audit Management Software Market Regional Analysis/Insights
The audit management software market is analysed and market size insights and trends are provided by country, component, deployment mode, organisation size and industry vertical as referred above.
The countries covered in the audit management software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the audit management software market due to the adoption of automated software along with the prevalence of various organizations within the region.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 because of the surge in the level of investment for the development of the IT sector in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Audit Management Software Market
The audit management software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to audit management software market.
Some of the major players operating in audit management software market are
- Xactium Limited. (UK)
- ACL Services Ltd. dba Galvanize. (Japan)
- MasterControl, Inc (US)
- Wolters Kluwer N.V. (Netherlands)
- IBM (US)
- Thomson Reuters/Tax & Accounting (Canada)
- SAP SE (Germany)
- Protiviti Inc. (US)
- RiskLogix, Workiva. (US)
- Ideagen Plc. (UK)
- Lockpath, Inc. (US)
- AuditBoard, Inc. (US)
- Dell (US)
- BWise. (Netherlands)
- Enablon S.A (France)
- MetricStream Inc. (US)
- ComplianceBridge Corporation. (US)
- Resolver (India)
- SAI Global Pty Limited. (Australia)
- TRONIXSS (US)
- AuditFile, Inc. (US)
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Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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