Audit Software Market is Estimated to Register a CAGR of 11.3% over the Forecast Period 2023-2032

Market Highlights

Global Audit Software Market spans across North America, Europe, Asia-Pacific, and the rest of the world. North America is dominating the global audit software market due to the rising need for effective risk management and regulatory compliance. The presence of numerous companies in the region and investments from small and medium-sized businesses are some of the factors that drive the regional market growth. North America has been divided into the US, Canada, and Mexico. The US accounted for the largest market share in 2023 in the North America audit software market and is expected to record a CAGR of 11.3% during the forecast period due to the presence of large market players in the region. For instance, MetricStream, Inc. offers software that is specifically designed to help its customers manage their auditing operations, data, and other related functions. It supports all audit types that include internal, operational, IT, supplier, and quality audits. Other features offered are structured processes, transparency and compliance assurance, closed-loop audit cycles, and efficiency of the auditing staff members. Some other companies from the region include MasterControl, Inc., Netwrix Corporation, and others.

Europe accounted for the second-largest market share in 2022 in the global audit software market. To facilitate analysis, the European market has been further divided into Germany, the UK, France, and the rest of Europe. Germany accounted for the largest market share in 2023 and is expected to register a CAGR of 11.3% during the forecast period. The UK was the second-largest market in 2023. However, the market in France is expected to register the highest CAGR of 11.3% during the forecast period.

Globally, Asia-Pacific is expected to be the fastest-growing regional market for audit software. The enterprises are now increasingly shifting their interest from traditional to advanced solutions to alleviate risks. In the Asia-Pacific region, we have covered Japan, India, China, and the rest of Asia-Pacific. Japan accounted for the largest market share in 2018 due to the wide adoption of risk-management and compliance-management software in the country. Japan has witnessed the maximum number of corporate scandals, such as inaccurate accounting and insider trading, which further affects the social credibility of organizations.

Global Audit Software Market is expected to reach USD 3.02 Billion by 2032 and register a CAGR of over 11.3% during the forecast period 2023-2032.

Audit Software Market Segmentation

Global Audit Software Market has been segmented Based On Component, Deployment Model, Organization Size, Vertical, and Region. The market, by component, has been segmented into solution and service. By deployment model, the market has been segmented into on-premise and cloud. By Organization Size, the market has been segmented into large enterprises and small & medium enterprises. By Vertical, the market has been segmented into BFSI, energy & utility, manufacturing, food & beverage, accounting/CPA firms, non-profit organizations, and others. Regional markets being North America, Europe,  Asia-Pacific, and the rest of the world.

Prominent Players

Some of the Prominent Players in the Global Audit Software Market are Netwrix Corporation (US), SHLOKLABS (Portugal), MetricStream (US), Intelex Technologies (Canada), MasterControl, Inc. (US), Gensuite (US), IQVIA (US), AuditDesktop (Bulgaria), SAP SE (Germany), LogicManager (US), Onspring Technologies (US), and IQS, Inc. (US).